Will Citibank’s $41 Billion Bike Share Bet Pay Off? [Transportation Nation]

(Photo Andrea Bernstein)

It’s been a long time since the private sector completely took in hand the funding of a public transportation network.
But just a week after it was unveiled Citibank would sponsor New York’s new bike share, theres’ some anecdotal evidence the bet to associate itself with a hip, new environmentally friendly, healthy form of transport may pay off for the megabank.
On the streets of New York last week, lots of people already knew about Citibank’s sponsorship within days of the announcement.  –  “I’m very familiar with it,” said Jason Banks, who works in advertising. “Isn’t it Citibank?” said Erin Goldsmith, who works for a social media company.
Lisa Lipshaw, from London, worked with the company that set up London’s Barclay Cycle Hire.  “They did really well out of the sponsorship,” she said.
At the kick-off press conference, Mayor Michael Bloomberg did his part.   At least four or five times, he said “Citibank” when he meant “citibike,” before he corrected himself.