Some Wall Street firms returned to business as usual today after escaping Hurricane Irene mostly unharmed, while others expected to remain closed, Bloomberg reports.
Goldman Sachs and Citigroup are among the firms in the evacuation zone that will be open for business, while nearby American Express will remain shuttered and is asking employees to work from home, Bloomberg says.
The New York Stock Exchange and other financial markets have resumed normal operations, but commutes remain tough with subway, train and bus service still affected by the weekend's shutdown. Getting to work will be tough for most employees as floods hobble the New York public transportation system.
Bloomberg notes that almost a quarter of financial companies in the S&P 500 are based in New York, adding that the financial sector employs 437,600 New Yorkers.
Wall Street prepares for leaner times by cutting jobs and finding new paths to revenue. [New York Times]
Bank of America selling China Construction Bank shares to raise $8.3 billion; keeping 5% stake. [MarketWatch]
Wells Fargo, JP Morgan acquire $9.5 billion US commercial property loans sold by Anglo Irish Bank Corp. [Reuters]
Touchstone Investment starts merger arbitrage fund, targeting companies involved in mergers, reorganizations. [On Wall Street]
Nordic's largest bank Nordea to cut 2,000 positions in order to boost earnings. [Wall Street Journal]
SAB Capital's Scott Bommer makes $1.5 million on $30 million Ritz-Carlton condo sale. [New York Times]
Fed to hold hearings on Capital One purchase of ING Direct. [DealBook]
Merrill Lynch advisers try to calm jittery clients worried about Bank of America's fate. [Investment News]
Citigroup Indonesia sees corporate, investment banking contributing more revenue after government targets wealth management unit. [BusinessWeek]
Zurich Financial plans to expand further in China, keep New China Life Insurance stake. [Dow Jones Newswires]
Greece's Alpha Bank and Eurobank to merge, seek to boost assets amid recession. [DealBook]
IMF call for "urgent" European bank recapitalization snubbed by Germany and Spain. [Reuters]
India central bank issues new rules for banking licenses, seeks diversified owners and safer exposure. [Wall Street Journal]