Jefferies Set to Donate Trading Revenue to Sandy Relief
Jefferies Group Inc. (JEF), the investment bank run by Richard Handler, is donating today’s trading revenue to support relief from superstorm Sandy, which slammed the firm’s home city as it hit the U.S. East Coast last week.
Jefferies is giving all net trading revenue, from equities, fixed income, futures, foreign exchange and commodities, to the American Red Cross and other charities, according to a statement from the New York-based company. The firm said it will donate an additional $1 million and its 3,814 employees will be able to give their salary for the day.
Jefferies and its staff have given more than $12 million in trading revenue and worker donations to relief efforts from natural disasters since 2010, according to statements from the firm. The company gave $5.25 million after the 2011 earthquake in Japan and $7.5 million for the 2010 earthquake in Haiti.
“The people affected by this disaster are our families, our neighbors and our communities and we all feel their pain and suffering from Hurricane Sandy,” Handler, the chairman and chief executive officer, said in the statement.
The U.S. death toll stands at more than 100 after Sandy hit the coast on Oct. 29. It caused as much as $50 billion in economic damage, according to Eqecat Inc., a provider of catastrophic risk models.
Citigroup Inc., the third-largest U.S. bank by assets, said Oct. 31 its Citi Foundation donated $1 million to the Red Cross, in addition to its annual grant. New York-based Morgan Stanley (MS) and its employees will contribute $1 million to $2.5 million to the recovery effort, the bank said in an internal memo. JPMorgan Chase & Co. (JPM) offered as much as $5 million in charitable donations, according to a Nov. 1 statement from the firm.
Goldman Sachs Group Inc. (GS), the fifth-biggest U.S. bank by assets, said on Nov. 2 it would match $5 million in funding for small business pledged by New York City Mayor Michael Bloomberg to provide loans. Bloomberg is the founder and majority owner of Bloomberg News parent Bloomberg LP.
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