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As Hurricane Sandy makes its way inland, bankers from Virginia to Maine are now focusing on post-storm crisis management. Payrolls for late October are a key concern.
October 30 -
One of Citigroup's downtown New York offices damaged by Hurricane Sandy will be closed for weeks, the company said Tuesday.
October 30 -
The storm may have passed, but its effects on big banks and their customers are far from over.
October 30 -
Bankers in the Northeast must remain flexible and ready to roll up their sleeves in the aftermath of Hurricane Sandy. That was the sweeping message from bankers from areas along the Gulf Coast and Florida who have been through a fair share of catastrophic storms.
October 29
Operations began to return to normal for JPMorgan Chase (JPM), Bank of America (BAC) and HSBC (HBC) on Wednesday in areas hard hit by Hurricane Sandy.
JPMorgan has reopened 587 branches in New York, New Jersey and Connecticut, it said. Those are roughly 55% of its branches in the Tri-State area. Nearly 60% of its 3,200 area ATMs were running, the company said.
Bank of America said separately that "aside from some locations impacted by power outages," it was returning to normal business operations in nine states and the District of Columbia. The Charlotte, N.C., company had reopened some Northeast branches on Tuesday.
HSBC said it had reopened 101 of its 189 affected branches, including all of its locations in Delaware, Maryland, Pennsylvania, Virginia and the District of Columbia. It had opened select branches in the New York City area, Connecticut and New Jersey and will open more when power is restored and it is safe to do so. HSBC was also monitoring its ATM network and working to ensure it was functioning.
Many big banks had closed their branches and offices in the Northeast on Monday and Tuesday to deal with the effects of Hurricane Sandy. The storm caused extensive flooding and power outages.
Citigroup said Wednesday that it would waive fees for things like overdraft protection and late payments for customers in areas affected by the hurricane. Other banks, including JPMorgan and Bank of America,
