US - Many of the world's top asset management firms had their offices in the World Trade Center obliterated in yesterday's terrorist attacks on the US which look to have claimed the lives of thousands of people.
Among the Center’s tenants were ABN Amro, AG, Allianz, Aon, Bank of America, Chase Manhattan, Citigroup Asset Management, Commerzbank, Credit Suisse, Dai-Ichi Bank, Deutsche Bank, Dresdner Bank, Fiduciary Trust, Friends Ivory & Sime, Lehman Brothers, Merrill Lynch, Nomura, Royal & SunAlliance and William M Mercer. Morgan Stanley is the biggest single tenant in the building with 1.2m sq ft of office space and about 3,500 employees. Salomon Smith Barney’s building also collapsed.
The London market yesterday fell heavily on the news while the London Stock Exchange building was evacuated. All indices opened down today while trading on the New York Stock Exchange and Nasdaq was not resumed following the disaster which saw two passenger aircraft crash into the twin 107-storey towers of the World Trade Center in New York.
Investors flocked to traditional safe havens such as gold and government bonds while the price of oil rose sharply as the US put itself on a near-war footing. Central banks have pumped extra cash into money markets and implied they will reduce interest rates to avert a global recession.
At least 1,400 are currently feared dead and it is almost certain the death toll will climb. Those behind the attack have yet to identify themselves.
In response to the incidents in New York City and other locations a toll-free number has been established for family and friends concerned about loved ones who may be at or near those locations. It is 1-866-866-9928 (from outside the US and Canada, call collect at 941-541-1725).
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