Good afternoon. We’re here to help you get ready for the week ahead, one that includes a bushel of bank earnings but also features the quietest night of the summer sports calendar Wednesday, the day after baseball’s All-Star Game. It’s a jarring experience for those accustomed to a daily fix of box scores.

Five years ago Mayor Bill de Blasio declared war on rats. He unveiled a $32 million plan targeting infestations around the Grand Concourse in the Bronx, the Lower East Side and Bedford-Stuyvesant. The goal was a 70% reduction in fresh signs of rats, and de Blasio said he wanted vermin “e-rat-i-cated.”

But rats know a thing or two about guerrilla warfare. At this point the best outcome we can hope for in this endless campaign is a cease-fire.

The rats’ only defeat took place on Staten Island, where the minor league Staten Island Yankees renamed themselves the Staten Island Pizza Rats for some games before folding. Everywhere else rats are fruitful and multiplying. According to excellent rat research by my colleague Amanda Glodowski, there were more than 25,000 “rat sightings” last year, 54% more than in 2020. Let the record show that three more were seen behind my building Thursday night, including one big enough to swallow a bat or beat up a cat.

I don’t mean to be hard on de Blasio, although that’s something readers seem to enjoy. But there are an estimated 2 million rats around the city, meaning our former mayor was commiting just $16 per rodent on e-rat-i-cation. Any field general would tell you that’s bringing a knife to a gun fight.

Tenants at the Washington Houses in Harlem describe feeling like “hostages in our own homes at night” as a result of rats spilling out of elevators and stairways and climbing out from garbage chutes.

A war like this requires everyone pitching in, and the City Council has stepped up with a series of anti-rodent bills. One requires construction crews to demonstrate they have taken rat-mitigation steps before getting certain permits.

Based on what I’ve seen in movies and noticed on the internet, our best move now is to redefine the terms of battle. Let’s start by calling rats Siberian hamsters. It would be a subtle dig at Vladimir Putin and bring deserved glory to Manuel, the waiter in Fawlty Towers who had one for a pet. Alternatively, we could just declare victory and hang a sign somewhere saying “Mission Accomplished.”

Bank of America reports earnings. Big banks are building up loan-loss reserves and, in the case of JPMorgan Chase, suspending stock buybacks to retain cash. How stressed are BofA customers?

Signature Bank reports earnings. The bank got embraced hard by the cryptocurrency crowd, and its stock has gotten whacked along with Bitcoin. Its CEO says crypto fans misunderstand the bank’s blockchain-based payment system.

Department of Financial Services chief Adrienne Harris sits down with Crain's for a live interview about NYC's path to becoming the world's crypto capital. There's still time to get tickets, and if you have a question you'd like us to ask, tell us here.

M&T Bank reports earnings. M&T is traditionally one of the savviest lenders in the business. Management last year said it would dial down exposure to commercial real estate.

Staying current is easy with Crain's news delivered straight to your inbox, free of charge. Click below to see everything we have to offer.

Don't miss the chance to get the biggest news first! Stay connected to New York business news in print and online

Crain’s New York Business is the trusted voice of the New York business community—connecting businesses across the five boroughs by providing analysis and opinion on how to navigate New York’s complex business and political landscape.

685 Third Avenue New York, NY 10017 (212) 210-0100