Bank of America Plans to Hire 5,400 People

Bank of America announced that it is planning to hire more than 5,400 people as part of a plan to open more than 500 branches and to renovate older locations.

According to the Charlotte-based bank, the company wants to open the new branches over the next four years.

The bank also added that some of the branches that will be renovated are in the Charlotte region, although the company did not give any details.

As of now, Bank of America employs about 15,000 in the region across different lines of business. It is also the number 1 bank by deposits in the area, just ahead of Wells Fargo.

The plan of the company arises after years of reductions in the bank’s total branches to cut costs and adjust to changing consumer habits. At the end of last year, Bank of America had 4,500 branches, which went down from 6,000 when Brian Moynihan, CEO of Bank of America, took over in 2010.

Meanwhile, Betty Riess, spokesperson of Bank of America, would not offer a forecast on how many total branches the bank might have by the end of the four years plan.

The bank is continuously adjusting its branch network to respond to customer behavior, according to Riess.

On the other hand, Wells Fargo stated last month that it had closed more than 200 branches in 2017 and it is planning to close another 250 or more branches this year.

This week, Wells Fargo also said that on May 2 the company plans to close a Statesville branch.

BoA to Open Branches in Ohio

Bank of America also said that it would open its first branches in the major metropolitan areas of Ohio, which includes Buckeye state, Cincinnati, Cleveland, and Columbus.

The move of BoA is a part of the bank’s consumer unit’s years-long extension into the big cities in the U.S. where it formerly had no branches.

The first branches in Ohio, which is the home state of Moynihan, are expected to open in the fourth quarter of this year.

FSMSmart gives you the latest news updates, market trends, and news about forex, commodities, stocks and many more! Open an account now and learn more about other investment opportunities on FSM Smart.