New York: Wall Street firms were set to open with limited staffing in New York City on Tuesday as stock markets remained closed due to Hurricane Sandy's approach and many New York-based bank employees worked from home.

Here is a breakdown of what the major financial institutions and trade groups said about carrying out business on Tuesday:


Insurer American International Group, whose headquarters on Maiden Lane in Lower Manhattan adjoin the East River, said its offices will remain closed for a second day on Tuesday. AIG had previously said it did not expect any disruptions to operations due to the offices closures.


Bank of America offices at Two and Four World Financial Centers are scheduled to be closed on Tuesday. Many bank branches in the Northeast and Mid-Atlantic states will also be closed, along with Merrill Lynch wealth management offices in the storm's path. The bank said it will work with customers affected by the storm.  

Brian Moynihan, chief executive of Bank of America, sent an e-mail out to employees Monday evening advising staff to monitor the local news. "We gave taken several precautions, including closing facilities in affected states and asking teammates to work from home in necessary," according to a copy reviewed by Reuters.


Citigroup Inc said its offices on Wall Street and in the Tribeca neighborhood of Manhattan, which are in mandatory evacuation zones and pertain mostly to trading and investment banking personnel, would remain closed on Tuesday. Citi facilities outside of such areas would be "accessible for critical personnel only," the bank said in an internal memo to employees. Other staff should use work-from-home resources.

The bank earlier said it would operate from a backup trading floor in New Jersey and shuttle critical employees there as necessary.

Branches affected by the hurricane will not open on time Tuesday. The bank said it's willing to work with affected customers, including waiving fees.


CME Group Inc said trading would be suspended on Tuesday at the firm's NYMEX headquarters, the world's biggest oil and energy futures and options market, but other markets would open overnight and through Tuesday.

CME will reopen its US equity index futures and options on futures markets at 5:00 p.m. CT on Monday for overnight electronic trading. The equity index markets will close 8:15 a.m. CT on Tuesday, for both the trading floor and its electronic trading system, CME Globex.

CME Group's interest rate futures and options on futures including Treasury, Eurodollar and Fed Funds will reopen at  5:00 p.m. CT on Monday and resume normal trading hours on Tuesday, for both floor trading and electronic trading.

CME said all its New York floor-traded products will be available electronically during regular market hours, and that all other CME Group futures and options on futures markets will remain open.


At Credit Suisse's head office at 11 Madison Avenue in New York City, only "critical staff" have been told to come in. Others are working from home.


DTCC, an industry-owned corporation, said it would maintain operations on Tuesday, and expected all settlements to occur on a normal schedule.


The investment bank told employees in an internal memo on Monday that its headquarters in Lower Manhattan and offices in Jersey City, N.J. would remain closed on Tuesday.

Goldman Sachs Group Inc will have other employees working locally from Greenwich, Connecticut, and Princeton, N.J., and many employees will work from home as well. It is also routing some trades through other offices in Europe and Asia.


The Wall Street firm's Times Square office will remain closed on Tuesday except for critical personnel who could get there safely, according to a memo from Chief Operating Officer Jim Rosenthal reviewed by Reuters. Morgan Stanley has been able to transfer most business functions to other geographic locations, or to employees working from home, Rosenthal said.


NYSE Euronext said it would close its markets, along with other exchanges, on Tuesday.

NYSE said it now intends to re-open its US markets on Wednesday, conditions permitting, and that it would provide an update on Tuesday.


The exchange operator will close its US markets on Tuesday, but said it planned to open those markets "as normal" on Wednesday. Exchanges of Nasdaq OMX Group Inc outside the US are set to open as normal on Tuesday.


The Wall Street group said it is recommending a full stop for several bond markets on Tuesday that pertain to US dollar-denominated bond trading in the US, Tokyo and London.

Its recommendation pertains to government securities, mortgage- and asset-backed securities, over-the-counter investment-grade and high-yield corporate bonds, municipal bonds and secondary money market trading in bankers' acceptances, commercial paper and Yankee and Euro certificates of deposit.


The online broker is closing corporate offices in Jersey City, New Jersey, and Baltimore, as well as some branches. None of the firm's client service centers are in the path of the storm. Clients should be aware with the closure of US stock markets means not all products will be available for trading.


Wells Fargo expects many of its Northeastern stores to open late or remain closed on Tuesday. The bank said it has decided to waive certain fees for customers in affected areas, including late fees and ATM charges, through Thursday.


Latest News from Business News Desk