Lehman Brothers and Spelman will partner to develop the Lehman Brothers Center for Global Finance and Economic Development at Spelman College, an initiative which will address the issue of economic development in minority communities in the US.
Lehman Brothers' commitment is to provide capital (specifically $10,000,000 over five years in an outright grant, with annual additional direct program costs of approximately $50,000 to be funded by Lehman Brothers), its people (as mentors, speakers, advisory board members), its expertise (in the classroom and with faculty and administration as needed), and visibility (via its relationships with other companies, the media, and other community groups) to address the issues describe herein.
MEASURES OF SUCCESS
- Number of graduates annually with a minor (to be offered by 2009) or a major (to be offered by 2013) in global finance and economic development
- Number of Lehman Brothers Scholars per year beginning in 2009
- Number of students taking classes offered even if they are do not have a global finance and economic development major or minor
- Number of graduates taking jobs in related industries (finance, banking, economic development) and change year-on-year
- As the program 'offering' develops, measurement of one or more of the following annually
- Number of scholarships awarded (both merit and needs based)
-Number of students assigned a Lehman Brothers mentor
- Number of Lehman Brothers-related speakers at the Center, sharing industry knowledge with students (either employees or industry experts introduced by Lehman Brothers)
- Number of international finance internships awarded
- Increase in the ability of Spelman College to attract major individual, corporate and foundation donors
- Output of the partnership on economic development, e.g., white papers, conferences that identify innovations and best practices that lead to practical policy solutions which are piloted and implemented in target communities
By summer 2008:
- Create the first phase of the Center's curriculum
- Complete search for a new finance professor who will also serve as program director starting in the fall of 2008
- Confirm approach for a partnership on economic development
The under-representation of segments of the population in the corporate world is a multi-dimensional challenge with diverse consequences. Lehman Brothers seeks to play a meaningful role in addressing this issue by partnering with Spelman College, leveraging its institutional knowledge and capital to increase student awareness of, and preparation for successful careers in the financial sector.
This commitment will offer a uniquely effective and sustainable way to positively affect change in education and the lives of many young people and their families for generations to come.
Lehman Brothers is also the sponsor of the Lehman Brothers Center for Women in Business at the London Business School, which focuses on research and discourse on the roles of women in the business community, primarily in Europe. Lehman Brothers' partnership with Spelman College is of a larger financial scale, differentiated in its geographic and constituent focus, and practical and skills-building (versus research focused) in its approach.