New York, July 28 (DPA) Bank of America Corp, the largest US bank, plans to shrink its network of 6,100 branches by 10 percent, the Wall Street Journal reported Tuesday.
CEO Kenneth Lewis announced the news to investors last week at a meeting in Charlotte, North Carolina, where the company is based, the report said. The cuts follow two decades of expansion.
“We don’t have a final plan for the ultimate number of branches,” James Mahoney, head of corporate communications for the company,” said.
“Our vision is the network will be managed downward over time.”
