Site to Increase Number of Year Up Students Interning at State Street by 70 Students Annually
Boston (BUSINESS WIRE) – State Street Corporation (NYSE: STT) announced today that it has opened the first scalable and sustainable employer-sponsored Year Up learning site at its John Adams Building in Quincy, Massachusetts. Students at the new site will take Year Up classes to gain a variety of technical and professional skills for five months, and will be paired with State Street mentors who will contribute to the students’ hands-on skills development and prepare them for success in the second part of the program, when students will participate in a full-time, six-month internship at State Street.
Year Up was founded in 2000 on the premise to close the “Opportunity Divide” in America by providing urban young adults with the skills, experience and support that will empower them to reach their potential through professional careers and higher education.
Since 2003, State Street has sponsored more than 800 Year Up interns and has hired more than 500 graduates of the Year Up program. As a result of the new site, the number of Year Up interns at State Street will increase annually by 70 students. State Street’s goal is to hire up to 85 percent of these students as full-time employees upon their graduation.
Last year, State Street selected Year Up as one of five nonprofit partners for its Boston Workforce Investment Network (Boston WINs) initiative, a program with a mission of advancing job readiness and workforce development for youth across the city of Boston. The company was recently named to the Boston Business Journal’s 2016 list of “Top Charitable Companies” for its investment in the Boston WINs program.
“Since State Street partnered with Year Up nearly 10 years ago, the organization has become one of our strongest sources of skilled and diverse talent,” said Michael Scannell, senior vice president of Corporate Citizenship and head of the State Street Foundation. “The opening of the Year Up learning center within our Quincy office is an exciting opportunity to broaden and deepen our partnership with Year Up, and our impact on the hard-working and motivated individuals they serve. As the first company to create a Year Up Learning Community on our campus, we hope this model can serve as a blueprint for other employers to do the same.”
“State Street has been a tremendous partner to Year Up since its earliest days, and we are proud to initiate this groundbreaking employer-based campus partnership with them,” said Bob Dame, executive director, Year Up Greater Boston. “By allowing Year Up to root our program within their corporate culture, we believe we can fast-track our students’ ability to attain the skills needed to be successful in today’s economy while helping State Street to meet their unique talent needs.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $29 trillion in assets under custody and administration and $2 trillion* in assets under management as of September 30, 2016, State Street operates in more than 100 geographic markets worldwide, including the US, Canada, Europe, the Middle East and Asia. For more information, visit State Street’s website at www.statestreet.com.
*Assets under management were $2.4 trillion as September 30, 2016. AUM reflects approx. $40 billion (as of September 30, 2016) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.
About Year Up Inc.
Year Up’s mission is to close the Opportunity Divide by providing urban young adults with the skills, experience, and support that will empower them to reach their potential through professional careers and higher education. Year Up achieves this mission through a high support, high expectation model that combines marketable job skills, stipends, internships and college credits. Its holistic approach focuses on students’ professional and personal development to place these young adults on a viable path to economic self-sufficiency. Year Up currently serves more than 3,000 students a year at sites in Arizona, Atlanta, Baltimore, Boston, Chicago, Dallas, Jacksonville, Los Angeles, the National Capital Region, New York City, Philadelphia, Providence, Puget Sound, San Francisco Bay Area, and South Florida. To learn more, visit www.yearup.org or www.youtube.com/yearupinc.