Citi Staff Uprooted for Weeks as Sandy Slams Wall Street

Bloomberg reports that Citigroup has said that its office at 111 Wall St. will be unusable for weeks and that a building housing senior capital-markets executives lost power after Hurricane Sandy hit Lower Manhattan.

'The building experienced severe flooding and will be out of commission for several weeks', Chief Executive Officer Michael Corbat wrote Tuesday in a memo to employees. 'We will continue to use backup sites and work-from-home strategies as necessary'.

Bloomberg reports that Citigroup is assessing when buildings at 388 and 390 Greenwich St. can open, a process complicated by power failures and transit disruptions, Corbat wrote. The New York-based company uses those offices as the headquarters for its trading and investment-banking operations.

Corbat, 52, who replaced Vikram Pandit as CEO on October 16th, was forced to relocate trading operations and shutter hundreds of branches, he said. The hurricane, the first storm in more than a century to close U.S. equity markets for two straight days, prompted other Wall Street firms such as JPMorgan Chase & Co. (JPM) and Bank of America Corp. to close branches and offices.

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Citi Staff Uprooted for Weeks as Sandy Slams Wall Street

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