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Bank of America is closing more than 100 branches this year

By Charlotte Business Journal

$250 million FILE PHOTO: Bank of America to pay $250 million for doubling up on fees and opening accounts without customer approval. (J. Michael Jones/Getty Images)

By Charlotte Business Journal

CHARLOTTE — Bank of America Corp. plans to shutter more than 100 branches across the U.S. by the end of this year, including locations it already trimmed in the Carolinas.

The Charlotte-based bank has closed 95 financial centers this year, with 15 more expected to shutter by the end of 2023, according to data from the Office of the Comptroller of Currency. BofA expects to reach up to 138 branch closures in 2024, signaling that banks’ push to rationalize their physical footprints is a long way from being over.

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The trend of consolidating branches began around 2010 and has since accelerated following ongoing challenges and labor shortages from Covid-19. The pandemic triggered a rise in online banking, resulting in banks shedding physical locations and working to meet increased customer demand for electronic financial services.

See where the closures are happening on CBJ’s website here.

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