Bank of America to trim size, testing videoconf wealth advisory services
February 10, 2011‐ USA
Bank of America (BoA) says it is going to trim the size of the bank by closing some retail branches during the year.
The list and the number of branches that will be closed are not yet announced. The closure of underperforming branches and being more conservative in new branch openings is an attempt to cut costs. BoA has 6149 branches in 2007 which later came down to 5856 by the end of 2010.
BoA is also attempting to infuse Merrill's expertise with the video conference-based wealth advisory services. BoA branches at Los Angeles and Washington DC will be running trail runs to connect to Merrill's experts Hopewell, New Jersey, Jacksonville, Florida, or Chandler, Arizona for expert advice as part of the wealth advisory services.
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