Students build towers with newspaper as part of a team bonding exercise at the CISI-sponsored Careers in Investment Management Insight Experience, held by J.P. Morgan Asset Management
Social responsibility has been climbing the agenda at City firms and institutions over recent years, as they increasingly recognise the importance of their role in the community. Through services such as City Action, which acts as a broker linking City firms with local community organisations, many banks and other financial services organisations now have comprehensive corporate social responsibility (CSR) programmes. These often have a particular focus on education projects.

The CISI, for example, delivers a wide range of education programmes. It partners with schools, colleges and universities to offer qualifications, access to industry employers and career education for young people (see more in the boxout below). 

HSBC is another good example. The bank supports programmes to help young people gain access to education and develop life skills. It does this through charitable donations and giving employees paid leave to volunteer for national and local programmes.

Simon Martin, Head of Global Sustainability for HSBC, says: “We have always given to charity but there is a much bigger focus on the wider stakeholder agenda compared to ten years ago. Now every large organisation – banks in particular – should be seen to be doing something for community stakeholders. Business is no longer purely about looking after shareholders.”

Martin says this is in response to gradual changes in society. “We didn’t increase engagement just because of the 2008 crisis, for example; it has been a growing awareness among thought leaders that multinationals have to demonstrate that they are taking on their responsibilities to stakeholders.

“Many things have helped drive this shift, including [working with] non-governmental organisations and the public sector. Also the UN’s Sustainable Development Goals and the Paris agreement on climate change have recently been published. For the first time, these have given us a clear road map for the way ahead and the Government, private sector and third sector have to look at what role they play and get there together.”

Source: City Action 2014 report, which surveyed 465 volunteers from 37 businesses

Economic inclusionMany other City firms are developing their CSR activities. JPMorgan Chase has a long history of philanthropy and started the JPMorgan Chase Foundation in 2005 as the philanthropic arm of the bank – it now runs initiatives in more than 40 countries. Hang Ho, Head of Europe, Middle East and Africa at the foundation, says an important focus is on economic inclusion and social mobility. “That makes sense for us because we know we can add expertise in these areas,” she says. “Plus we have an interest in promoting a functioning and thriving economy because that is intrinsic to the health of our business. When we support talented people from different backgrounds to get on better in life, that could also help us. Many have become interested in a career in banking and finance and there is a pathway for them to follow [with us].”
40 
The number of countries in which JPMorgan Chase Foundation runs philanthropic initiatives
Ho says the foundation continues to increase its investments and now puts around £200m a year into various projects as the bank looks to play a wider role in society. “That also places greater accountability on us to articulate what impact this investment has made on individual lives,” she adds. “For each project, we must hold ourselves and our partners accountable to make sure that the intended impact materialises.”

To do this, the foundation uses objective- and evidence-based research and data to identify and evaluate opportunities. It also has teams of experts who work with stakeholders in local government or non-profit organisations in each area of priority.

In London, the foundation’s activities focus heavily on east London due to the bank’s presence in Canary Wharf. It has at least 13 projects currently running in that area alone.

“The strategy is to use the resources in the firm and the foundation to support the communities in which we are based,” says Ho. “We have partnered with several organisations to support skills and jobs growth, and we support smaller businesses to grow and create meaningful and accessible jobs to promote economic inclusion and mobility.’

Critical early interventionDeutsche Bank runs an education and youth engagement programme called ‘Born to be’, which provides another good example of how City organisations are beginning to think about society. In contrast to some, Nicole Lovett, Head of Corporate Citizenship UK at Deutsche Bank, believes that long-term skills development is not philanthropy.

“The programme addresses potential skills shortages that would affect the economic health of our business, client base and suppliers,” she says. “Helping to build a talent pipeline that represents the diversity of our client base makes good business sense. We also believe early intervention is critical to prevent youth unemployment. Since 2013, the bank has supported 130,000 young people through its 'Born to be' initiatives and it provides two days a year to employees to volunteer.”

