Hire Wire Aug 26 2011

Hurricane Irene to Buffet BofA

By finswire team

Warren Buffett's $5 billion investment in Bank of America this week may not save the bank's employees from impending doom. According to Deal Journal, Hurricane Irene has a fifth of BofA's banking centers in her sights. From Deal Journal's David Benoit:

Bank of America has about one-fifth of its banking centers in the path of Hurricane Irene, which was barreling toward the U.S. east coast this weekend.

The nation's biggest bank by assets and deposits has its headquarters in Charlotte, N.C. and major operations spanning the eastern seaboard up to New York and Boston. Dotting the Atlantic Coast are some 1,200 banking centers, more than 20% of the bank's 5,742 nationwide locations, a spokeswoman said Friday. That figure includes branches but not standalone ATMs or administrative and operational facilities.

The bank's contingency plans include alternative work locations and employee notification systems, the spokeswoman said. Meetings among the bank's emergency teams have been happening and will continue, she also said.

Mobile ATM units and temporary banking centers are also being prepared for rollout in any hard-hit area.

The spokeswoman said the safety of employees remains the top priority at the bank, and it has been sending employees from internal websites directly to directions from the Federal Emergency Management Agency, or FEMA.

David Benoit is a reporter at Dow Jones. Write to him at david.benoit@dowjones.com

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