Wall Street Turns to Hurricane Relief

As many in the New York area cope with the effects of Hurricane Sandy, Wall Street employees are looking to assist the recovery.

Financial firms have promised various forms of aid, including donations, loans and waived fees. Goldman Sachs on Friday became the latest firm to assist the recovery effort, pledging $10 million in loans and donations.

Many New Yorkers spent the weekend volunteering, and a hedge fund manager, Roy Niederhoffer, organized a group of friends to truck out supplies, according to The New York Times.

Reminders of the storm were to be found in even the most elite circles of New York society. One of the year's most prominent fund-raising galas, the Library Lions dinner at the New York Public Library, was canceled because a power outage affected preparations. (Electricity in that building is now restored.)

The event, which had been scheduled for Monday evening, featured some bold-faced names as co-chairs, including John A. Paulson, Felix Rohatyn, and Stephen A. Schwarzman (for whom the library's building on 42nd Street is named). In a notice announcing the cancellation, the president and chief executive of the New York Public Library said the organization was “exploring how to put the food from our gala to good use.”

That charitable urge seems to have taken hold across Wall Street. Goldman on Friday said it would extend $5 million in loans to small businesses affected by the storm, and that the firm and its employees plan to donate $5 million to relief efforts. In addition, Goldman employees are planning volunteer projects to help the tristate area.

Other big banks are donating money as well. JPMorgan Chase, the country's biggest bank, said last week that it would give up to $5 million for storm relief. The disaster “literally hits home,” Jamie Dimon, JPMorgan's chief executive, said in a statement.

Bank of America, Citigroup and Wells Fargo also announced charitable donations . The big banks waived certain fees for customers as well. For instance, Bank of America and Wells Fargo waived A.T.M. fees, and Chase waived overdraft fees.

Henry Kravis, the K.K.R. co-founder, said he was looking to use his Partnership for New York City Fund to strengthen the city's infrastructure. The organization has more than $35 million to invest in businesses, according to Bloomberg News.

Electrical power was restored for much of Manhattan over the weekend, and work crews made progress in pumping water out of the Financial District. But some haven't fully recovered from the storm. In the Lower Manhattan, where many of the big firms have offices, flooding has damaged mechanical and electrical systems, according to The New York Times. One New York Plaza, which houses offices of Morgan Stanley, might be shut for up to six weeks, and questions also surround 4 New York Plaza, where JPMorgan has offices.

But one firm stood out for its resilience: Goldman Sachs. The firm stacked sandbags in front of its headquarters at 200 West Street to guard against flooding, and it ran generators that also helped power some small businesses in the building.

The firm's chief executive, Lloyd C. Blankfein, seemed defensive when discussing these efforts during an event in New York late last week.

“I'm not going to take it that someone is going to scorn us for doing what we did,” Mr. Blankfein said, according to New York magazine. “We worked hard and did sensible things. And by the way, having done that, it put us in a position to help other people in the neighborhood.”

“I don't want to sound haughty,” he continued, “but I think if other people did it, the place would be better off.”