NEW YORK (TheStreet) -- A year after Hurricane Sandy devastated the coastal areas of New York, New Jersey and Connecticut, Wall Street's response to the storm stands out as an intersection between the oft-vilified financial services industry and its continued prominence in the tri-state area.
Wall Street was crippled in the wake of the storm, which destroyed thousands of homes and left millions without power. In some areas, the cleanup continues.
The New York Stock Exchange (NYX) closed in the storm's aftermath. Firms with operations in Lower Manhattan, including Moody's and Standard & Poors, were evacuated from their offices. Goldman Sachs (GS), one of the few investment banks still headquartered downtown, did not lose power through the storm and opened its ritzy offices to residential neighbors.
Major financial service dealers relied on business continuity plans that were strengthened in the aftermath of the September 11th terrorist attacks on the World Trade Center. In the days following the storm, most Wall Street firms also sought a way to provide relief to the community.
Bank of America (BAC) committed $20 million to community development institutions. JPMorgan (JPM) committed $10 million in small business support and charitable giving, while Citigroup (C) extended relief to mortgage customers hit by the storm. Goldman Sachs (GS) offered $5 million towards cleanup efforts and another $5 million in charitable donations. Morgan Stanley (MS) made a $1 million donation and pledged to match $2.5 million in employee contributions to the American Red Cross.