Bank of America Corp. expects to reduce its network of more than 6,100 branches, but the size of the cut is still being discussed, the bank's senior spokesman said Tuesday.
"We don't have a final plan for the ultimate number of branches," said James Mahoney, the head of corporate communications at the Charlotte company. "Our vision is, the network will be managed downward over time."
Bank of America had 6,109 branches at June 30, 22 fewer than a year earlier, according to a July 17 regulatory filing. It also operated 18,426 ATMs, down 105 from the previous year. The company ranked first in the industry, with 29.2 million online banking accounts at June 30 whose customers had used online services within the preceding 90 days.
The number of accounts has been roughly flat for three quarters but was down 1% from March 31, the company said.
It reported total deposits of $970.7 billion at June 30, compared with JPMorgan Chase & Co.'s $866.5 billion and Wells Fargo & Co.'s $813.7 billion. Its U.S. market share is 12.2%, according to SNL Financial.
