Morgan Stanley has more than 20,000 employees affected by Hurricane Sandy, and at least 15,000 of them are able to work on computers remotely, said Jim Rosenthal, the company’s chief operating officer.
The firm’s New York City headquarters near Times Square is open, as is an office in Westchester County north of the city, Rosenthal said today on Bloomberg Television’s “Market Makers” with Erik Schatzker and Stephanie Ruhle. The firm has provided hotels nearby for staff who need them, and many employees live close enough to offices to walk to work, he said.
“We are open for business on both the retail and institutional side,” Rosenthal said. “We are transacting business in fixed income in the U.S.”
Wall Street firms are bracing as Sandy, the largest tropical system recorded in the Atlantic, makes the transition to a superstorm and threatens to smash the eastern U.S. with wind, rain and snow. Morgan Stanley hasn’t had to transfer any trading to London, although it is prepared to do so if necessary, Rosenthal said.