Bank of America to open 165 new branches by end of 2026
Bank of America (BofA) has unveiled plans to expand its branch network with over 165 new locations set to open by the end of 2026.
Bank of America will open 40 new branches this year
Since starting its financial centre expansion drive in 2014, BofA has invested over $5 billion in the initiative. The bank aims to open these new centres across 63 markets, with nearly 40 planned for this year, adding to the more than 100 centres opened over the last two years.
The move aligns with other US financial institutions that have recently announced similar plans, including Chase, which intends to open more than 500 new locations by 2027, and PNC Bank, which plans to add 100 new locations by 2028.
In contrast, this trend is not being mirrored in Europe. Over the past 12 months, a number of leading banking groups across the continent have announced plans to close branches, driven primarily by the growing shift toward digital banking.
Despite over 95% of client interactions occurring digitally, BofA says it saw nearly 10 million appointments with financial specialists in its centres last year. About 20% of these were to discuss investments, driving assets in BofA’s Consumer Investments business to “record levels”, the company claims.
Aron Levine, president of preferred banking at BofA, further explains the strategic expansion: “While most clients are using our digital capabilities for their everyday banking, they are visiting our centres for in-person conversations about their more complex financial needs and advice on their life priorities and financial goals.”
BofA claims to currently provide banking access to 246 million people through 3,800 financial centres and 15,000 ATMs across 200 markets, covering more than 75% of the US population.
