There are plenty of Americans who use The Bank of America, but what will happen
when there isn’t one anymore? By 2024, the bank plans to close 134 branches in total. This
bank has been slowly closing its locations since 2010, a rate that has only accelerated because of the rise of
Covid-19.
Although physical locations are closing, they are trying to make up for it with online
banking options. But will the online alternative workout, and will people trust this new
technology? Or will this new step be the best thing for the company? Here’s a list of the current
locations: Arizona-3, California-32, Florida-4, Georgia-2, Illinois-3, Massachusetts-5, Maryland-
3, Michigan-3, Missouri-2, North Carolina-3, New Hampshire-1, New Jersey-4, Nevada-2, New
York-3, Oklahoma-1, Oregon-4, Pennsylvania-1, South Carolina-1, Tennessee-1, Texas 9,
Virginia-3, and Washington-6.
This in total is 96 locations. Only 96 locations in the US, which is an extremely low number
compared to another bank like PNC, which has 2,300. One third of the branches are in
California, and without that outlier, that means there’s basically 64 spread out. Based off of this
information, do you think the company is doomed? Or do you think the online part is going to
help tremendously?
