Bank of America may close 10 percent of branches

WSJ, siting the statement to investors by the Bank of America CEO Ken Lewis, says that the bank is looking to close the ten percent of its U.S. Branches as a reflection of the current economic activities. The list of the Bank of America branch closings is not public yet.

Bank of America has more than 6,100 branches throughout of the United States and now all eyes will look when Bank of America may make the branch closing list public.

According to WSJ the president of Bank of America's consumer and small business bank Liam McGee said that the branch closures are in the works, but added it would be premature to specify how many locations could be closed. It's not clear if the list is even specified.

CEO Lewis discussed the closing plans last Thursday at a meeting with investors in Charlotte, North Carolina. This will be the first time shrink of Bank of America after two decades of expansion.

The reason for the cuts is the rise of online transactions and telephone banking. According to the Spanish language Infobae, the newspaper tried to contact the bank to ask about which branches will be closed. However, the bank declined to respond.

The consumers may not be very much effected by the Bank of America branch closings. These are branches you never went anyway. When you speak to consumers, particularlly younger customers of banks they don't even remember the last time they entered their foot in a real brick-and-mortar bank.

Next is to wait and see which branches will Bank of America decide to close and when it will make the list available to the public and employees.

Written by Armen Hareyan

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