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Finextra
14-05-2025
- Business
- Finextra
BofA to open more financial centres
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. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. 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 center Bank 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 expansion Bank 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.' More than a decade of expansion and investment Since 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 services for clients Earlier 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. Bank of America clients can now use their phones to connect with America Sign Language interpreters. Serving more clients in more places Bank 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.
Reuters
13-05-2025
- Business
- Reuters
Bank of America to open more than 150 new branches by 2027
May 13 (Reuters) - Bank of America (BAC.N), opens new tab plans to open more than 150 new branches by the end of 2027, it said on Tuesday, as part of the lender's efforts to expand its physical presence across the United States. The bank will open 40 new branches this year, with an additional 70 sites planned for 2026, it said. Banks in the U.S. have continued to focus on their branch networks despite the surging popularity of digital banking, as they facilitate in-person meetings important for fostering customer relationships. While more than 90% of BofA's client interactions take place through digital platforms, its branches can provide more personalized financial advice, it said. The bank currently has a total of about 3,700 branches, or financial centers, across the country. That figure may come down a little by 2027 as it consolidates branches in more mature markets, said Holly O'Neill, president of consumer, retail and preferred banking at BofA. "We are always evaluating new markets and where we want to go. We also find that the business that we grow digitally is accelerated in markets where we have a physical footprint," she said. The lender has invested more than $5 billion in its financial center network over the past nine years. It opened a new flagship branch in New York in May, and plans to open four additional financial centers in Boise this July. Last year, rival JPMorgan Chase (JPM.N), opens new tab, which has similar growth ambitions, also unveiled its plans to add more than 500 new sites by 2027. BofA's consumer banking unit contributed 33.8% of its net income in the first quarter, underlining the segment's significance to its overall earnings. "The consumers still appear very sound. They're continuing to spend. We're seeing payment and spend behavior continue to grow in April, so that's a positive sign," O'Neill said.
