Bank of America sets pace for branch trimmings
According to the San Francisco Business Times, Bank of America (BAC) closed 183 branches in the past four quarters, making it the industry’s pacesetter for branch closings. The publication explains the overall trend below:
Some industry observers might look at that figure and call it a good start. The need for branches is diminishing as more people do their banking online or via mobile devices. And given the industry's profit pressures, no opportunity for cost cutting is being overlooked.
The corner bank branch is unlikely to follow airline ticketing offices into oblivion. Industry leaders say brick and mortar remain essential to delivering banking services, especially when it comes to providing financial advice and delivering very profitable services such as wealth management and mortgages.