PITTSBURGH, June 14, 2012 — BNY Mellon, the global leader in investment management and investment services, today announced it will contribute $500,000 from its charitable foundation to the Pittsburgh Promise, increasing its support of the organization to the $1 million level.
"When we announced our original participation in 2009, we were excited to help fund an organization which had just welcomed its first 'freshman class' into the program. We now celebrate with the Pittsburgh Promise as its inaugural 'senior class' has graduated and also given back to the community with several volunteer projects," said Vincent V. Sands, chairman of BNY Mellon of Pennsylvania. "It's an honor to partner with such a stellar organization that has gained national recognition for its unique funding of higher education for college students."
Today's announcement coincides with The Pittsburgh Promise's gala event this evening in which it will announce new scholarship grants and a corporate-named scholarship program for high performing students, including one named for BNY Mellon Scholars of The Pittsburgh Promise.
The Pittsburgh Promise is celebrating the graduation of the first Promise scholars receiving four-year college degrees. It is one of the largest programs of its kind in the nation to provide an educational incentive for students while eliminating financial barriers to higher education for inner city students attending the Pittsburgh Public Schools. Beginning with the Class of 2012, each eligible city high school student who attends a four-year academic institution in Pennsylvania can receive up to $40,000 in scholarship awards
BNY Mellon's original five-year commitment concludes in 2013, and starting in 2014 its additional support will include funding for five "BNY Mellon Scholars of The Pittsburgh Promise" in each of the next five years. "Globally, one of our efforts include advancing the availability of education for youths, which powers the potential for their eventual employment," Sands added.
Powering Potential, BNY Mellon's philanthropic focus, is designed to help others in need by concentrating workforce development or the provision of basic needs. The company's workforce development investments improve access to employment through job training, education, mentoring and skills development.
Corporate social responsibility at BNY Mellon reflects the company's global business priorities, with a strong emphasis on ethics, transparency, and operational reliability. Stakeholder engagement and talent management are core elements of the company's success in maintaining a leading CSR program. BNY Mellon's commitment to diversity and inclusion, community investment and environmental sustainability includes professionally managed CSR governance and oversight through a dedicated CSR Committee of the Board of Directors and CSR Council of senior company leaders. For more information, visit bnymellon.com/csr.
BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, offering superior investment management and investment services through a worldwide client-focused team. It has $26.6 trillion in assets under custody and administration and $1.3 trillion in assets under management, services $11.9 trillion in outstanding debt and processes global payments averaging $1.4 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com or follow us on Twitter@BNYMellon.