(CNN) - Morgan Stanley is providing 60 full-ride scholarships at three historically Black colleges and universities.
The financial giant announced the $12 million academic program this week.
It is part of an industry effort to get minority students more interested in banking careers and to close the wealth gap.
The needs-based scholarships will go to students attending Howard University, Morehouse College and Spelman College.
Morgan Stanley says it will also provide students with career counseling and training opportunities within the bank.
Citigroup, Bank of America and JP Morgan Chase have also announced efforts to address racial inequality and bolster diversity and inclusion.