After a decade of building branches wherever they could, banks could be scaling back, reports the New York Times. The main reason is that they've discovered they are not really attracting any new customers but simply cannibalizing the existing market.

The story of a bank on every corner in Manhattan sounds very familiar to anyone living in the Las Vegas suburbs where a drive-in branch or two plus an in-store bank are absolute necessities in every new strip mall. Of course, bankers here see a great advantage in beating the rooftops to new suburbs and still see great potential with the growing population.

It's interesting to see how the trends in banking have changed over the last decade. Despite the technological revolution, which means you never have to actually talk to a teller to do almost every transaction, banks no longer see their branches as expensive loss-leaders but as revenue centers that allow them to charge additional fees and pitch other products to customers while they wait in line stuck watching those ever-changing digital displays. Tellers also use face time to see if you can use a credit card or a home equity loan.

Perhaps the most telling comment on the cycle of banking fashions comes from Bank of America CEO Kenneth Lewis, who tells the paper: “We think there is some saturation, but that is typical for banking where there is a herd instinct.”