BofA to open 500 new branches

BofA to open 500 new branches

Bank of America is planning to open more than 500 branches over the next four years as part of a programme that will see another 1500 sites revamped with new technology.

With customers increasingly turning to digital channels, in recent years banks have slashed the size of their physical networks - in total, more than 2000 branches in the US have been shuttered in the past year.

Yet BofA has decided to open 500 "financial centres" as a way to break into the Ohio market, particularly Cincinnati, Cleveland and Columbus.

Another 1500 centres will get a redesign with new technology, furnishings and layouts, while the bank is also adding more than 5400 certified professionals.

Explaining the move, BofA says that, while clients are increasingly turning to digital tools for day-to-day needs, close to a million visit branches every day for guidance from professionals and "digital ambassadors" armed with cutting edge technology.

“Our high-tech and high-touch approach means our team is able to help clients with their financial needs throughout their lifetimes and deliver extraordinary client care at all times, no matter how they choose to do their banking,” says Dean Athanasia, co-head, consumer and small business, BofA.

BofA is not the only bank bucking the branch closure trend. Last month JPMorgan Chase outlined plans to open 400 new branches employing 3000 people over the next five years as part of a $20 billion investment programme.

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