Rochester, NY 7/29/2009 4:49:08 AM
Bank of America Corporation BAC, plans to close 600 Branches, Merrill Lynch takeover the reason
Bank of America Corporation
Bank of America will close 600 local (neighborhood) brances and at the heart of this move is the subsidized takeover of Merrill Lynch
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BAC's James Mahoney said, "what we are heading to is a model where we have fewer but more robust branches that incorporate the investment and mortgage services that we have picked up with the acquisition of Merrill Lynch'...
This could be long term strategic move, based on the fact people now do much of their banking online, or increasingly via smartphones. This may mark the end the neighborhood bank era.
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