Latest news with #HollyO'Neill
Epoch Times
14-05-2025
- Business
- Epoch Times
Bank of America to Open More Than 150 Additional Branches By 2027
Bank of America will open more than 150 new branches in 60 markets across the United States by the end of 2027, it said in a May 13 Of those, 40 are set to open this year, with 70 scheduled for 2026, the bank said, adding that more than $5 billion has been invested since 2016 in opening new centers and renovating existing ones. A new flagship financial center recently opened in 2 Bryant Park in New York City. In Idaho, the bank will open four financial centers to serve customers in Boise—the first of which is set to open on June 9 in Nampa, roughly 20 miles west of Boise. 'Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,' said Holly O'Neill, president of consumer, retail, and preferred at the institution. Bank of America offers banking access to almost 250 million people in 200 markets in the United States, representing roughly 82 percent of the American population, the bank's website says. Almost 30 percent of the institution's branches are in low- and moderate-income communities. Related Stories 5/13/2025 5/14/2025 The expansion plan comes as Bank of America reported its first-quarter financial results last month, announcing a net income of $7.4 billion, up from $6.7 billion in the same quarter in 2024. Total revenues came in at $27.4 billion, up from $25.8 billion. In the consumer banking segment, the company reported opening 250,000 net new consumer checking accounts, its 25th consecutive quarterly growth. In an 'Trading revenues hit new highs, and wealth management showed strong asset growth,' he said. 'Digital banking activity also continued to rise. Deposits increased for the seventh straight quarter, reflecting continued customer confidence. Shareholder returns were also robust.' Koimisis highlighted an area of concern: investment banking. Banking fees have slightly fallen in the segment, he said, adding that this likely reflects a slowdown in deal activity amid geopolitical tensions and global uncertainty. US Banking Sector in 2025 Multiple banking institutions have announced expansion plans over the past year. In November, PNC Bank In February 2024, Chase In a Feb. 3 It forecasted that banks will benefit from several factors, such as eased regulations and accelerated mergers and acquisitions (M&A). 'Regulatory agencies under the Biden administration proved to be a headwind as bank M&A (similar to M&A in other sectors) saw more scrutiny and a prolonged approval process. As a result, bank management teams took a cautious approach to strategic transactions,' the post said. However, 'postelection, management teams have been much more constructive in their dialogue. The new administration looks to be much more business-friendly. As a result, we expect to see some regulatory relief for the banking industry.' A Jan. 5 The banking industry is expected to generate a return on common equity of 10.5 to 11.5 percent in 2025, it said. Return on equity is a measure of a company's financial performance. In 2024, the industry's return on equity was estimated at 11 to 11.5 percent. Panos Mourdoukoutas contributed to the report.
Yahoo
14-05-2025
- Business
- Yahoo
Bank of America to set up over 150 new financial centres by 2027
Bank of America (BofA) is set to establish more than 150 new financial centres across 60 markets by the end of 2027. This expansion includes the opening of 40 centres within this year and another 70 in 2026. Since 2016, the bank has allocated more than $5bn towards enhancing its financial centre network, which encompasses both new openings and renovations of existing locations. Recently, BofA inaugurated a flagship financial centre at 2 Bryant Park in New York City. This centre is designed to facilitate connections between clients and financial specialists, as well as to provide informal meeting spaces. Currently, it serves consumer, small business, wealth management, and corporate clients in Idaho, with plans to open four financial centres in Boise. The first of these centres is set to open on 9 June 2025 in Nampa, Idaho. BofA consumer, retail and preferred president Holly O'Neill said: 'Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us. 'We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals.' Since 2014, BofA has progressively expanded its financial centre network, entering 11 new markets, with Louisville being the latest addition in 2024. Besides, the bank has opened 471 financial centres in existing markets since 2016, reflecting shifts in client engagement preferences. In the past year, BofA completed renovations on more than 3,000 centres, with over 500 additional renovations planned for the next two years. In collaboration with ArtLifting, the bank has incorporated artwork by artists living with disabilities or facing housing insecurity in over 1,600 financial centres. Earlier this year, the bank introduced a service that provides on-demand American Sign Language (ASL) interpreters via video in all financial centres. Clients can access an ASL interpreter at no cost by scanning a QR code, enabling them to communicate their financial needs using ASL with a financial specialist. In January this year, the US Soccer Federation and BofA formed a long-term partnership, making the bank the first official partner of all 27 US national teams, including the women's and men's senior teams. "Bank of America to set up over 150 new financial centres by 2027" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
