"We believe it is our responsibility to do our part to support the relief effort," Bank of America's chief strategy and marketing officer, Anne Finucane, said. "Many of our associates, particularly in the South, have family and friends who were impacted by this disaster."
Bank of America is the biggest bank in the U.S., with headquarters in Charlotte, N.C., and extensive reach throughout the Southeast.
JPMorgan Chase (JPM - Get Report) pledged up to $1 million, with $250,000 going to urgent relief funds at the Red Cross and CARE. Another $500,000 toward longer-term recovery and rebuilding efforts, to be split among those two groups, as well as World Vision.
The bank encouraged employees to donate as well, saying it would match up to $250,000 from their commitments."Our deepest sympathies go out to the people of Haiti," said JPMorgan Chase CEO and Chairman Jamie Dimon. Wells Fargo (WFC - Get Report) rounded out the six big banks, with a $100,000 contribution to the Red Cross. Among others on Wall Street to contribute support were Jefferies Group and Bill Ackman's Pershing Square hedge fund, both of which pledged $1 million in support. Jefferies (JEF) will also contribute all net trading commissions from Friday. "Clients pay commissions every time they trade securities," Handler told Bloomberg. "The hope is that they will trade more than normal tomorrow." Deutsche Bank (DB) also said it will donate all of Friday's net agency equity trading commissions to relief efforts and match donations made by employees. -- Written by Lauren Tara LaCapra in New York