Jefferies Joins Big Banks to Donate to Haitian Relief
[UPDATE 1: Nearer to close-of-business, Jefferies says it expects to raise more than $5m in donated net commissions and client commitment. Also updates rate of trading.] Global securities and investment banking firm, Jefferies Group (JEF) is donating all net commissions and volunteered salaries from January 15, plus $1m, for relief efforts associated with the recent earthquake in Haiti. Even traders at the firm are said to be lowering their offerings rate and committing to trading as much as possible today in order to maximize their net commissions for a greater fundraising effort. [UPDATE: today's trade at Jefferies triple that of comparable day.] The firm’s 2,500+ employee partners globally are participating on a voluntary basis. The firm, as an entity, will top-up the fund with an additional $1m The funds will be used for relief efforts associated with the recent earthquake in Haiti. The contribution will be made to the following organizations: The American Red Cross, UNICEF, Save the Children, the UN Central Emergency Response Fund (CERF), Partners in Health, Americares, Shelterbox and HEART 9/11. “All of us at Jefferies are deeply saddened by the losses and devastation in Haiti,” commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies, in a statement. “Today our firm is partnering with our trading clients to contribute to organizations on the ground serving those in need.” Jefferies is part of a chorus of financial institutes that are participating in an outpouring of financial aid for the people of Haiti. Additionally, JP Morgan Chase(JPM) said it would commit $1m to the relief and recovery of the country. Citigroup (C) is pledging $2m, $250,000 of which will go directly to the American Red Cross. Morgan Stanley (MS) will also contribute $1m to the American Red Cross Haiti Relief and Development Fund. Goldman Sachs (GS) also pledged $1m. Bank of America (BAC) is reported to be offering to match employee contributions dollar-for-dollar, and is also committed to a minimum $1m donation. Wells Fargo (WFC) is contributing $100,000 to the effort. According to the U.S. Geological Survey, National Earthquake Information Center, a 7.0 magnitude earthquake rocked Haiti on January 12. The epicenter was located 15 miles from the capital Port-au-Prince, home to more than 700,000 Haitians. Write to Jacob Gaffney.