BANKING GIANTS' WEDDING WON'T BRING BLISS TO CITY, WORKERS.(Business)

Byline: Sarah Bartlett New York Times

The merger of Chemical Bank with Manufacturers Hanover may make a lot of banking sense, because the two weak banks, by combining, have a chance to emerge as a stronger, more vibrant lending institution.

But for New York City and other communities, this merger and the larger consolidation in the banking industry will bring a lot of pain as the institutions slim down while trying to determine the number of branches and employees that will make them more profitable and bring them into the new banking era.

In the near term, however, the Chemical merger with Manufacturers Hanover means the loss to New York City of as many as 5,900 jobs, fewer tax dollars paid to a revenue-starved city and 70 branches and …