About Us Press Release
Credit Suisse Expands Funding to Nonprofit Organizations Leading Efforts to Improve Pathways to Career & Upward Mobility
Credit Suisse is pleased to announce that the Credit Suisse Americas Foundation has awarded $400,000 to two new nonprofit partners – Generation USA and Year Up. These groundbreaking programs serve the community by investing in motivated yet under-resourced young people and developing a robust and diverse talent pipeline. The organizations provide educational pathways outside of traditional four-year degrees, enhancing their students' abilities to launch promising careers.
"While we have long-supported and remain committed to four-year college completion, we have become increasingly motivated to find opportunities to support the nearly 2/3 of Americans who do not choose or may not have access to this pathway," said Eric Eckholdt, Executive Director of the Credit Suisse Americas Foundation. "We completed the expansion of our Future Skills portfolio to include innovative organizations or initiatives that strive to bridge the gap between the education and employment sectors by providing additional pathways for young people to navigate toward promising careers, like apprenticeships, certifications, and two-year degrees."
These grants are part of the Credit Suisse Americas Foundation's work in Future Skills, a giving program that supports educational efforts to provide young people from underserved communities with skills necessary for a strong career start in order to live choice-filled, upwardly-mobile lives.
The Credit Suisse America's Foundation continues to support high-performing schools like KIPP Public Charter Schools, modern youth apprenticeships through CareerWise New York, and innovative programs such as Braven, the WakeWorks Apprenticeship program, and myFutureNC. Moreover, the Foundation is pleased to onboard these organizations that aim to further the vision of providing additional pathways to securing a family-sustaining career.
"These two new groups represent a transition from a "college-for-all" to a "success-for-all” mentality," says Eckholdt. "We are excited for the opportunity to support and learn from industry leaders and changemakers who embody the spirit of this effort, which we believe is vital for both young people in America and an evolving workforce."
Generation USA is a nimble organization founded by McKinsey & Company. At scale, it has the potential to provide high-level, industry credentialed training to thousands of young people. According to Generation USA, more than 75 million young adults were out of work globally even before the global pandemic, and three times as many were underemployed. Concurrently, certain jobs remain in high-demand, and 40 percent of employers say a skills shortage leaves them with entry-level vacancies. In an effort to bridge this gap, the Generation USA program aims to transform education to employment systems to prepare, place, and support people into life-changing careers that would otherwise be inaccessible.
"We are proud to be a recipient of Credit Suisse’s philanthropic initiatives in opening entry to a meaningful career through non-traditional pathways," says Richard Clemmons, Generation USA Interim CEO. "Through this generous funding, we’ll be able to expand our reach and impact in the New York City community by providing training, support, and access to career opportunities in the high-demand tech industry."
Credit Suisse is also excited to partner with Year Up, a best-in-class workforce development organization, which is committed to ensuring equitable access to economic opportunity, education, and justice for all young adults – no matter their background, income, or zip code. Year Up's intensive training program utilizes a high expectations, high support model where students learn in-demand technical and professional skills and apply them during a work-based experience with one of their 250+ corporate partners.
"Credit Suisse and Credit Suisse Americas Foundation’s generous support will enable motivated young adults to receive the training, support and connections to have rewarding careers at top companies," said Gerald Chertavian, Year Up Founder and CEO. "Through this partnership, we will make important progress in closing the Opportunity Divide and building a more inclusive society and a stronger economy."