Bank of America may close some of its branches to attempt to increase profits from other branches.
Walter Elcock, the manager at the bank responsible for its branches, said that the company will be “more conservative” about opening new branches, Bloomberg reported. He was not specific about how many are to be closed.
“We’ve reduced the opening number, and the closure number has been fairly constant, so over time I think the number will keep going down,” Elcock told the news agency. “It’s not only because of economic changes; there will be leases that come up on buildings that just aren’t worth it anymore and we would leave a site.”
According to The Street, Elcock said that the firm will have to change around a tenth of their branches to specialty stores.
But, “banking centers have been and continue to be the cornerstone of how Bank of America builds and deepens relationships with customers,” he told The Street.
Walter Elcock, the manager at the bank responsible for its branches, said that the company will be “more conservative” about opening new branches, Bloomberg reported. He was not specific about how many are to be closed.
“We’ve reduced the opening number, and the closure number has been fairly constant, so over time I think the number will keep going down,” Elcock told the news agency. “It’s not only because of economic changes; there will be leases that come up on buildings that just aren’t worth it anymore and we would leave a site.”
According to The Street, Elcock said that the firm will have to change around a tenth of their branches to specialty stores.
But, “banking centers have been and continue to be the cornerstone of how Bank of America builds and deepens relationships with customers,” he told The Street.
