Bank of America's Ambitious Expansion: 150 New Branches by 2027

Bank of America has unveiled plans to expand its physical presence significantly by opening more than 150 new branches across the United States by the end of 2027. This strategic move aims to enhance customer interaction and complement its robust digital banking services.

The bank will begin this expansion with 40 new branches in 2023 and aims to add another 70 by 2026, reinforcing its commitment to maintaining a strong branch network despite the rise of online banking. Bank of America's existing network consists of approximately 3,700 branches nationwide, although this number might slightly decrease as it consolidates in saturated markets.

President of consumer, retail, and preferred banking at Bank of America, Holly O'Neill, highlighted the importance of physical locations in accelerating digital business growth. Last year, competitor JPMorgan Chase announced similar expansion ambitions, planning over 500 new sites by 2027, emphasizing the ongoing relevance of in-person banking interactions.

(With inputs from agencies.)