BNY Mellon Launches $6 Million Global Workforce Development Initiative Targeting Vulnerable Youth

NEW YORK, Nov. 8, 2010 /PRNewswire-FirstCall/ -- BNY Mellon, the global leader in asset management and securities servicing, today announced that it is launching a $6 million global workforce development initiative over five years to assist vulnerable youth making the transition into adulthood.  

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As part of the global initiative, BNY Mellon will collaborate with leading public and non-profit agencies in the United States, United Kingdom and Asia to enhance education, job training and career development opportunities for this population at risk for severe challenges including chronic unemployment, poverty and homelessness.

"Research shows that vulnerable youth experience a disproportionate number of social, economic and psychological challenges. By partnering with organizations that have a positive history of  providing targeted support and  services, we can collectively help this population stay connected to services and programs that help them build real and life-long skills while remaining in a stable and healthy environment," said Jeep Bryant, executive vice president and chief corporate affairs officer for BNY Mellon. "Our investments in the United States will target assistance for youth shifting out of foster care, while in the UK, we will focus on youth between the ages of 16-19 who are not involved in education or employed. In India, we will support programs to aid older youth in orphanages as they transition out of these facilities."

It is estimated that more than 25,000 young people in the U.S. annually move out of foster care once they reach the age of 18. More than 1 million youth between the ages of 16-19 are not engaged in education, employment or training in the UK. In India, youth without a proper education face a difficult transition into adulthood.

BNY Mellon has targeted four major goals with the initiative, including:

• Ensuring that transitioning youth become successful, independent, and productive citizens;
• Assisting these youth in becoming gainfully employed;
• Decreasing the rates of negative outcomes for these youth in such areas as substance abuse, poverty and crime; and
• Making a significant difference in advancing employment and educational outcomes.

"Since this is a particularly vulnerable population, we will work with our partners to develop targeted programs that focus on measurable and meaningful outcomes. We will work with agencies in these markets that have extensive experience, expertise and proven track records tackling the critical issues associated with these young adults," added Bryant.

BNY Mellon's partners in each location, along with their area of expertise, are:

Boston – More than Words, job training and help obtaining life essentials; Rediscovery, connections with outreach workers and education coordinators; and Youth Villages, 24/7 access to caring adults responsible for individualized attention and assistance.

New York – The Children's Aid Society, connections to educational institutions and improves job readiness, and Good Shepherd Services, team approach that addresses educational and employment outcomes, as well as personal fiscal management.

London – Community Links, focus on Future Links which supports education, training and securing meaningful employment.

Pittsburgh – Auberle, independent living skills and access to vocational training programs; Familylinks, education and vocational programs; Family Services of Western Pennsylvania, service coordination, workforce skill development and financial management training; and Holy Family Institute, vocational training and job placement.

The company is finalizing partnership opportunities to assist older youth in Chennai and Pune orphanages and schools.

This initiative is part of BNY Mellon's five-year focus on "Powering Potential," BNY Mellon's philanthropic focus on helping people in need by concentrating on basic needs and workforce development. The company works with its community partners to provide food, clothing, energy and housing assistance to those who require immediate help. Through its focus on workforce development, the company supports organizations that provide access to employment through job training, education, mentoring and skills development.

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, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. Additional information is available at www.bnymellon.com/csr.

SOURCE BNY Mellon