Wall Street Closed Monday, Possibly Tuesday
October 29, 2012- Hurricane Sandy was making its way towards landfall along the New Jersey coast. Because of the force and possible destruction the storm may cause, Wall Street was shuttered on Monday and could be closed through Tuesday as well. Many financial firms said they would implement continuity plans that would ensure their operations would continue on a smooth basis even though Wall Street was closed.
A great deal of them are letting their employees do their work out of their home knowing that buses, trains and subways are closed as well as schools while the storm makes its way through the area.
Citigroup and Goldman Sachs, which have their offices in areas that are potential targets for flooding in Manhattan, are closing their buildings Monday. Those members of Goldman Sachs that are named as critical were told to report on Monday to their work if they are able to safely commute.
Citigroup employees have a contingency plan ready that includes locations available to make sure operations continue. Its offices on Wall Street and Greenwich Street will be closed on both Monday and Tuesday.
JPMorgan Chase said it would close its New York Plaza office on Monday, which is located at the southern tip of Manhattan. The majority of their other offices in Midtown will remain open and generators will be utilized if needed. Facilities in New Jersey will be used as well along with some technology operations being handle through offices in Europe and Asia.
Other firms in the New York City area will also be closed as the huge 1,000-mile wide storm churns along the coast headed for landfall Monday night somewhere close to Atlantic City.
Many companies said they were closing on Tuesday knowing that the storm’s strongest part would not hit into late Monday.