Wednesday, October 31, 2012

Citi's Downtown Building Is So Flooded It Could Be Closed For Weeks



Citigroup, the third-largest U.S. bank, said 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, according to Businessweek.

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

Citi 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….

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