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LOS ANGELES (MarketWatch) -- Bank of America Corp. Chief Executive Kenneth Lewis told investors last week he is planning to shrink the company's 6,100-branch network by about 10%, The Wall Street Journal reported Tuesday, citing people familiar with Lewis' remarks. The report's sources also cited Liam McGee, president of Bank of America's consumer and small-business bank, as saying the reason for the move was changing customer
The report's sources also cited Liam McGee, president of Bank of America's consumer and small-business bank, as saying the reason for the move was changing customer preferences,
Nine months after accepting more than $200 billion in government rescue funds aimed at preventing a collapse of the financial system, U.S. banks are girding for more losses from mortgages, credit cards and other businesses linked to consumers, while their underwriting and trading units generate revenue at or near all-time highs.
“Capital-markets businesses are going very well right now, and Goldman Sachs is the best of the best,” said Paul Miller, an analyst with FBR Capital Markets in Arlington, Virginia. “But the consumer is still struggling out there and anybody with a lot of consumer exposure is struggling along with it.”