Banks pledge nearly $30 million in Japan relief effort

Not counting employee contributions, financial institutions across the region are pledging millions of dollars to help Japan recover from the devastating earthquake and tsunami of March 11.

Financial institutions doing business in Asia are contributing at least $28 million to relief aid organisations working in Japan, and this is not counting individual staff donations, which will no doubt be significant. Furthermore, spokesmen from several major banks say they are still formulating their plans of action, so more money is likely to follow.

Goldman Sachs, alone, is donating 500 million $6.1 million to help the emergency relief effort in the wake of the devastating earthquake followed by an unprecedented tsunami that struck northeastern Japan on March 11.

J.P. Morgan is also digging deep into its pockets, committing $5 million in near-term relief and recovery efforts....

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