BofA planning to cut 10% of branches: Report
Washington: Bank of America Corp is planning to reduce its 6,100-branch network by about 10 percent, the Wall Street Journal cited the bank`s chief executive Kenneth Lewis as telling investors.
The plans were discussed at a meeting in Charlotte, North Carolina last Thursday, the paper said, citing people familiar with the matter.
The Journal`s sources added that Liam McGee, president of Bank of America`s consumer and small-business bank, also said branch closures are planned, cautioning that it would be premature to specify how many locations could be closed.
With more people using online and mobile banking, changing customer preferences were the driving force for the closings, the paper`s sources cited McGee as saying.
The bank`s executives did not give a time frame for the closures, according to the paper.
A Bank of America spokesman declined to discuss the matter with the media.
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