Bank of America to close some branches

Jonathan Stempel
Reuters
Tuesday, July 28, 2009

NEW YORK (Reuters) – Bank of America Corp said it plans to shrink its 6,109-branch U.S. network modestly over the next three to five years, an about-face for the nation’s largest bank by assets after years of expansion.

A bank spokesman, James Mahoney, rejected a published report that the bank plans to shed 10 percent of its branches, a move that would cost thousands of jobs. But he said cuts would come as more consumers bank online or by phone.

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Bank of America has branches in 32 U.S. states and Washington, D.C.

The Charlotte, North Carolina-based bank faces rising losses from credit card and mortgage loans. Chief Executive Kenneth Lewis on July 17 said it will be “much tougher” to make money in the year’s second half, after a $7.47 billion first-half profit bolstered by several one-time items.

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