13-05-2025
- Business
- Yahoo
BofA to Open 150 Financial Centers by 2027, Investing Over $5 Billion in its Network Since 2016
New flagship financial center at 2 Bryant Park in New York City Continuing its expansion, company to open centers in Boise, Idaho and 60 other markets CHARLOTTE, N.C., May 13, 2025 /PRNewswire/ -- Bank of America will open more than 150 new financial centers across 60 markets by the end of 2027, including 40 this year and an additional 70 in 2026. Since 2016, Bank of America has invested over $5 billion in its financial centers network, opening new locations and renovating existing centers. "Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us," said Holly O'Neill, President, Consumer, Retail and Preferred at Bank of America. "We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals." New flagship centerBank of America has just opened a new flagship financial center at 2 Bryant Park in New York City. The center is designed for clients to connect with financial specialists, or have informal meetings, capturing the spirit of Bryant Park's famous tables and chairs which have hosted gatherings for New Yorkers and visitors for decades. The center also features a one-of-a-kind art installation by a NY-based artist portraying the perpetual motion of finance and the city, and how the bank helps bring together all its services for clients. Idaho ExpansionBank of America continues to expand into markets where it can extend its reach to clients. The bank currently serves consumer, small business, wealth management and corporate clients throughout Idaho and will soon open four financial centers serving Boise, the first of which will open June 9 in Nampa, Idaho. "Opening centers in Boise is an exciting milestone and reflects our commitment to bringing first-class financial services to more communities," said Will Smayda, Head of Financial Centers for Bank of America. "We're proud to support local economies by creating jobs and fostering long-term relationships with clients and their communities."Más de una década de expansión e inversion More than a decade of expansion and investmentSince 2014, Bank of America has steadily expanded its financial center network, entering into 11 new markets, the most recent being Louisville in 2024. The company has also opened 471 financial centers in existing markets since 2016 reflecting trends in how and where clients choose to engage with the bank. Last year, the bank completed renovations to more than 3,000 centers – with over 500 additional renovations planned over the next two years. Through a partnership with ArtLifting, over 1,600 financial centers now feature artwork by artists living with disabilities or impacted by housing insecurity. New sign language service for clientsEarlier this year, the bank launched a service to provide on-demand American Sign Language (ASL) interpreters over video in all financial centers. Clients can connect with an ASL interpreter free of charge by scanning a QR code, allowing them to discuss their financial needs using ASL with a financial specialist. Serving more clients in more placesBank of America currently provides banking access to nearly 250 million people across more than 200 markets, or approximately 82% of the U.S. population. Nearly 30% of the bank's financial centers are in low- and moderate-income communities. With more than 90% of client interactions taking place through the bank's digital channels, the bank's financial centers have adapted to focus on meeting spaces where clients can have in-depth conversations about their finances. In the past year, clients have made approximately 10 million appointments with financial specialists in financial centers. Additional media assets, including b-roll video and images are available. Bank of AmericaBank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC). For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts. Reporters May Contact:Andy Aldridge, Bank of AmericaPhone: View original content to download multimedia: SOURCE Bank of America Corporation Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Bank of America to open 150 locations through 2027
