Story at a glance

  • Morgan Stanley’s HBCU Scholars program offers scholarships to students at Howard University, Morehouse College and Spelman College.
  • The first year class size starts with 15 scholars and a new class will be added each year.
  • The bank has committed up to $12 million to fund the program.

Morgan Stanley will pay the tuition for 60 students at three historically Black colleges and universities (HBCUs) over the next four years, the latest attempt by a large U.S. corporation to address racial inequality. 

Morgan Stanley on Wednesday announced the launch of its HBCU Scholars program that will offer full academic and needs-based four-year scholarships to students at Howard University, Morehouse College and Spelman College. 


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The scholarships will cover the entire cost of attending the institution for each year and will be open to students in all disciplines and majors. 

The first year class size starts with 15 scholars and a new class will be added each year. Morgan Stanley has committed up to $12 million to fund the program. 

“To close the racial wealth gap, we know that Black academic and economic advancement is essential. Racial inequity around access to and affordability of higher education can impact Black students ability to grow generational wealth,” Susan Reid, Morgan Stanley’s Global Head of Diversity and Inclusion, said in a statement Wednesday. 

“Historically Black Colleges and Universities continue to lead the way in leveling the playing field while creating an environment for students of color to thrive. We are proud to support them and their students and we look forward to this deeper journey with Spelman, Morehouse and Howard.” 

The move by the bank comes amid a broader push for diversity and inclusion among prominent U.S. businesses following the police killing of George Floyd in May. Floyd’s death sparked widespread protests and demands for racial equality. 

Last week, hundreds of executives from the largest companies in the U.S., including from Morgan Stanley, released a report detailing a series of new corporate initiatives and policy recommendations aimed at addressing systemic racism in employment, finance, education, health, housing and the justice system. 

The plan from Business Rountable — an association of more than 200 CEOS that includes JPMorgan’s Jamie Dimon, Amazon CEO and founder Jeff Bezos and Walmart’s Doug McMillon — includes initiatives to expand collaboration between corporations and historically Black colleges and universities, to support Black-owned businesses and to ensure Black Americans have better access to high-quality jobs by helping to alleviate student debt. 

The group is also advocating for publicly disclosing diversity metrics and has committed to establish pay equity at their businesses.


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Published on Oct 21, 2020