Wirehouses, regionals and independents reacted quickly to the Katrina disaster, offering donations to the Red Cross, matching employee contributions and taking other relief measures. Some brokerages with affected advisors and clients worked to get those individuals back on their feet. Below, a list of some major firms and their efforts to help soften Katrina's devastating blow.
Wachovia
-
$2 million donation to American Red Cross.
-
Matching donations to American Red Cross of up to $1,000 per employee, in addition to existing charity-match program.
-
An additional $800,000 donation to establish a fund with the Gulf Coast Community Foundation in Mississippi, and $200,000 to establish a fund with the Community Foundation of South Alabama in Mobile.
-
Accepting donations to American Red Cross from customers at branches and through the mail.
Merrill Lynch
-
$1.5 million donation to American Red Cross.
-
Dollar-for-dollar match, up to $500,000, for employee and retiree donations to relief efforts.
Citigroup
-
$1 million donation to American Red Cross.
-
Dollar-for-dollar match, up to $1 million, on employee donations to American Red Cross.
-
Extending grace periods, waiving fees and taking other measures to alleviate financial problems facing Katrina victims.
UBS
-
$1 million donation to American Red Cross.
-
Matching employee donations to eligible charities assisting the Gulf States.
-
Creating task force to assist its 71 employees and clients in the area with their recovery efforts.
Edward Jones
-
$250,000 donation to American Red Cross and $750,000 to Red Cross relief efforts in areas where Edward Jones branches are located.
-
Matching associate contributions to the American Red Cross, and accepting donations from customers at branches nationwide.
-
Note: At least 29 of Edwards Jones' offices, of 175 branch locations in the three states affected by the hurricane, were destroyed. So far, all of the company's brokers and associates are safe, but 17 employees have lost their homes.
Raymond James
-
$200,000 donation to the American Red Cross and The Salvation Army.
-
Note: At least 10 Raymond James offices were damaged.
A.G. Edwards
-
$100,000 donation to American Red Cross.
Morgan Stanley
-
Dollar-for dollar-match, up to $500,000, for employee donations to Red Cross relief efforts, in addition to existing charity-match program.
