Friday, February 11, 2011

Bank of America to Close Some Branches

Bank of America Corp., the biggest U.S. lender by assets, will close some retail branches this year and try to boost revenue from remaining locations by offering investment advice by videoconference, a company manager said.

The bank typically closes underperforming branches and will be “more conservative” about opening new ones, Walter Elcock, the executive responsible for the firm’s branches, said last week in an interview. He declined to say how many will be closed. The Charlotte, North Carolina-based firm plans trials this month of video conference rooms where Merrill Lynch associates dispense advice to customers from afar, Elcock said.

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