Increased Internet Banking Causing Branch Closures @ BOA

08.20.2009

Bank of America plans to close approximately 10 percent of its branches nationwide (i.e. about 600 locations), primarily because of increased usage of mobile and internet banking. CEO Kenneth Lewis told investors about the closures during a meeting in the bank’s hometown of Charlotte, N.C.

Liam McGee, president of Bank of America’s consumer and small-business bank reportedly said the driving force for the closings is changing customer preferences, as mobile and Internet banking take transactions away from traditional branches.

Note date specifics were given as to when the branch closures will actually begin.