Wells Fargo (NYSE: WFC), JP Morgan Chase (NYSE: JPM), and U.S. Bancorp (NYSE: USB) Close Branches Due to Hurricane Sandy
The effects of Hurricane Sandy has brought wind and rain to the east coast, and with it, flooding and highway closures significantly hampering the region. In response to the state of emergency declared in numerous areas Wells Fargo & Co. (NYSE: WFC) and U.S. Bancorp (NYSE: USB) have closed a number of their offices. Competitors in the region like JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C) have made similar choices, as the impending storm continues to wreak havoc in the region.
U.S. Bancorp (NYSE: USB), based in Minneapolis, told over 1,000 employees in areas spanning from Virginia to Boston to stay at home Monday. Those employees work primarily in U.S. Bancorp’s corporate banking, commercial real estate, and corporate trust businesses. U.S. Bancorp spokesman Tom Joyce commented “Their functions have been transferred to other parts of the company for today.” The spokesman also added that disruptions at the bank would have no impact on customers. The New York financial markets are also largely closed which is highly unusual, as evacuations in the area have forced the markets to avert potential crisis later today as employees wouldn’t be able to return home. The New York stock exchange saw the first weather related closing in 27 years.
Closed markets had “no major impact” on the bank’s business, Joyce said, adding that “a short-term closure in the markets doesn’t impact us.”
Wells Fargo (NYSE: WFC), based in San Francisco closed more than 200 locations Monday in Maryland, Virginia, Washington, D.C., Delaware, Pennsylvania, New York, New Jersey and Connecticut, Wells Fargo spokeswoman Peggy Gunn. Other locations will close early Monday.
“Wells Fargo is monitoring the situation closely and has plans in place to ensure there is as little impact to our operations as possible. We are coordinating with federal, state, and local emergency management officials to keep team members and customers safe while continuing to meet customers’ financial needs,” Wells Fargo said in a statement.
With the storm just starting to come on shore, the region will likely be impacted for many days to come. Public schools in the area have already announced closings for Tuesday, and public transportation systems have already been shut down. Keeping people off the streets during what is expected to be highly dangerous conditions is the critical concern at this time, so customers should expect more closures to come. As electricity goes out as expected, it may be the end of the week before normal business operations resume.