From Yahoo Finance: 2025-05-13 10:05:00

Bank of America plans to open over 150 new branches by 2027 to expand its physical presence in the U.S. This year, 40 new branches will open, with 70 more in 2026. Despite digital banking growth, in-person meetings at branches remain crucial for customer relationships. Currently, BofA has about 3,700 branches.

BofA’s client interactions are mostly digital, but branches offer personalized financial advice. The bank invests in its financial center network, with over $5 billion spent in the past nine years. JPMorgan Chase also plans to add 500 new sites by 2027. BofA’s consumer banking unit contributed 33.8% of its net income in the first quarter.

Holly O’Neill, president of consumer, retail, and preferred banking at BofA, stated that the bank is evaluating new markets and growing business digitally where it has a physical footprint. Last year, JPMorgan Chase unveiled 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.

Read more: Bank of America to open more than 150 new branches by 2027