September 21, 2024
Business

Banker shares survival story NY firm rebuilds after 9-11 attack

BANGOR – Rebuilding is something almost every firm, business and corporation previously located at the World Trade Center sought to do after the Sept. 11 terrorist attacks. For the privately owned investment-banking firm of Sandler O’Neill & Partners LP, it took the strength of one leader to hold the firm together in its time of crisis – even though he wasn’t sure the business would survive.

“In those dark days of September, it seemed like it was somewhat of an insurmountable task,” said Jimmy Dunne, senior managing principal of the Manhattan-based investment banking firm. Of the firm’s 171 employees, 83 reported to work that day and only 17 made it out alive.

Dunne had been playing golf, trying to qualify for a national tournament on a course that friend and co-worker Chris Quakenbush, who died in the Sept. 11 attack, said Dunne could shoot under par on. Dunne was on the green when he was notified to call home and learned about the attack.

At Bangor Savings Bank’s second annual Community Affairs Lecture on Monday, Dunne shared the emotional story with members of Bangor’s business community and local high school and university students of how he pulled the firm out of the ashes after Sept. 11.

Dunne, who took over after two of the three people who ran the firm were killed in the attack, was teary-eyed as he said that the families and friends who were left behind always were at the forefront of his actions.

“I have never done anything in my career just for the money,” he said. “And that’s something you young people need to think about.”

Although outside advisers told Dunne that he was jeopardizing the firm by providing benefits, salaries and bonuses for the families of those killed, Dunne knew he was doing the right thing. There was much discussion about what was being done, but there was little dissension, partner Kate Lawton said.

Dunne shared several pieces of advice about facing crises and being a leader, but it all came down to one thing.

“You prepare for crisis today,” Dunne said. “Without a shadow of a doubt, you’re going to face crisis and tragedy in your lifetime – given.”

He noted the importance of surrounding oneself with supportive, respectful people, showing up when there’s a problem, having guts, not putting one’s own best interests first and doing what’s right, having a sense of humor and not being afraid.

Bangor Savings Bank CEO Jim Dowe presented Dunne with a $1,000 check for Sandler O’Neill’s Assistance Fund. Dunne noted that the money would be used to help the children of Sandler O’Neill employees who did not survive the destruction of the towers attend college.

“There’s 71 kids that have still got to go to college,” he said.

Dunne frequently noted that although the firm had made it through the first two miles of what it considers to be a marathon, there’s still a long way to go. The office has moved from the 104th floor of Two World Trade Center to a lower floor in midtown Manhattan, far from the financial district, but what happened on that September day would not be forgotten.

“We have not lost the battle in the first round, but we’ve still got a long ways to go,” Dunne said.


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