Experts: Bronx may have fewer banks soonPosted: Updated:
One result of the whirlwind of activity that has hit Wall Street recently could be that Bronx residents will have fewer banks to choose from.
Experts say that in the Bronx - which already has the least number of banks in the five boroughs - there will not be as many options because of JPMorgan Chase's recent acquisition of the failed Washington Mutual.
"In communities of color, where the banking access is more scarce, the impact is going to be disproportionately felt," says Deyanira Del Rio, of the Neighborhood Economic Development Advocacy Program.
JPMorgan purchased Washington Mutual in September 2008 following the biggest-ever U.S. bank failure amid deep troubles of the financial sector triggered by the home mortgage meltdown.
AP wire services were used in this report.