Meanwhile, Barclays created the LifeSkills programme, a free curriculum-linked scheme that it says brings together educators, businesses, parents and young people to help them gain useful skills for their future career.

130,000
The number of young people Deutsche Bank's 'Born to be' initiative has helped since 2013This scheme provides educators with free employability resources as well as dozens of interactive tools for young people to learn in their own time or in conjunction with their parents through a dedicated parents section.

Kirstie Mackey, Head of LifeSkills at Barclays, says: “Helping the next generation get into gear for their future is vital to every business and our society as a whole. LifeSkills aims to ensure that no young person is left behind by equipping them with the key skills needed in the future, boosting our economy and supporting our society.”  

LifeSkills has seen 2.1 million young people participate in its activities since it launched in 2013, and 72% of all secondary schools in the UK have now signed up to the programme.

Lloyds Banking Group also focuses much of its social responsibility work on education. It recruits school governors in England from among its employees and provides business support and skills-based volunteers to schools and academies. The Lloyds Scholars programme offers talented young people from lower-income households the opportunity to gain employability skills.

Lloyds is also a BBC Children in need fundraising partner in schools, which involves a wide range of education-supporting initiatives. 

All Londoners togetherRathbones is another institution with a long tradition of philanthropic activities. Recently, for example, Investment Manager Clive Hexton has been organising the firm’s contribution to an education programme in east London run by charity SkillForce, which is sponsored by the JPMorgan Chase Foundation. SkillForce teaches life skills to schoolchildren and has so far reached 50,000 young people. 

50,000
The number of young people SkillForce has helped so far“We are all Londoners together,” says Hexton. “The SkillForce ‘Your Future’ programme was specifically aimed at working with young people aged over 16 in Tower Hamlets to give them experience of corporate life and develop their employability and life skills. This programme is part of our approach to putting something back into society and participation is also enriching for our staff.”

Rathbones supports a number of other youth development initiatives, including its Financial Awareness programme and sponsorship of the Chalke Valley History Festival for Schools, Bang Goes the Borders science festival, English Lacrosse, and Lacrosse Scotland. Rathbones also encourages employees to take unpaid positions in local and national charities and voluntary organisations and offers two-and-a-half days a year for them to volunteer in the community.

By offering professionally recognised qualifications in schools and colleges alongside a structured insight programme, students are leaving school with not only qualifications that most practioners achieve while working in the sector, but also the relevant professional skills required by prospective employers.

How the CISI is getting involved in the higher education sector
By working with schools, colleges and universities, the CISI continues to focus on employability for future practitioners. The Institute bases these burgeoning relationships on student access to an appropriate CISI professionally recognised qualification, alongside the student's chosen route of study, be it A levels, an apprenticeship or a degree programme. By providing access to the industry through engagement with employers and skills training, the relationship opens the door for improved employability. 

Career insight
Students at Ark Academy Sixth Form are feeling the benefit. “Our students have very much enjoyed the experience of engaging with CISI's qualifications, which have provided an excellent vehicle for them to develop an understanding of the financial services sector,” says James Lovell, Ark Sixth Form Network Lead, Ark Academies. “CISI's employer links have also offered students various great opportunities and experiences that have provided further career insight, deepened their understanding and also enhanced their applications for university and work.” 

Standing out
To challenge some of the common misconceptions that young people have about careers in financial services, the CISI also provides practical careers information to help them gain an understanding of the diverse roles and opportunities available to them. According to Rachel Bailey, a former student at Archbishop Beck Catholic Sports College in Liverpool, completing CISI qualifications helped her to secure a scholarship place at Chicago University studying Economics. “I would advise anyone who wants to work in the financial sector to undertake this opportunity,” she says. “I have been able to speak with business professionals, undertake work experience and make my personal statement stand out, especially when applying for a course focused on the economy and financial services.”

To learn more about CISI programmes, visit our Get into finance and Apprenticeships pages.

To find out more about financial services, click here.