Bank of America (BAC) could close up to 10% of its 5,800 branch banking branches in the coming years, says Joe Price, the bank’s head of consumer banking, reports the Dayton Business Journal. The closures would come as the nation’s largest bank by assets refocuses on cross-selling and new technology.
“Don’t be surprised to see a 10 percent reduction or slightly less than that over the next few years,” Price said in response to an audience question at Bank of America’s Investor Conference 2011.
Price also said the BofA “may add some branches in key markets, but plans to shrink the total number” because customers are migrating to online and mobile banking services for basic transactions.
BAC fell 14 cents, or 0.99 percent, to $14.55 as of 11:11 a.m. in New York.