Bank of America (BofA) has planned to open more than 500 new financial centres or branches across the US over the next four years.

The new initiative includes its move to enter into the state of Ohio to offer retail banking services in the cities of Cincinnati, Cleveland and Columbus.

Currently, it offers commercial, business banking and wealth management services in Ohio through Merrill Lynch.

The growth in Ohio follows BofA’s recent expansions in Denver, Minneapolis and Indianapolis. It also plans to expand in Pittsburgh in future.

Furthermore, BofA has planned to refurbish more than 1,500 financial centres with new technology, furnishings and layouts.

It also intends to employ 5,400 certified professionals to fulfil various client requirements.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Under this expansion and renovation programme, BofA has already refurbished 620 locations and opened more than 160 new financial centres.

It includes the opening of 13 high-technology Advanced Centers which started as a pilot project in the last year.

The bank noted that even with the increasing usage of digital tools, nearly one million customers visit its financial centres daily to seek guidance from financial professionals and for other requirements.

BoFA is also set to introduce various digital solutions to improve customer experience and services.

Bank of America Consumer and Small Business co-head Thong Nguyen said: “We continue to deploy significant resources to meet the changing needs of an expanding client base, providing access to capabilities and financial professionals who will offer solutions aligned with our clients’ priorities.”

Its virtual financial assistant Erica is scheduled to be made available through BofA app from the next month.

Erica is designed to assist customers in daily tasks such as accessing balance information, transferring money and navigating the app.