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Bank of America said Tuesday it plans to open 40 new branches by year's end and 110 additional locations between 2026 and 2027. The Charlotte, North Carolina-based bank has spent the last 11 years growing its network of financial centers and has invested over $5 billion in new and existing locations since 2016. 'Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,' said Holly O'Neill, head of the bank's retail, consumer and preferred lines of business. 'We are focused on creating spaces where financial specialists can meet with clients and help them achieve their financial goals,' O'Neill said in a statement Tuesday. More than 90% of client interactions take place online, according to the bank. But branches – or 'financial centers' as Bank of America calls them, of which there are around 3,700 – focus on meeting spaces for clients and bankers 'to have in-depth conversations about their finances,' the bank said. Clients have taken the bank up on the opportunity around 10 million times this past year, it said. Among its upcoming financial centers are four in Idaho, a state it, at present, has just three other locations. The locations will be around Boise, which has experienced growth in recent years. Between 2000 and 2024, the population of Ada County (where Boise is located, and of which it accounts for roughly half) grew 85.3%, according to Census data. The city itself grew from approximately 186,000 to 250,000 in that time. 'Opening centers in Boise is an exciting milestone and reflects our commitment to bringing first-class financial services to more communities,' said the bank's Head of Financial Centers Will Smayda in a prepared statement. Boise will be the only new area of focus for the bank, which plans to spread new openings out across its full footprint. Particular investment will be made in the New York, New Jersey, Utah, Colorado, Nashville, Utah, Atlanta, Sacramento, and Omaha markets. Bank of America opened 40 locations last year, including its first in Louisville, Kentucky. In the fall, it said it was on track to open 165 branches through 2026. Despite the prevalence of digital banking, it's one of several institutions amidst a branch expansion, including PNC and JPMorgan Chase. Another area of investment: The bank has launched on-demand American Sign Language interpretation. ASL interpreters are available via video chat from all branches to facilitate communication between clients and financial specialists. A handful of major banks have accessibility tools available for the deaf and hard-of-hearing, including U.S. Bank, which has ASL interpreters available upon request. JPMorgan has two locations specifically catered to deaf customers based in Washington, D.C., one of which opened in the fall. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Bank of America Plans 150 New Locations Over Three Years
(Bloomberg) -- Bank of America Corp. plans to open more than 150 new financial centers by the end of 2027 as the second-largest US bank pushes further into growing markets. A New Central Park Amenity, Tailored to Its East Harlem Neighbors What's Behind the Rise in Serious Injuries on New York City's Streets? As Coastline Erodes, One California City Considers 'Retreat Now' NYC Warns of 17% Drop in Foreign Tourists Due to Trump Policies LA Mayor Credits Trump on Fire Aid, Stays Wary on Immigration The lender will open 40 new branches — what it calls financial centers — this year and an additional 70 in 2026, according to a statement Tuesday. Bank of America has invested more than $5 billion in its financial centers, both opening new branches and renovating existing locations, since 2016, according to the statement. 'Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,' Holly O'Neill, president of consumer, retail and preferred at the lender, said in the statement. Bank of America recently opened a new flagship financial center in New York, at 2 Bryant Park, and plans to open four branches in the Boise, Idaho, area. The expansion is meant to increase the lender's visibility so it can compete more effectively with the likes of JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. Charlotte, North Carolina-based Bank of America has been expanding its network of financial centers, entering 11 new markets since 2014, including Louisville, Kentucky, last year, according to the release. It has opened 471 financial centers in existing markets since 2016. The company is also changing the focus of financial centers to accommodate for changing customer behavior. More than 90% of client interactions are taking place through a digital channel, so the branches focus more on meetings spaces where conversations can take place, the lender said. Bank of America operated just over 3,700 branches as of the end of 2024. The lender, which operates in 38 states and Washington, DC, has about 11% of US deposits, according to data from the Federal Deposit Insurance Corp. Cartoon Network's Last Gasp The Recession Chatter Is Getting Louder. Watch These Metrics Trump Has Already Ruined Christmas US Border Towns Are Being Ravaged by Canada's Furious Boycott Two Million Meat Sticks a Day Isn't Enough for Chomps' CEO ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
