Financial Services: Big-City Bankers on the March

Big-City Bankers on the March

For neighborhood banks across the U.S., an invasion of financial giants is at hand. Big-city institutions are breaking through the legal barriers that once confined them to their home states. New York's Citicorp, the most aggressive of them all, gained important ground last week by persuading the Maryland legislature to allow the bank to set up branches in the state. The new law gives the same privilege to any out-of-state bank that promises to invest at least $25 million in Maryland and create a minimum of 1,000 jobs. In Citicorp's case, the bank plans to turn an abandoned factory site in...

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