Wall Street Gives Millions to Haiti Relief Efforts
January 14, 2010, 7:37 PM
As Haitians continue to reel from the massive earthquake that reduced much of its capital to rubble and killed an estimated tens of thousands of people, Wall Street firms are among those pledging millions of dollars to relief efforts.
Banks including Goldman Sachs, Morgan Stanley, JPMorgan Chase and Bank of America have each pledged $1 million to various charities and humanitarian organizations, according to news reports and press releases.
One of these banks, Citigroup, has suffered perhaps even more than others: its Haitian headquarters collapsed, and several of its employees have died, according to an internal memorandum obtained by DealBook. Citi is giving $2 million to relief efforts, Vikram S. Pandit, its chief executive, wrote in the memo. (Read it after the jump.)
Mr. Pandit wrote that he could not yet disclose the identities of employees killed in the earthquake. “Our thoughts and prayers are with their families and friends,” he wrote.
This is a loss that touches each of us.”
Mr. Pandit also wrote that, in addition to the $2 million in contributions, the firm has also directed the shipment of prepackaged supplies through the Pan American Development Foundation.
Goldman is donating $1 million to the American Red Cross for the Haitian Relief and Development Fund, CARE, Doctors Without Borders, the International Rescue Committee, Save the Children and the United Nations World Food Programme, the firm told media outlets.
Morgan Stanley said in a release that it is giving $1 million to the American Red Cross Haiti Relief and Development Fund.
“Morgan Stanley extends its deepest condolences to those in Haiti affected by this tragedy and to those family members residing abroad, many of whom are here in the U.S.,” James P. Gorman, the firm’s chief executive, said in a statement. “Our culture and history dictate that we, as a Firm, respond and we hope that today’s donation will help provide a measure of comfort in the wake of such a catastrophic event.”
JPMorgan said in a statement that it is donating $1 million to relief efforts, including $250,000 for the American Red Cross and Care and $500,000 for later recovery and reconstruction efforts. The firm said it will also match employee contributions up to a total of $250,000 made via a special Web site.
“JPMorgan Chase is offering our support today because a quick response following a disaster like this is critical to saving lives,” Jamie Dimon, the firm’s chief executive, said in a statement. “The American Red Cross, CARE and World Vision are trusted organizations that are on the ground now and will be there to support Haiti as they work through the aftermath.”
Bank of America is donating $1 million as well, with half earmarked for the American Red Cross, according to Reuters.
Wells Fargo said in a statement that it has pledged $100,000 to the American Red Cross.
Credit Agricole, the French bank, is contributing 1 million euros ($1.45 million) and working with nongovernmental organizations, according to Bloomberg News. Jefferies is donating $1 million, along with volunteered salaries and net commissions for Jan. 5 to relief efforts, its chief executive told Bloomberg in an interview.
“The combination of extreme poverty on the island and a horrific natural disaster — it just cried out for help,” Richard B. Handler, the chief executive, said.
And William A. Ackman of Pershing Square Capital Management is donating $1 million to Partners in Care through his Pershing Square Foundation.
