Tuesday, October 15, 2024
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Bank of America to open 165 new branches by end of 2026

  • Bank of America (BofA) plans to expand its branch network with 165+ new locations by the end of 2026.
  • In 2023, BofA will open 40 new branches, adding to 100+ centres opened in the last two years.
  • Since 2014, BofA has invested $5 billion in expanding its financial centres, covering 63 markets.
  • This move aligns with similar expansions by other US banks, like Chase (500 new locations by 2027) and PNC Bank (100 by 2028).
  • In Europe, many banks are closing branches due to the shift toward digital banking.
  • Despite 95% of client interactions occurring digitally, BofA reports 10 million in-person appointments in 2022, mainly for complex financial needs and investment advice.
  • BofA serves 246 million people across 3,800 centres and 15,000 ATMs in 200 US markets, covering 75% of the population.

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