Photo, Linda M. McLaughlin-Moore
Morgan Stanley. The 32-story building that it sold is only a block away from Morgan's Times Square headquarters. If the investment bank were to keep both buildings, its trading and backup facilities would be concentrated in two buildings that are dependent on the same transportation and power infrastructures.
Now, Morgan Stanley "will be better positioned from a business continuity standpoint," Philip J. Purcell, its chairman and chief executive officer, said in a statement when the deal was announced.
Mr. DeZabala said most of Deloitte & Touche's large clients did well in terms of recovering their operations, but a lack of geographic diversity was problematic for some. Companies that did not recover so well erred in having too many business units relying on the same backup facility, or in having a backup site too close to the epicenter, he said.
"Nobody had anticipated a disaster of this magnitude," Mr. DeZabala said.
J.P. Morgan Chase & Co. managed to avoid serious operational glitches, even though it has four office buildings in downtown Manhattan. Processing for treasury services, one of MorganChase's largest businesses, is done in Brooklyn, with redundant centers as far away as Tampa and Dallas.
"We were in a fortunate position," said Linda M. McLaughlin-Moore, senior vice president of treasury services and global clearing at J.P. Morgan Chase. Having backup sites in faraway locations makes recovery easier from a …
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Publication information: Article title: Photo, Linda M. McLaughlin-Moore. Contributors: Not available. Magazine title: American Banker. Publication date: December 11, 2001. Page number: Not available. © 2009 SourceMedia, Inc. COPYRIGHT 2001 Gale Group.
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