The Giants waived Bankston on Saturday.
Since joining New York as an undrafted rookie in May, Bankston ended up ranking second on the team in rushing (73 yards on 21 carries) this preseason behind Eric Gray (90 yards). It wasn't enough for Bankston to land on the Giants' initial 53-man roster, but he will be a candidate to land on a team's practice squad if he clears waivers.