US - Whilst the shock of Tuesday's catastrophic events in the US is still in evidence, financial firms continue to offer their sympathies and reassurances, as well as moving towards a resumption of business activities where possible.
State Street Corporation said that it did not have offices at the World Trade Center in New York, and that none of its physical infrastructures have been affected anywhere in the world.
Offering his condolences, chairman and chief executive officer David Spina said: “We are prepared for the markets to reopen, and are happy to offer any information or support you need to ensure a smooth transition back to regular business activities. Your State Street relationship officer is ready to serve you at any time.
The firm’s investment arm State Street Global Advisors also said that all of its staff had been accounted for.
UBS Warburg also confirmed that none of it New York offices were affected by the attacks. The firm added that it had received no indications that any of its employees have been harmed, but said it would be monitoring the situation.
US Bancorp Piper Jaffray Asset Management said that its thoughts and prayers were with those affected across the US. Staff at the firm are available to answer any queries.
U.S. Bank and Firstar Bank, subsidiaries of parent firm US Bancorp have opened Disaster Relief Funds for people wanting to help victims of the attacks. Also, US Bancorp is encouraging all of its employees to donate blood to the American Red Cross. Additionally, US Bank and Firstar Bank have established a programme to help people impacted by the recent events, including travel assistance for family or friends of those in the disaster areas.
Contributions can be made at any of the 2,166 Firstar Bank or U.S. Bank locations, which can be found online at usbank.com or firstar.com, or by calling 1-800-USBANKS. Donations to the Disaster Relief Funds will be forwarded to the American Red Cross.
Staff have been instructed to assist customers through the waiver of fees associated with credit card cash advances, wire transfer of funds, cashiers checks and money orders when those transactions are needed to assist individuals impacted by the disaster or stranded while travelling.
German bank WestLB has partially suspended some of its funds. A statement from the firm read: “In view of the consequences of the acts of terror committed in the US, the board of directors of the WestLB Compass Fund, Luxembourg, has resolved to suspend the calculation of net asset values for those of its sub-funds where no accurate calculation of net asset values is currently possible.”
Subscriptions nor redemptions shall be made for the following subfunds - Global Balanced; Global Bond; Global Equities; Emerging Markets Bond; US High Yield; Global High Yield; Emerging Asian; Global Emerging Markets; Latin America; US Active Cash.
Keefe Bruyette & Woods which had an office on the 88th storey of the WTC 2, said that the firm is working to contact and locate all of its colleagues. The firm has issued a list of employees, both accounted and unaccounted for, in New York. The list can be found at www.kbw.com. Any information regarding individuals whose safety is unconfirmed should be directed to the following phone numbers: 860-297-0300 or 800-726-0006. The firm said that it would like to “thank everyone for their assistance and expression of concern” during the past few days.
German insurer Allianz has confirmed that all of its 300 employees in the World Trade Center or neighbouring buildings have been accounted for.
Allianz Group has established hotlines in the US as well as internationally. In case of urgent