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Posted Wednesday, June 24, 2009 3:22 PM

If Barclays is Buying a Subway Station, Shouldn't Citi Follow Suit?

Barrett Sheridan

The news that Barclays, a British bank, will pay $4 million to rename the Atlantic Ave. subway stop in New York City's Brooklyn borough has attracted quite a bit of interest. It does seem odd. Although Barclays made a profit in 2008, it was 14 percent lower than the year before, and sponsoring a mismanaged, underfunded public transport hub might be considered a frivolous expense while the bank still faces the most challenging financial environment in seven decades.

But perhaps, just perhaps, this was a smart move. After all, Barclays acquired much of the dearly-departed Lehman Brothers, so it's probably looking to expand its name recognition in North America. Barclays already plans to sponsor the sports center that will be built at the nearby Atlantic Yards site. Why wait to begin your publicity blitzkrieg when fans walk in the stadium? Better if your corporate logo is on their minds from the moment they start planning their trip to the game.

The move could prove so successful that other financial companies will follow suit. One could certainly imagine the Goldman Sachs 59th St.-Lexington Ave. stop, right at the foot of the Plaza Hotel and other Upper East Side landmarks connoting fabulous wealth. Steven Schwarzman's private-equity firm, Blackstone, could afford to sponsor any spot in the city, but should steer clear of Chinatown, since the Middle Kingdom is severely peeved at having lost much of its investment in the firm's IPO. Bank of America and Citigroup can fight over the 25th St. Station in Brooklyn -- this is the closest subway stop to Greenwood Cemetery, an appropriate place for zombies to roam.

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