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Secretary of Labor Announces Nearly $6 Million in Grants to Train Workers in the Financial Services Industry |
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U.S. Secretary of Labor Elaine L. Chao today announced five grants totaling $5,989,023 to train workers for careers in the financial services industry. Today's announcements are part of the President's High Growth Job Training Initiative, a strategic plan to prepare workers for jobs in expanding industries. "Financial services has been among the strongest sectors of America's growing economy and there is need for skilled new workers as well as upgrading the skills of existing workers," said Secretary Chao. These grants will support projects for the financial services industry in Florida., Ohio, California, New Jersey, Connecticut, Louisiana and Washington, D.C. Partners in the projects funded through these grants include Allstate, Bank of America, Citigroup, JP Morgan Chase, First Data Corporation, Freddie Mac, Sallie Mae, Jobs for America's Graduates, Wachovia Bank, Wells Fargo, Pacific Western Bank, Pershing, PNC Bank, the Fannie Mae Foundation, and state government agencies and community college systems. "The financial services industry has experienced the combined effects of technology, restructuring, and new service strategies that diversify and expand the education and skill levels required for its workforce," said Assistant Secretary of Labor for Employment and Training Emily Stover DeRocco. "At the same time, the strength and stability of the financial services industry are essential to our economic infrastructure, and these public-private partnerships will help develop the skilled workforce critical to the industry." Through executive forums with leaders of expanding industries, critical workforce gaps and issues are identified. Solutions are then created in cooperation with employers, educational institutions and the public workforce system.
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