The academy will work with about 600 teenagers and adults who might not ordinarily consider a job in the finance sector. It builds on the work of regional schemes in Leeds, Manchester and Norwich.
Students will be recruited based on their enthusiasm and aptitude for finance rather than formal academic qualifications.
The academy is particularly seeking applicants from the Tower Hamlets area. The borough is one of the most deprived in the country despite its close proximity to the City of London.
Therese Reinheimer-Jones, head of the skills academy, said: "We see a wealth of intelligent young people who lack direction and confidence. After enrolling on a financial services course, they leave the academy with clear career aspirations."
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