No, it's bad. For one thing, you can't just write off the Yellow Peril stuff--it's integral to the story, and in a show that wittily updates so many aspects of Sherlock Holmes, there's no excuse for these appalling Victorian-era stereotypes. (It's not even directly taken from any particular story, is it?) There's also a random Arabian Nights Muslim Assassin, which makes it seem like they were going for Racist Stereotype Bingo in that particular episode. And I'm a guy who's defended "A Scandal in Belgravia" against similar issues.
The relationship stuff with Watson and Random Girl is pretty badly done, cheesy sitcom shenanigans, and made all the worse by the fact that that girl seems like she's being set up for something further down the line (possibly to become Mrs. Watson), yet vanishes in S2. A major plot point hinges on the idea that someone is standing minutes away from a wall covered in secret code with fast-drying paint. And so on.
Just as "A Study in Pink" is impressive precisely because it's such a fresh take on the mythos, "Banker" is a dud because it's much more like what you'd expect a hackneyed modern version of Sherlock to be like.