7 Wall Street Institutions Slammed By Hurricane Sandy
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.