- 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.
