Bank of America to cut 10 percent of branches

By DPA,

New York: Bank of America Corp, the largest US bank, plans to shrink its network of 6,100 branches by 10 percent, the Wall Street Journal reported Tuesday.

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CEO Kenneth Lewis announced the news to investors last week at a meeting in Charlotte, North Carolina, where the company is based, the report said. The cuts follow two decades of expansion.

“We don’t have a final plan for the ultimate number of branches,” James Mahoney, head of corporate communications for the company,” said.

“Our vision is the network will be managed downward over time.”