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.
November 02, 2012

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.

Wall Street & Technology encourages readers to engage in spirited, healthy debate, including taking us to task. However, Wall Street & Technology moderates all comments posted to our site, and reserves the right to modify or remove any content that it determines to be derogatory, offensive, inflammatory, vulgar, irrelevant/off-topic, racist or obvious marketing/SPAM. Wall Street & Technology further reserves the right to disable the profile of any commenter participating in said activities.

Disqus Tips To upload an avatar photo, first complete your Disqus profile. | Please read our commenting policy.
< Previous1 2 3 4 5 6 7 8 Next > 

< Previous1 2 3 4 5 6 7 8 Next >