This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Haiti Earthquake Aid Offered by U.S. Banks

Updated to add information on Deutsche Bank.

NEW YORK ( TheStreet) -- Wall Street opened its heart and its till for victims of the Haiti earthquake, with the country's six major banks pledging at least $6.85 million in support.

Haiti
Searchers comb through the devastation in Haiti.

The banks urged employees to contribute as well, with some offering to match additional donations dollar-for-dollar.

The donations come after a 7.0-magnitude earthquake struck 15 miles outside the Haitian capital of Port-Au-Prince, killing tens if not hundreds of thousands of people. The disaster savaged the small Caribbean nation, destroying hospitals, homes and schools, and led to chaos in the streets in as survivors scavenged for food and medical aid.

>>Photo Gallery: The Earthquake In Haiti

They also come in tandem with a PR-offensive, as banks face grilling in Washington for excessive greed that contributed to the financial crisis. Some Wall Street firms are about to report record profits and bonuses in 2009, after shedding bailout shackles, while average Americans continue to cope with unemployment and financial strife.

Citigroup (C - Get Report) extended the most in no-strings-attached support to Haiti, offering $2 million. It's giving $250,000 to the American Red Cross for immediate relief. The firm has extensive global operations, and has been focused on building up emerging market divisions as it restructures and whittles down problematic U.S. businesses.

"Our thoughts and prayers are with the people of Haiti and the families and friends of Citi employees in Port-au-Prince," CEO Vikram Pandit said.

Bank of America (BAC - Get Report), Morgan Stanley (MS - Get Report) and Goldman Sachs (GS - Get Report) each pledged at least $1 million. Bank of America could end up providing much more, offering to match all employee pledges without limit. It is donating $500,000 to the Red Cross for immediate relief.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
JEF $0.00 0.00%
BAC $16.11 0.00%
C $53.76 0.00%
GS $197.53 0.00%
JPM $63.61 0.00%

Markets

DOW 18,024.06 +183.54 1.03%
S&P 500 2,108.29 +22.78 1.09%
NASDAQ 5,005.3910 +63.9670 1.29%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs