While some firms in the municipal bond world have fully recovered from Sandy’s impact, others were still dealing with its aftermath on Tuesday.
One of JPMorgan’s buildings is located in the southern area of the Financial District in downtown Manhattan, an area which experienced a great deal of flooding. As of Monday JPMorgan was not able to use its downtown building. However, “the majority of our muni team works out of our midtown office so were not dislocated, though some personnel worked remotely and in our backup locations,” a company source wrote in an email. “Our trading desks were fully staffed and we successfully remarketed all products that were due to mature or reset every day of last week.” On Monday JPMorgan’s muni operations were normal, the source said.