View Full Version : Bank of America to close 600 branches
08-09-2011, 02:30 PM
Dont know if you mates are interested, but Bank of America seems to plan to close 600 branches, which is quite a large scale down-sizing. Unconfirmed news, yet the Bank of America is a very large international commercial bank. Seems trouble has been renewed.
08-09-2011, 05:33 PM
Might be trouble but with advent of internet age there is no need for so many branches.
According to wiki BoA has 5900 banking centres. Closing 600 of them is not that really a large scale down imo.
08-09-2011, 05:50 PM
Specially not when they've acquired two other banks in the past four years. Could just be pruning the rebranded branches.
08-09-2011, 05:51 PM
I rarely if ever see a bank pruning branches just because an area's supposedly saturated. Chase had the most branches in NYC even before it bought out all of Bank of New York's branches, and they're all still open.
And buying out competitors doesn't mean a company isn't faltering - god knows the airline mergers didn't help their bottom lines - and BoA accepted bailout money two years ago.
25-10-2011, 08:12 AM
The bankruptcy may be true,however the Bank of America must still be responsible for the accounts of their clients.Well,America is indeed facing the rough recession.Struggling to survive the economy have been very apparent.Moreover,a recent report shows a deepening negativity from the American public concerning its economic system. In fact,over three-fourths of Americans distrust financial system (http://personalmoneynetwork.com/moneyblog/2011/10/20/americans-distrust-financial-system/).Faith in the American economic system is shown by only 23 percent of those surveyed. But it isn't hopeless, analysts say. Regulators, with work, can repair that trust. But the community must also be informed enough to know when the system is failing them.Apparently,more faith was placed in credit unions and in local banks than in major lenders by over half of those surveyed.
25-10-2011, 09:07 AM
I've been very glad the past 30 years or so to have been with a member-owned small credit union instead of a large banking chain. Interest rates are lower, the employees actually know your name and they don't have to call "corporate" in order to make decisions on your account. We get annual statements on the financial state of affairs and so far, it hasn't been scary in the recent crisis. Granted, I haven't tried to get a loan, but my impression is that at least I wouldn't have to jump through any more or less hoops then I would have 5 years ago - and certainly it would be easier then at a large chain.
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