|[June 20, 2014]
UBS Announces $10 Million Commitment to Support College Success through UBS NextGen Leaders
NEW YORK --(Business Wire)--
Americas today unveiled a $10 million, five-year commitment to
establish a new education platform for improving college success among
under-resourced populations. Commencing in three markets - New York, New
Jersey and Connecticut - with an intensive program focused on young men
of color, UBS NextGen (News - Alert) Leaders aims to empower students
with the skills, knowledge and experience needed to succeed in college
and compete in the global marketplace. The program aligns with President
Barack Obama's My
Brother's Keeper initiative which is dedicated to providing
ladders of opportunity to young men of color. It is also a continuation
of UBS's longstanding philanthropic commitment to education.
SEO Scholars, an academic program that gets low-income public high
school students to and through college with a 95% college graduation
rate, will serve as the lead partner for the initiative. Sponsors
for Educational Opportunity (SEO) is a nonprofit organization that
has provided educational and career programs to young people from
underserved and underrepresented communities since 1963. SEO will work
with UBS to actively recruit young men of color from urban high schools
and provide them with academic, social and emotional support from 12th
grade through college graduation based on the SEO Scholars model. UBS
NextGen Leaders will also provide exposure to global perspectives
through summer experiences and international excursions, as well as
direct mentoring from UBS employees. Through this five-year intensive
model, UBS and SEO Scholars will take strides to help close the college
graduation gap for black and Latino male students.
In announcing the initiative during a private UBS client meeting of
young leaders, UBS Americas CEO Bob McCann said, "I know firsthand the
power of education and how a college degree can change your trajectory
in life. It is the ingle most important step in the economic ladder.
Yet, across our communities, young people - particularly men of color -
are being denied this opportunity. We have the power to change that by
providing this important population of future talent with the tools,
resources and support they need to graduate college and achieve economic
independence. We'll not only change their lives for the better…but
rather our entire nation's."
"We are proud to partner with UBS for this vitally important
initiative," said William Goodloe, President and CEO of Sponsors for
Educational Opportunity (SEO). "We know our SEO Scholars model works,
and we're excited to be able to help more deserving young men of color
reach their goal of college graduation."
UBS NextGen Leaders is based on the firm's belief that improving
college graduation rates could directly impact generational wealth and
opportunity. A recent McKinsey study shows that annual GDP could
increase by as much as $525 billion if the achievement gap between white
students and their African American and Latino American peers can be
closed. Further, according to a report from the Brookings Institution's
Hamilton Project, over a lifetime, earnings of an associate's degree
recipient are roughly $170,000 higher than those of a high school
graduate, while the earnings of a bachelor's degree holder are $570,000
more. Additionally, children born into the lowest quintile who earn a
college degree have an 84% chance of moving out of the lowest quintile.
In response to the program's launch, U.S. Secretary of Education Arne
Duncan stated, "We salute UBS's corporate leadership for its commitment
to ensuring that all young people reach their potential. By answering
the President's call to action, UBS is joining businesses, foundations,
local governments and everyday Americans who are stepping up to provide
opportunities for young men of color. Corporations have a significant
role to play in creating pathways to opportunity for our young people,
not only through their charitable giving but through their
business practices, as well. Efforts like these help assure that our
increasingly diverse American workforce remains the best in the world."
UBS draws on its 150-year heritage to serve private, institutional and
corporate clients worldwide, as well as retail clients in Switzerland.
Its business strategy is centered on its pre-eminent global wealth
management businesses and its leading universal bank in Switzerland,
complemented by its Global Asset Management business and its Investment
Bank, with a focus on capital efficiency and businesses that offer a
superior structural growth and profitability outlook.
UBS is present in all major financial centers worldwide. It has offices
in more than 50 countries, with about 35% of its employees working in
the Americas, 36% in Switzerland, 17% in the rest of Europe, the Middle
East and Africa and 12% in Asia Pacific. UBS employs about 60,000 people
around the world. Its shares are listed on the SIX Swiss Exchange and
the New York Stock Exchange (NYSE).
About UBS Community Affairs & Corporate Responsibility, Americas
Community Affairs & Corporate Responsibility, Americas is
dedicated to providing under-resourced, high-potential individuals with
access and advice to help develop more enterprising local communities.
This is achieved through national programs, local giving and volunteer
opportunities. UBS Community Affairs & Corporate Responsibility,
Americas is committed to working together with its business partners
globally to help drive real change.
About SEO Scholars
Scholars is a free eight-year academic program that gets low-income
public high school students to and through college. During high school,
SEO Scholars provides over 720 hours of rigorous instruction in English
and math on Saturdays, in the summers and after school. Comprehensive
academic, personal and career support is provided through college. 100%
of SEO Scholars are accepted to four-year colleges, with 95% graduating
within 6 years and 80% graduating in 4 years. Sponsors for Educational
Opportunity (SEO) was founded in 1963 and provides three superior
educational and career programs to young people from underserved and
underrepresented communities: SEO Scholars, SEO Career, and SEO
Alternative Investments. Learn more at www.seo-usa.org.
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