[ by Howard Haykin ]

Big banks located in the Northeast are taking various measures with its employees - particularly in the New York Metro area.  Decisions are, in part, driven by specific offices location. 

First, mass transit has been suspended throughout the entire New York-New Jersey-Connecticut Metro area, making it all but impossible for many firms to staff up.  Second, firms situated on or around Wall Street, are further limited because Lower Manhattan is classified as a low-lying area and flood alert zone.  Its residents were advised on Sunday to evacuate for the duration of the storm. 

Firms with a major downtown Manhattan presence - including Goldman Sachs, Citigroup and JPMorgan Chase, - which, in some cases, include enormous trading operations, as well - have issued alternate instructions.

The majority of employees at these firms will be allowed to work from home, according to internal memorandums.  In addition, ...

Goldman Sachs has made these arrangements:  closed downtown locations to all but essential personnel;  instructed some staffers to work from special centers in Greenwich, CT, or Princeton, NJ. 

Citigroup's contingency plans include assigning certain employees to remote locations that can be utilized to ensure continuity of operations," according to a spokesperson for the bank.  Citi branches in affected areas would be closed.

While JPMorgan Chase has closed its Lower Manhattan office, its other offices will remain open and ready to run off backup generators if necessary.  Chase retail bank branches would be closed for the most part and the bank said it would waive overdraft and late fees for customers in 7 states affected by the hurricane.

Several of these firms also note plans to run some of their technology and trading operations through offices in Europe and Asia.     

[Dealbook, 10/28/12 ].