Triumph Over Tragedy: September 11 and the Rebirth of a Business - Hardcover

Duffy, John; Schaeffer, Mary S.

Hardcover

ISBN 10: 0471244384 ISBN 13: 9780471244387

Publisher: John Wiley & Sons, 2002

Synopsis

A true story of rebuilding and remembrance in the wake of tragedy
The September 11 attacks on the World Trade Center devastated investment banking and brokerage firm Keefe, Bruyette & Woods, Inc. (KBW) in every way possible. KBW′s headquarters were located on the eighty–eighth and eighty–ninth floors of 2 World Trade Center and as a result of the attacks, the company lost one–third of its staff. The enormity of KBW′s plight raises the question about how much a single company can lose and still conjure the strength and resources to regenerate itself. Triumph over Tragedy is the story of a group of people with indomitable spirit who literally fought their way out of the collapsing building to revive their company, support each other, and care for the victims′ families. This inspirational book captures the experiences of KBW′s survivors, including that of author and KBW CEO John Duffy who lost his son, Christopher, and longtime partner, co–CEO and Chairman Joseph Berry. Triumph over Tragedy introduces readers to the individuals behind the news stories: those representing a nation of people and businesses struggling to cope. This book also provides valuable lessons on rebuilding, which are reflected in the personal stories told by the KBW staff and the choices made at KBW regarding leadership, support for the families of those missing or dead, and methods for reestablishing the business.

About this title

About the Author

JOHN DUFFY is the Chairman and CEO of Keefe, Bruyette & Woods, Inc. (KBW), a New York– based investment banking and brokerage firm. Mr. Duffy has more than twenty years′ experience at KBW involving bank and thrift mergers and capital–raising activity. He lives in Crestwood, New York, with his wife Kathy and his children, Kevin, Brian, Kara, and Caitlin.

MARY S. SCHAEFFER spent almost twenty years working in the corporate financial community before turning full time to writing. She writes three business newsletters for IOMA and has authored four books for Wiley. She lives in Port Washington, New York, with her children, Ben and Lara Ludwig.
John Duffy′s proceeds will benefit KBW′s Family Fund.

From the Back Cover

"Rebuilding KBW is eloquent testimony to the strength, spirit, and will of the people of our city."
–Richard D. Parsons, Chief Executive Officer, AOL Time Warner, Inc.

"There are no management manuals for rebuilding a firm after the tragedy that KBW suffered on 9/11. KBW′s success in their restoration is a testament to the skill and determination of the people at the firm and the deeply felt need of their friends and supporters throughout the country to help them succeed. That business success was matched by their concern for the families of those who did not survive the 9/11tragedy. As a member of one of those families and a longtime friend and client of the firm, I am deeply moved by its story. KBW is, at the same time, but one example of the strength and spirit of Americans and New Yorkers who cannot be defeated by the forces of evil."
–Thomas S. Johnson, Chairman and CEO, GreenPoint Financial

No one would have blamed the management and employees of Keefe, Bruyette & Woods for giving up. The September 11 terrorist attack killed one–third of the company′s staff and obliterated its headquarters. Yet the men and women of KBW refused to quit.

Triumph Over Tragedy tells the powerful and compelling story of KBW′s destruction and rebirth. Firsthand accounts from dozens of staff members at all levels describe the horrifying events of September 11, recall the devastation and suffering in the aftermath of the tragedy, and explain how, in the face of overwhelming destruction, they found the will and resources to survive and thrive.

The people of KBW set a new standard for disaster recovery and redefined our understanding of how much loss one company can endure and still rebuild. Their story offers lessons of hope and renewal that will inspire anyone struggling with personal or professional loss due to unforeseen tragedy.

From the Inside Flap

How much human and financial loss can one company endure and still muster the strength and the resources to rebuild itself? The September 11 terrorist attacks pushed many companies beyond what appeared to be the brink of ruin. One of the hardest hit was the investment banking firm of Keefe, Bruyette & Woods, Inc., who was headquartered on the 88th and 89th floors in Tower Two of the World Trade Center. KBW lost one–third of its staff, including its chairman and co–CEO, five of its nine board members, and its most prominent financial analysts. In addition to this devastating loss of life, the company lost its headquarters, along with every scrap of paper documentation that was kept there–and yet the survivors did not give up.

Triumph Over Tragedy tells the poignant and inspiring story of KBW′s refusal to succumb to the ravages of terrorism. It introduces a remarkable group of women and men who, having literally fought their way out of a collapsing tower, committed themselves to rebuilding their company, supporting each other, and caring for the families of their fallen coworkers. It also explains how, stunningly, after September 11, the company managed not only to reorganize and relocate its people in various temporary quarters, but to close nine M&A deals begun earlier in the year.

In this book, you′ll meet John Duffy, the determined CEO who, having lost both his son and his longtime business partner, found the strength to lead the surviving staff in their dramatic recovery effort. He introduces numerous employees whose contributions to the recovery went far beyond the call of duty, even as they contended with their own grief and looked for ways to comfort the families of those who died. Firsthand accounts from dozens of staff members at all levels describe both the horrible events of September 11 and the hard work of rebuilding that followed.

This unforgettable account of KBW′s struggle is instructive as well as moving. It reconstructs decision–making processes regarding leadership, support for grieving families, methods for reestablishing the business, and, in the midst of all this, serving clients. Triumph Over Tragedy tells a compelling story that redefines the term "disaster recovery" and confirms the belief that a company is only as good as its employees.

Edition details

• Publisher: John Wiley & Sons
• Publication date: 2002
• Language: English
• ISBN 10: 0471244384
• ISBN 13: 9780471244387
• Binding: Hardcover
• Number of pages: 240