Banks run for money.
- Resource Type
- Article
- Authors
- Gold, Jacqueline S.
- Source
- Crain's New York Business; 11/10/2003, Vol. 19 Issue 45, p3-46, 2p, 1 Color Photograph
- Subject
- FINANCIAL institutions
BANKING industry
- Language
- ISSN
- 8756789X
The article reports on the growth of financial institutions in the New York City, New York State. At least six new companies entered the market in the last year. Charlotte, North Carolina-based Wachovia Corp. launched its New York shop in June and already has 14 relationship managers with 100 clients. The new players are encouraging an intensified competition to manage the riches of New York's wealthy. Some of the city's established players are frenetically hiring staff to meet the new competition. The large number of corporate headquarters and financial firms also makes New York a desirable market. The confluence of corporations and wealthy people in New York creates an opening for banks, which use the wholesale sides of their firms to generate leads for the private banks.