Bloomberg LP, Centerbridge Partners LP and Goldman Sachs Group Inc. are funding a new program to train, mentor and hire students for careers in the financial sector in a push to bring more women and minorities to the industry.

The initiative, a partnership between the firms and the City University of New York, is launching this fall at CUNY’s Brooklyn College, City College and Lehman College and aims to expand to additional schools over time. The funding will provide internship opportunities, career-development staff and help with postcollege hiring. The program’s backers say they hope it will help New York’s economic recovery from the pandemic.

Women and minorities have yet to ascend to the top ranks at financial firms in notable numbers, and attention increasingly has turned to hiring practices following racial justice protests last summer. CUNY Chancellor Félix V. Matos Rodríguez said the initiative, which has been in the works for about two years, will help boost students’ social mobility since more than half of CUNY students’ parents didn’t graduate from college. Many rely on CUNY for career help.

“ The demand from employers in our industry is insatiable for talent that is smart, diverse, hardworking. ”

— Centerbridge Managing Principal Jeff Aronson

The firms plan to invest millions of dollars over three years in the program, CUNY Futures in Finance, people familiar with the matter said.

The financial-services sector accounts for 336,400 jobs, or 9% of private-sector jobs in New York City as of June 2021, according to city government data.

The initiative plans to serve more than 4,500 students a year within three years, with at least 25% participating in internships. It aims to have 40% of participating graduating seniors land full-time jobs in the financial-services sector after the first three years. The program will be overseen by CUNY’s University Dean of Industry and Talent Partnerships Lauren Andersen, who started in July.

Jeff Aronson, managing principal and co-founder of investment firm Centerbridge, who conceived of the program, said the initiative is aimed at exposing students to the range of financial services jobs such as investing, accounting, business operations, compliance and human resources.

Mr. Aronson has been working with Goldman Sachs President and Chief Operating Officer John Waldron, and Michael Bloomberg, former New York City mayor and co-founder of his eponymous financial-data and media company.

“The demand from employers in our industry is insatiable for talent that is smart, diverse, hardworking,” Mr. Aronson said. “By the way, that talent is in our own backyard.”

CUNY has 500,000 students across New York City’s five boroughs. It was hit hard during the pandemic when some city and state funding was initially frozen, leading the school system to reallocate its budget and put projects on hold, said Mr. Rodríguez.

CUNY’s data show that students who participate in paid internships get jobs faster and receive higher first-time salaries. Consulting firm Bain & Co. has been working pro bono with CUNY to analyze its career services work and found it needed to improve its connections to potential employers.

Bloomberg, Centerbridge and Goldman Sachs have each separately been working with CUNY on individual internship and hiring programs.

“We believe that the investments we make in our own backyard are critical to the city’s future success,” Goldman’s Mr. Waldron said.

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