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Staggering human cost as firms mourn dead and missing

The New York financial services community has been assessing the staggering human cost of last Tuesday&#39s devastating attack that has claimed over 5,000 lives.

The twin towers of the World Trade Center were the prestigious home to some of the most respected names in the world of international finance.

Bond trading firm Cantor Fitzgerald, which has a turnover of bonds of $50 trillion a year, occupied floors 101 to 105 of the north tower but all 700 of its staff in the building on the day of the attack are still missing and are feared dead, prompting fears that it will have a huge struggle to recover its dominant market position.

Insurance brokers Marsh & McLennan occupied the seven floors below Cantor Fitzgerald and fears that 315 of its staff may be dead, out of 1,900 in the building that day.

Deutsche Bank was missing around 370 staff and Morgan Stanley said 30 to 40 of its staff were still unaccounted for. Two hundred of Aon&#39s 1,350 employees in the building that day remain missing.

AIG, Royal & Sun Alliance, Zurich Financial Services and Lehman Brothers all had offices in the World Trade Center and many other financial businesses had offices closed by the devastation.

This week&#39s opening of the New York Stock Exchange building was a largely symbolic gesture, with much of lower Manhattan damaged and many firms relocating to premises in New Jersey.


US interest rates cut by 0.5 per cent

The US Federal Reserve has made a 0.5 per cent cut in interest rates to 3 per cent minutes before the opening of the New York Stock Exchange.The cut, the Fed&#39s eighth this year, had been anticipated by some analysts, and is aimed at securing investor confidence to avoid panic selling.The Bank of England Monetary […]

Bidding may heat up as offer goes in for Exchange

Exchange FS has received a takeover bid from an unnamed buyer which could spark off further bids for the portal.Industry insiders believe the prospective purchaser may be software provider Marlborough Stirling.Marlborough Stirling supplies systems and services to major lenders and life offices, although it is likely that other parties will enter the bidding to pick […]

Sagitta – Salix

Tuesday, 18 September 2001.Type: Offshore hedge fund.Aim: Growth by investing in healthcare stocks.Minimum investment: $100,000.Place of registration: Cayman Islands.Investment split: 100 per cent healthcare stocks.Isa link: No.Charges: Annual 1.25 per cent.Commission: None.Tel: 020 7543 1500.  

Old Mutual appoints new fund head

Old Mutual Asset Managers has appointed a new sales manager and made two promotions within its expanding national and regional sales teams.Sally Reeves has been appointed as the new national and networks sales manager. She joins from the Berkeley IFA Network where she has been in charge of corporate development for two years.Matthew Nagele has […]

A modern horror story

Every day a quick scan of the news reveals some new horror that will change the lives of those involved forever – the unlucky accident on the way to work, a tragic illness that cuts a young life short or the holiday accident that leaves more than just a scar to cope with. We barely […]


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