Banks made the Pro Bowl in 1987, had 39.5 career quarterback sacks, and was a member of the NFL's 1980's All-Decade Team. He played college football at Michigan State University and was the third overall pick in the 1984 NFL Draft. He was a member of the Giants teams that won Super Bowls XXI and XXV as well as a key part of the Big Blue Wrecking Crew. Banks was a standout in their Super Bowl XXI victory in which he recorded 14 total tackles, including ten solo tackles. In 1993, Banks entered a three year contract to play for the Washington Redskins. He was released from the Redskins after the 1993 season and spent his final two years with the Cleveland Browns before retiring after the 1995 season.

After retiring from the NFL, Banks was a part-owner of the Arena Football League's New Jersey Red Dogs. He was Director of Player Development for the New York Jets in 1997. In 2007, Banks became an analyst for the radio broadcasts of the New York Giants and has also joined Sirius NFL Radio and WFAN.