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.
More from India
More from World
More from Sports
More from Entertaiment
- Amitabh Bachchan's Twitter account hacked, 'sex sites' planted as following
- Lashkar-e-Toiba plotting 26/11-style attack in India with the help of Pak Navy, ISI?
- Radhe Maa approached to be a part of Bigg Boss 9?
- What was Indrani Mukherjea's original plan to murder Sheena Bora?
- Pakistan can inflict 'heavy losses' in war with India: Khawaja Muhammad Asif
- Indrani's former brother-in-law claims Sheena was Siddharth Das' daughter
- Sheena Bora murder case: 'Indrani Mukerjea's father thrashed her with belt'
- Leaked! Tentative list of 'Bigg Boss 9' revealed and guess who's hosting?
- Amitabh Bachchan's Twitter account hacked, sex sites planted as 'following'
- PM Modi releases digital version of Ramcharitmanas musical