Israel-Hamas War: US banks and tech firms announce aid to Israel, offer support for victims
The announcements came amid the companies' earnings season started during the past week.
As major United States companies initiated the corporate earnings season this week, executives discussed the Israel-Hamas conflict, and a few firms started fundraising initiatives, Reuters reported.
Efforts to raise funds to alleviate the crisis have been rapidly initiated by many billionaires and members of the US and Canadian Jewish community. They have donated millions of dollars, military gear and clothing, as well as food and household supplies in support, it added.
David Kotok, co-founder of Florida-based investment advisor Cumberland Advisors told Reuters that there's widespread condemnation of violence with civilian casualties. However, Kotok also noted that firms have generally avoided specifics due to the political sensitivities of the conflict.
“Once someone ventures into the space of 'who is the perpetrator and who is the victim,' you enter into the exposure of social media disinformation and risk,” he added.
Here's a look at all that was said and promised.
Expressions of concern
JPMorgan Chase CEO Jamie Dimon, on a post-earnings call, expressed deep sadness about recent attacks on Israel, stating, "Terrorism and hatred have no place in our civilized world," before delving into the financial results.
Dimon also cautioned that the conflict in Ukraine, coupled with the attacks on Israel, could have extensive effects on energy and food markets, global trade, and geopolitical relationships, the report said.
On October 10, Pfizer CEO Albert Bourla also mentioned the crisis in the middle-east. Stating: "As the days have passed, the extent of the atrocities against Israel and its citizens has become clearer and more horrific. It is not enough to condemn terrorism and the intentional targeting of civilians - we ourselves must take action."
On October 13, Citigroup CEO Jane Fraser mentioned Israel in her opening remarks during the bank's earnings call. She remarked, "We are a significant bank in the country, and many of our people have lost friends and loved ones. Others are being called up to serve. Despite all they're dealing with, they are keeping our bank running in the country. And I'm, frankly, in awe of their commitment." Speaking more broadly, Fraser expressed that "the price innocent civilians are paying as this crisis unfolds is absolutely devastating to witness."
BlackRock CEO Larry Fink also addressed Israel on the company's earnings call it added.
Big tech make statements
Leaders of major tech companies in the US also issued strong statements regarding the ongoing events, Reuters reported.
Hewlett Packard Enterprise CEO Antonio Neri stated, "The attack by Hamas on Israeli civilians is unjustified and inexcusable."
Amazon CEO Andy Jassy described the attacks as "shocking and painful to watch." Further, Amazon assured that it has a contingency plan in place to maintain the availability of its AWS cloud service for customers in Israel.
Meta, in response to the European Union's criticism of social media companies, announced steps on October 13, including the removal of praise and substantive support for Hamas from its platforms to address disinformation.
Alphabet CEO Sundar Pichai emphasized the importance of standing against antisemitism during this difficult moment and condemned "this historic evil." Google, with two offices and over 2,000 employees in Israel, is closely connected to the situation.
Microsoft CEO Satya Nadella expressed being "heartbroken by the horrific terrorist attacks on Israel" in a post on the social media platform X (formerly Twitter). Microsoft has nearly 3,000 employees in Israel.
Donations pour in
UBS on October 10 announced in a memo to employees that it would match $5 million in donations from employees and clients. Additionally, the company expressed its commitment to expanding its network of partners to offer assistance for the resettlement of displaced families.
Jefferies, on October 11 reported that it raised $13 million from clients, partners, and employees for charities involved in humanitarian aid for Israel. This included a contribution of $2 million from Michael Bloomberg, the former mayor of New York City and co-founder of Bloomberg LP.
Goldman Sachs also committed $2 million in aid and pledged to match employee donations. And Delta Air Lines, temporarily halting flights to and from Israel until the end of this month, announced a donation of $1 million to the American Red Cross.
Star voices
Notably, certain major companies, such as Apple and Walmart, had not released statements at the time of reporting, while notable figures like NBA star LeBron James have expressed their views.
Supermodel Gigi Hadid, who has Palestinian heritage through her father, conveyed on Instagram: “While I have hopes and dreams for Palestinians, none of them include the harm of a Jewish person.”
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First Published:14 Oct 2023, 07:45 AM IST
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