CEO Kenneth Lewis discussed the plans during a meeting last week, the Wall Street Journal reports, citing people familiar with the conversation. Liam McGee, president of Bank of America's consumer and small-business bank, also said branch closings are part of the plans but said it would be premature to specify how many locations could be closed, these people said.
The reason behind the closings is that online and mobile banking are taking transactions away from traditional branches, McGee said, according to the people. The Bank of America executives didn't say when the closings would take place, the Journal reports.
Bank of America had 4,700 branches in 1998 and increased those through a series of large acquisitions. The bank holds 12.2% of all U.S. deposits, according to SNL Financial, followed by Wells Fargo (WFC) and JPMorgan Chase (JPM), the newspaper reports.-- Reported by Joseph Woelfel in New York.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV