Wall Street Volunteers closes doors as turmoil intensifies

Fri Oct 3, 2008 10:31am EDT
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By Kristina Cooke

NEW YORK (Reuters Life!) - As the turmoil in financial markets intensified, Wall Street Volunteers, an organization that connects financial professionals with nonprofit groups said it was suspending its operations.

In an email to members it explained that it did not have the resources to continue, but it hoped to relaunch sometime in the future.

It's another sign of how Wall Street's woes are having ripple effects beyond the investment community.

"Our team has concluded that we're unable to provide WSV the resources -- funding and personnel -- necessary to fulfill its potential," Wall Street Volunteers (WSV) wrote in the email.

"We wish the best for our members, partners, and friends during this difficult time for our industry and our economy, and look forward to working with you again in the future."

The aim of WSV was for its members to develop lasting relationships with nonprofits and to encourage their friends and colleagues to volunteer, according to its website.

The hope was that this would also increase the amount of philanthropy among its members later in their careers, when they are successful executives.

Since its launch in 2005, WSV has connected a select group of nonprofit organizations with Wall Streeters who wanted to fit volunteering into their busy schedules.   Continued...

<p>Pedestrians walk past the outside of the New York Stock Exchange in New York's financial district September 16, 2008. REUTERS/Lucas Jackson</p>