Say what you will about banks' role in the financial crisis and recession, one good quality of the U.S. banking industry is that it's usually the first to respond to catastrophe with money and aid.Dow Jones' Financial News Online today reports that several banks have already pitched in to help victims of the earthquake that hit Haiti on Tuesday:
Citibank has pledged $2 million for relief and recovery efforts; $250,000 will go to the American Red Cross, the rest to reconstruction projects. Supplies were sent to Haiti yesterday.
JPMorgan Chase has committed $1 million, a quarter of which will go to the American Red Cross and CARE to help set up temporary shelters and other immediate relief. The bank will also match up to $250,000 of employee donations.
Morgan Stanley has also set aside $1 million that will go to the American Red Cross's Haiti relief fund, in addition to its normal $250,000 donation to the Red Cross.
Bank of America Merrill Lynch is giving $1 million, half to the American Red Cross's relief fund, the other half toward other recovery and reconstruction efforts.
If your bank is helping the Haitian people in some way, please let us know so we can share the news; you can write to [email protected]