Something You Can Bank On…

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…is that there are a whole lot of banks in this city, according to Observer scribe-cum-Master of Recon, Chris Shott. And get this: there’s about to be—and here’s where the story gets crazy-- one more. That’s right: New York, Lexington Avenue between 58th and 59th streets, in the Bloomberg Tower, to be exact, is about to add a record 56th notch to its Citigroup bank branch bedpost. But will it be welcomed with open arms or is this a case of no room at the inn for one of Charles Prince’s babies?

The company’s forthcoming…branch…will fill a 5,000-square-foot void along this Upper East Side commercial block, which is so desperately underserved by the cavernous Wachovia branch next-door. And the Bank of America two doors north.

Shott’s (duly noted) attitude smacks of the latter. And, apparently, according to a like-minded executive from Vornado Realty Trust, he’s not alone.

“Who’s excited about having three banks on one side of the street?”
Her enthusiasm in confirming the deal was clearly lacking.

(Someone’s got a branch up her ass). But it doesn’t appear the branch bank craze will be slowing down anytime soon. Last April, Vernon Hill of Commerce Bank told the New York Times: “The building frenzy in branch banking is probably nearing its peak.” Less ominous words have clearly never been spoken. Further evidence of the phenomenon can be found in the sacrilegious conversion of the Second Avenue Deli into a Chase bank. We haven’t seen this much Jew-on-Jew violence since christ v Pharisees in the first century AD.
Bank Branches Disappearing? What Corner Do You Live On? [NYO]

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