January 18, 2010

Financial Services Firms Offer Aid to Haiti

Industry musters money and more for earthquake relief

In the face of the devastation wrought by the catastrophic earthquake in Haiti, people and institutions around the world have responded in a variety of ways. Not surprisingly, the firms and individuals that make up the financial services world have been striving to do their part.

Just a few of those efforts are highlighted below:

? JP Morgan Chase and Bank of America have each pledged $1 million through American Red Cross, CARE and World Vision.

? Morgan Stanley and Goldman Sachs have each pledged a minimum of $1 million in relief aid.

? American Express, MasterCard, and Visa have all announced that they will be waiving interchange fees for a period for specific U.S.-based charities that are providing support to Haitian relief. All three card networks have also made their own contributions ($250,000 each from AmEx and MasterCard and $200,000 from Visa) and are offering increased employee matches to donations made to these charities.

? Discover Financial Services has made a $100,000 donation and is pledging another $1 million through a card member matching program.

? Harris Bank/BMO Financial Group has pledged $250,000, in addition to waiving all fees to send drafts and fund transfers to Haiti through February 12, 2010.

? New York Life Insurance Company said it will donate $100,000 to the American Red Cross Disaster Relief Fund for Haiti, and the company will be matching employee, retiree, and agent contributions, up to $150,000.

? TD Bank Financial Group and Wells Fargo & Co. have donated $100,000 each to the Red Cross.

? BBVA Compass Bank has joined the efforts for Haiti relief with dollar-for-dollar matches, up to $100,000, of contributions made in its bank branches by customers, non-customers, and employees through January 30, with the proceeds going to the American Red Cross.

? Citigroup has sent a relief team, medical equipment, humanitarian supplies, and satellite phones to Haiti.

? Deutsche Bank's Global Markets Equity Group also announced that it was donating all of the net equity trading commissions it received on January 14 to the relief effort.

? The American Institute of Certified Public Accountants is accepting donations from member CPAs to its disaster relief fund--CPAs in Support of America Fund, Inc. All of the contributions made now to the fund will be used to help victims of the Haitian earthquake on behalf of the U.S. accounting profession. AICPA members interested in contributing to the Haitian relief efforts may call 877-CPA-4ALL.

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