There is a lesson in the recent decision by six New York City banks to drop out of the competition for the city's banking business.

The banks said the cost of detailing their community investment activities in the depth required by New York's "economic justice program" would far exceed the profit that city business could bring. So why bother competing?

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.