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BofA could eventually cut 10 pct of branches

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posted on Jul, 28 2009 @ 12:59 PM

CHARLOTTE, N.C. – Bank of America Corp. could eventually shrink its 6,100-branch network by about 10 percent as consumers utilize other methods of banking, a company spokesman said Tuesday.

Bank of America spokesman James Mahoney made the comments when asked about a published report that CEO Ken Lewis and another bank executive described such a plan to investors at a meeting last week in Charlotte, N.C., where the bank is based.

The move would be a pullback from the bank's two-decade expansion, most recently under Lewis' command, which expanded the bank from coast to coast.

Yahoo News

So is this stuff that was already plannned, or the sign of new things to come???

Shares of Bank of America rose 18 cents to $13.27 in afternoon trading Tuesday" target="_blank" class="postlink">Yahoo News

just saying.........

posted on Jul, 28 2009 @ 01:27 PM
good.they are huge jerks. Everybody should see right through them.

posted on Jul, 28 2009 @ 04:15 PM

Originally posted by Spartak_FL
good.they are huge jerks. Everybody should see right through them.

Not really good.

Means more unemployed bank tellers, etc.

posted on Jul, 29 2009 @ 01:01 PM
Lets see.....

10% of over 6000 brances @ say 10 people per branch...

that is over 600 brqnches shut down and over 6000 more people unemmployed.

posted on Jul, 29 2009 @ 01:28 PM
This is one of those stories where I think the media is trying to scaremonger. From a purely logical standpoint, their defense for cutting 10% of branches actually makes perfect sense. As more people use online banking and direct deposits of paychecks, fewer branches should be needed. It will inconvenience some, but if they have a branch that only sees a handfull of walk in customers a day, it makes good financial sense to close that branch.

I used to live in Arizona and I often wondered how Bank One ever managed to post any sort of a profit. There were parts of Tucson and Phoenix where you could actually see 2 Bank One branches on opposing corners of an intersection PLUS a mini-branch inside a Frys, Safeway, or Basha's supermarket on the third corner. 3 branches of the same bank on one intersection, really? When Chase bought them one of the first things they did was reduce the number of branches to one per neighborhood plus replacing some of the in-store redundant mini-branches with ATM machines or single teller kiosks.

posted on Jul, 29 2009 @ 01:34 PM
Mandatory atm fee on the horizon I see. This will be a windfall for them.

posted on Jul, 29 2009 @ 02:31 PM
reply to post by Soulhacking

You currently need to keep X amount of dollars in an account, or they charge you monthly atm fee's.

As they close branches and I imagine, atm's (but not stated so), i also see fee's being added for atm and online uses.

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