Jump to content
Sneakeater

Louro

Recommended Posts

I don't know what to tell you. Maybe you should tell Jamie Dimon he's lighting money on fire.

I'm trying to understand this -

 

35% increase in the number of nyc branches since 2005.

Was there really a vast untapped demand for face to face banking that demanded a major buildout?

 

I'm a Chase client and I like having a branch on every corner but really, if 50% of those branches turned into tiny ATM storefront kiosks it wouldn't hurt me a bit. On line banking has definitely changed the equation. Some of the things I used to go into branches to do I can do from my laptop. You'd figure that between the impact of ATMs and on line banking we'd need fewer branches, not more.

 

My guess? Chase is doing it because it makes their customers feel good. They stick with Chase (or switch over) because of the perceived convenience of having lots of branches. Not because they actually need to do that much F2F banking. Those shiny new branches are rarely crowded.

Share this post


Link to post
Share on other sites

Take a look at the inside of those branches when you walk by them. Of course we bank online. The branches aren't empty, though.

Share this post


Link to post
Share on other sites

I think some of it is related to turf wars (everyone vs chase), some to low tech issues, some to the fact that the ATM network is so ridiculous (I can withdraw $8000 from my bank's ATM here, $4000 from any other ATM - and there are 2-3 of them on every block, almost always free) and of course older folks still want their bank to look grandiose.

 

But then when you take the 35% and consider that these are generally concentrated where MFFs live and work, and that they are large, usually corner spaces, it's hard to contest "banks and wallgreens opening all over".

 

AB - I don't really know why branches are closing nationally - could be the rational reasons (nobody uses cash, online banking, etc.) or something else.

Share this post


Link to post
Share on other sites

It's totally turf wars.

 

Branches tend to close for cost cutting reasons. Mostly around m&a. During the 90s incumbents thought lex and liquid were right and then a few upstarts entered the deposit market and built real franchises taking deposits from guys who were closing branches.

Share this post


Link to post
Share on other sites

i had to go to the branch twice because someone wrote bad checks on my account.

after that i didn't get checks printed, figuring i would never use them because they were trouble. so now if i have to write a check i have to go to the branch and have "courtesy checks" printed.

Share this post


Link to post
Share on other sites

And yes it is a great frustration that I can't withdraw enough cash from an ATM to pay the nanny.

then, you pay her too much

Share this post


Link to post
Share on other sites

The Dark Knight returns. Fresh from grinding the bones of teenage pretenders, there are pop ups on the horizon.

 

Everyone get the memo?

  • Like 1

Share this post


Link to post
Share on other sites

The Dark Knight returns. Fresh from grinding the bones of teenage pretenders, there are pop ups on the horizon.

 

Everyone get the memo?

I did

Share this post


Link to post
Share on other sites

Tonight's uni pop-up dinner was just so perfectly, spectacularly good that I feel the need to note it for the record.

 

WTF is going on in the NYC restaurant industry?

 

(Emily's new haircut also gets the highest rating.)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...