Risk Management

12:23 PM
Melanie Rodier
Melanie Rodier
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7 Wall Street Institutions Slammed By Hurricane Sandy

As Hurricane Sandy battered the North East leaving a trail of death and destruction in New York and New Jersey, Wall Street banks suffered varying degrees of damage. We take a look at seven financial institutions that were slammed by Sandy.
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5. Citigroup

Citigroup's 111 Wall Street building sustained serious flood damage which could take weeks to repair, Chief Executive Officer Michael Corbat wrote in a memo to employees. The building’s 1800 employees work mostly in operations, technology and administrative roles.

Meanwhile, Citi was forced to relocate trading operations and shutter hundreds of branches, according to BusinessWeek . “We will continue to use backup sites and work-from-home strategies as necessary,” said Corbat, 52, who replaced Vikram Pandit as CEO on Oct. 16.

More than 7,000 employees work in Citi’s Greenwich Street buildings, according to Danielle Romero-Apsilos, a Citigroup spokeswoman. Some of the bank’s most senior executives work at those offices, which are less than a mile from the Hudson River and currently inaccessible to staff.

Citigroup's Tribeca buildings also suffered minor flood damage and were running on generators.


Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio

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