Bank of America is set to expand its consumer branches across four new states in the US, with the move forming part of a four-year expansion plan across nine markets. The bank will be expanding its retail presence to 39 states, with locations in Nebraska, Wisconsin, Alabama, and Louisiana. This expansion comes as the bank has seen a 50% decline in foot traffic for transactions since 2019, while appointments have surged by 90%. As part of the expansion, Bank of America will be renovating its locations, with larger waiting areas and office spaces for client meetings, as well as less prominent teller windows. The aim of the new branches is to bring the bank’s services, including banking, lending, and brokerage, under one roof. Bank of America’s CEO, Brian Moynihan, has said that the expansion will allow the bank to better serve clients and drive local community growth. As it stands, Bank of America’s retail presence will fall short of JPMorgan’s, which has branches in 49 states.
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