LONDON--(BUSINESS WIRE)--JPMorgan Chase and the Sutton Trust today announced the launch of a nearly £4.8 million endowment fund to improve the access to employability opportunities for underserved, low-income and BME (Black and Minority Ethnic) university students in the UK, starting with 350 students in the next ten years.
This new commitment will provide students with bursaries to help them access critical enrichment opportunities and improve their employability. The bursaries will help finance opportunities like internships, study abroad programmes, volunteering experiences, additional courses or training, and essential living costs – including accommodation, subsistence and study materials.
To help boost social mobility for underserved students, the Sutton Trust will build a pipeline of diverse talent for in-demand jobs leading to well-paying career pathways. Around 60% of the bursaries will be targeted at Black and Minority Ethnic students, to reflect the additional barriers that these students face.
The Sutton Trust published today new research, which found that the number of students not taking part in work experience or studying abroad was up by more than half, from 23% pre-pandemic to 37%. In addition, almost two-thirds (64%) of students from working-class backgrounds said they were living at home this term, and have been consequently locked out of a full university experience and all the enrichment and growth opportunities it presents.
The new £4.8 million bursary fund aims to help mitigate the gap in employability outcomes, between students who have access to activities, experiences and courses and those who do not. The gap has been highlighted and exacerbated by the disproportionate impact of COVID-19 on the employability of university students from socio-economically disadvantaged backgrounds - including Sutton Trust alumni currently in university – by helping them access bursaries of up to £5,000.
The application process for the bursaries will start this summer and cover students’ participation in a wide range of activities and events beyond their core academic course. Bursaries will be offered in every academic year.
The endowment - which was funded by the firm’s Investment Banking and Asset Management divisions - leverages JPMorgan Chase’s expertise and reach to help boost the social mobility of underserved university students. It will be run by the Sutton Trust and managed at no cost by J.P. Morgan Private Bank, with the goal of creating a lasting endowment of at least 20 years.
As part of its commitment to creating an inclusive economy, JPMorgan Chase is also announcing today a £30,000 commitment to Amos Bursary to help boost the employability of students of African-Caribbean heritage through bursaries to fund enrichment activities.
Viswas Raghavan, CEO of J.P. Morgan in EMEA, said:
“The COVID-19 pandemic has further exacerbated historic inequities and structural barriers to opportunity for young people from low income backgrounds – especially Black and other ethnic minority groups. Good jobs are key to social mobility and improving the employability of disadvantaged students is an important first step towards a promising, sustainable and well paid career.”
Sir Peter Lampl, founder and chairman of the Sutton Trust and chairman of the Education Endowment Foundation, said:
“I’m delighted that through our new partnership with JPMorgan Chase we will be able to offer support to hundreds of Sutton Trust alumni in the decade to come. This will enable them to take part in truly life-changing experiences which will build important skills such as communication, resilience, confidence, motivation and leadership; skills which previous Sutton Trust research has shown are highly valued by employers.”
The Sutton Trust is a 25-year-old UK charity supporting 6,000+ young, lower-income people from their early years to entry into the workplace.
JPMorgan Chase’s Commitment to Racial Equity
This new effort follows a $30 billion commitment by JPMorgan Chase to advance racial equity through its expertise in business, policy and philanthropy. The commitment will focus on promoting and expanding affordable housing and homeownership, growing Black and ethnic-minority owned small businesses, improving financial health and access to banking, and building a more diverse and inclusive workplace.
In the U.K., the firm has a history of investing in career readiness for the next generation of leaders – including supporting Black and other ethnic minority students and leaders - through efforts like Advancing Black Pathways, New Skills at Work programmes, front office investment banking apprenticeships for school leavers and a £2 million philanthropic investment to support minority-led nonprofit organisations in London.
About JPMorgan Chase
JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.4 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.
Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.
About the Sutton Trust
The Sutton Trust was founded by Sir Peter Lampl in 1997 to improve social mobility in Britain. The Trust has influenced government policy on more than 30 occasions; its programmes have to date given 50,000 young people the opportunity to change their lives; and it has published over 200 pieces of agenda-setting research.