As Wall Street firms face the prospect of going back to work without many of their colleagues, firms are establishing relief funds to support victims’ families.

Cantor Fitzgerald, the firm that appears hardest hit by the attack on the World Trade Center, has already set up a foundation to aid victims. It is bracing for the prospect of losing about 700 of its 1,000 New York-based employees.

Cantor’s chairman Howard Lutnick initiated the program with a personal donation of US$1 million. In announcing the foundation’s program, he said, “We are taking these steps to make resources available to help the victims’ families through these terrible times. We can never do enough, but the funds gathered by the foundation will be used to provide some solace to those most affected by this tragedy.”

Morgan Stanley, the biggest tenant of the doomed WTC, has established its own Victims Relief Fund. This includes Morgan Stanley employees, and firefighters, police and emergency medical personnel who have worked so tirelessly and successfully on their behalf. Morgan Stanley has committed US$10 million to these efforts.

The firm says, “The fund reflects the deep concern and sympathy of Morgan Stanley employees throughout the world who have asked how they can help.” In addition to its initial investment, the firm will match employee contributions dollar for dollar.

“In times like these, we are reminded how much we share with others and how much we depend on others. Our deepest thanks go to the firemen, police and rescue workers. And our prayers are with them and the families of all the victims,” said Morgan Stanley chairman and CEO Philip Purcell.

J.P. Morgan is also said to be starting a relief fund with US$10 million.