Many Wall Street closures ahead of Hurricane Sandy

Firms recommending employees work from home
By Greg Roumeliotis
||Last Updated: 10/29/2012

NEW YORK (Reuters) — Wall Street firms were set to open with limited staffing on Monday, as stock markets remain closed ahead of Hurricane Sandy's approach and many traders in other markets as well as other financial professionals worked from home.

Here is a breakdown of what the major financial institutions said about carrying out business on Monday:

Securities Industries and Financial Markets Association (SIFMA): The investor group said it is recommending an early close of noon on Monday for the trading of U.S. dollar-denominated, fixed-income securities. The early close will not affect the closing time for settlements. SIFMA added its member firms should decide for themselves whether their fixed-income departments remain open for trading.

New York Stock Exchange: NYSE Euronext said it would close its markets on Monday and, pending confirmation, on Tuesday, in consultation with other exchanges and market participants. The exchange operator said it would work with the industry to determine the next steps in restoring trading as soon as the situation permits.

Nasdaq OMX Group: The exchange operator, whose logo towers over New York's Times Square, will also close its U.S. markets on Monday and, pending confirmation, on Tuesday. Exchanges of Nasdaq OMX Group outside the U.S. are set to open as normal. Times Square Alliance, an organization that works to improve and promote Times Square, had been scheduled to ring the opening bell on Monday, according to a statement on Nasdaq's website published on Sunday.

Depository Trust & Clearing Corp.: DTCC, an industry-owned corporation, said it would maintain operations on Monday, with the exception of all certificate-based services — deposits , withdrawals, envelope and New York Window services — that will be suspended. Deadlines for clearing funds, settlements and other processes will be as usual, it added. "We are confident that we will operate smoothly tomorrow and for the remainder of the week," DTCC CEO Michael Bodson said in a statement on Sunday.

Goldman Sachs: The Wall Street giant told employees in an internal memo on Sunday that the firm will be open for business on Monday as Hurricane Sandy approaches, although only employees "critical" to operations will be asked to get to downtown Manhattan, and then only if they can do so safely. Goldman Sachs Group, which has a number of offices in Manhattan, including one in an area to be evacuated,  will have other employees working from Greenwich, Connecticut and Princeton, New Jersey, and many employees will work from home as well, the memo said.

JPMorgan: The bank, which employs about 25,000 people in New York City and another 6,500 in Delaware, told employees it would keep its buildings and branches in the low-lying areas of New York City, which are under an evacuation order, closed on Monday. All its other office buildings in New York City, New Jersey and Delaware will be open for business and a decision to open for retail customers would be made on a branch-by-branch basis.

A JPMorgan Morgan Chase & Co spokeswoman said many of the bank's traders live in Manhattan and will be in the office on Monday. The bank expected to be fully operational, using backup trading and technology from Europe or Asia as needed, she said. The bank also announced it would waive a number of checking account and loan fees for customers beginning Sunday through Wednesday across seven states and the District of Columbia.

Bank of America: Bank of America said its Two and Four World Financial Center offices in downtown Manhattan would be closed on Monday, while other New York office buildings, including One Bryant Park, would be open. All New York City bank branches will be closed on Monday, as will Merrill Lynch wealth management offices in New York and Mid-Atlantic states. The bank said it will work with customers who face financial hardships caused by the storm on a case-by-case basis.

Citigroup: Citigroup has its trading floor near the Hudson River in the Tribeca neighborhood in Manhattan, putting it in a potential flood zone. The bank said it would operate from a backup trading floor in New Jersey and will shuttle critical employees there as necessary. It said "non-critical personnel should invoke their work-from-home strategies".

Credit Suisse: The Swiss bank is situated near Madison Square Park in New York, outside of the city's evacuation zones for hurricanes. Credit Suisse Group planned to open its trading floor as usual on Monday, staffed with employees that live nearby and key personnel who can access systems remotely.

Blackstone Group: The world's largest alternative asset manager said it would keep its New York office in central Manhattan closed on Monday. "We are asset managers, rather than market makers or traders, so working remotely is less of a problem. We do not think that it will have even a minor effect on our business," a Blackstone Group spokesman said.

KKR & Co.: The private equity firm said it has asked all New York City-based employees to stay at home and work remotely. KKR & Co's headquarters are in midtown Manhattan.

Wells Fargo: Wells Fargo & Co, which has about 1,170 locations in Sandy's path, had already closed some offices by Sunday afternoon and said it would keep some 150 branches in New York and Connecticut shut on Monday.

TD Ameritrade: The top U.S. discount brokerage by trading volume said it expected to be fully operational for clients but it would close one corporate office in Jersey City, New Jersey, and another in Baltimore, Maryland, as a result of the storm. Some branches would also be closed on Monday, TD Ameritrade Holding said.

IntercontinentalExchange: IntercontinentalExchange said trading in the ICE Futures Russell equity index futures and options will close early on Monday and remain closed for the remainder of the day. Russell settlement prices from Friday will be carried over and used for Monday settlement prices. All other ICE markets and clearing houses will remain open and follow regular market hours, ICE said.

Add Comment

  • *
  • *
  • *
  • *