Some passages from a Times article today:
[I]t seems highly likely there will be some branch closings and that the dynamics of the market for retail space in Manhattan could be altered, although not immediately.
Brokers say that eventually Chase will almost certainly want to shut some branches once Washington Mutual has been absorbed.
Chase has 121 full-service branches in Manhattan, and WaMu has opened about 45.
But shedding excess branches may prove problematic. For one thing, WaMu signed most of its New York leases in the last four years. Banks tend to favor 15-year leases, so a lot of these leases may have 11 to 14 years left before they expire.
No comments:
Post a Comment
Your remarks and lively debates are welcome, whether supportive or critical of the views herein. Your articulate, well-informed remarks that are relevant to an article are welcome.
However, commentary that is intended to "flame" or attack, that contains violence, racist comments and potential libel will not be published. Facts are helpful.
If you'd like to make personal attacks and libelous claims against people and businesses, then you may do so on your own social media accounts. Also, comments predicting when a new business will close ("I give it six weeks") will not be approved.