Bank of America will open 500 new branches in the United States over the course of the next four years, the bank announced today.
With these branches, the bank will also move into Cincinnati, Cleveland, and Columbus, Ohio. It will continue to make investments for both physical and digital growth, according to CNBC, and will update 1,500 of its existing locations with new layouts and technology.
The 500 new branches come after BofA cut its branch count by over 600 in 2017, due to what it described as the shifting needs of its clients, Bloomberg reported.
The bank, which is now the second-largest deposit holder for the United States (after JPMorgan Chase), will continue to weigh its digital spend against its physical, even as these 500 branches open: mobile apps now handle the deposit volume for about 1,200 of the banks’ centers, Dean Anthanasia, co-head of consumer banking and small business operations for BofA, told Bloomberg.
Read more at CNBC and Bloomberg.
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