Bank of America has announced its plans to expand its physical presence across the United States by opening more than 150 new branches by the end of 2027. The move comes as the bank aims to enhance customer relationships through in-person interactions, despite the growing trend towards digital banking.
According to the bank, 40 new branches are set to open this year, with an additional 70 sites planned for 2026. While digital platforms account for over 90% of client interactions, Bank of America believes that its branches play a crucial role in providing personalized financial advice to customers.
Holly O’Neill, president of consumer, retail, and preferred banking at BofA, stated that the bank currently operates around 3,700 branches nationwide. As part of its expansion strategy, the lender may consolidate branches in more mature markets while exploring opportunities in new regions.
“We are always evaluating new markets and where we want to go. We also find that the business that we grow digitally is accelerated in markets where we have a physical footprint,” O’Neill explained.
Over the past nine years, Bank of America has invested over $5 billion in its financial center network. The recent opening of a flagship branch in New York and plans to establish four additional financial centers in Boise demonstrate the bank’s commitment to enhancing its physical presence.
In a similar move, rival JPMorgan Chase has announced plans to add more than 500 new sites by 2027, reflecting the industry’s focus on expanding branch networks despite the rise of digital banking.
The consumer banking unit of BofA contributed 33.8% of its net income in the first quarter, underscoring the segment’s significance to its overall earnings. O’Neill remains optimistic about consumer spending trends, noting continued growth in payment and spending behavior in April.
As banks continue to prioritize branch networks as a means of fostering customer relationships and providing personalized financial services, the expansion of Bank of America’s physical presence signals a commitment to meeting the evolving needs of its clients.
