The Gilt-Edged Market Makers Association (GEMMA) presented a generous cheque to the East End Community Foundation during a special evening reception at the Bank of England.
The Bank of England, known colloquially as the Old Lady of Threadneedle Street, was the setting for a special evening for the East End Community Foundation (EECF).
At a reception attended by City stalwarts, Euan Harknes, the former chair of the Gilt-Edged Market Makers Association (GEMMA), handed over a cheque on behalf of GEMMA, to EECF’s Chair of Trustees, Bronek Masojada and CEO, Tracey Betts.
Euan praised the work of the EECF, saying it was a pleasure to offer a donation of £35,809 towards the Life Chances campaign, which addresses increased social needs and long-term inequality in some of East London’s most deprived communities.
While the City of London is home to global financial hubs, more than 50% of its children live in poverty. The borough ranks among the worst in England for income deprivation, with 40% of its overall population living in poverty, according to Trust for London figures.
Euan also pointed out that during his working life in the City, some employees were from a market trader background, and found jobs on the City trader floor. Market traders excelled on the trading floor, due to their quick mental arithmetic in calculating profits, losses and margins. Market traders and City traders have similar traits including high energy, stamina and fierce competitiveness.
Bronek Masojada praised GEMMA and its importance in the City as he spoke to an audience of City financial leaders about the work of the East End Community Foundation, the ‘go-to’ organisation for donors and organisations wanting to make a real difference in the East End.
Those attending included Andrew Bailey, Governor of the Bank of England, Lord Macpherson, Chairman Messrs C Hoare & Co, Ms Jessica Pulay, CEO Dept Management Office, Dame Sue Owen, former Permanent Secretary for the Department for Digital, Culture, Media and Sport (DCMS), Sir Robert Stheeman, Chairman Morgan Stanley, Sir Tom Scholar, Chairman Nomura and Santander UK.
Governor Andrew Bailey said: “I am pleased to see GEMMA supporting the important work of the East End Community Foundation. The Foundation makes a real difference in tackling poverty and inequality across East London, and this donation will help it continue to support local communities. I would like to thank everyone involved for their commitment to this valuable cause.”
The evening was also a chance to meet up with old acquaintances. Jonathan Davie, former VC Credit Suisse/Partner Wedd Durlacher, was a trustee in the early days of the Foundation, when it was known as the Isle of Dogs Community Foundation (IDCF).
Pictured above: (From left to right) Andrew Bailey, Chair of Bank of England, Jessica Pulay, Co-Head of Policy and Markets at the UK Debt Management Office (DMO), Tracey Betts, CEO of the East End Community Foundation, Euan Harkness, former VC Barclays Capital.
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