Bank of America (BofA) Planning to Spread Out 500 New Branches

Bank of America is devising plans to launch over 500 new branches during next four years. This mammoth expansion is the part of a programme, which relates to the revamping of 1500 sites with new technology.

Since, customer’s interest towards digital channels is surging, banks have shuttered their physical networks in the recent years. As a whole, over 2000 branches in the US were closed in the past year.

On the contrary, BofA is thinking to open 500 “financial centres”, which seems to be a cunning move to capture the Ohio market, especially Cleveland, Columbus, and Cincinnati.

All the 1500 centres will receive a makeover with new technology, layouts and furnishings. In addition, more than 5400 certified professionals will also be recruited by the bank.

“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 further explained that despite the inclination of clients towards digital tools, the number of clients visiting branches per day is close to a million.

This is so as they want to seek advice from trained professionals and “digital ambassadors” armed with state of the art technology.

BofA is not the only player opposing branch closure trend. JPMorgan Chase disclosed its plans to open 400 new branches over the next five years, offering employment to 3000 people.

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Junaid Awan is an Editor based out of Lahore, Pakistan. He writes about banking culture, financial networks, and financial technology. Awan hosts many live events. He has written for publications such as TNW and PC Online. He is now an Editor at TheOofy.