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Bank of America has plans to open 500 branches across the U.S. over the next four years, reports Bloomberg. The company had 4,470 branches nationwide at year-end 2017. New branches will have more private spaces where clients and staff can discuss mortgages, retirement savings, small-business loans and similar services, says Dean Athanasia, co-head of the company’s consumer banking and small-business operations.
“There’s less a need for a big, giant, grandiose lobby,” Athanasia said. “We want to build it for our clients, not for us.”
The bank reduced its U.S. branch count by some 600 units over the four years ended December 2017, owing to increased processing of transactions online. But changing trends, Athanasia says, point to new reinvestment in physical space.
By Brannon Boswell
Executive Editor, Commerce + Communities Today
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