Bank of America to Modernize Over Half of Its Branches, Add 2,700 ATMs Over Next Three Years


Bank of America (BAC) on Friday said that it would modernize more than half of its branches over the next three year as it moves to accommodate a wider range of retail customers.

The Charlotte, N.C.-based banking giant also said it will expand into the Cleveland, Ohio and Lexington, Ky. markets in 2020.

The country’s second-largest bank by assets said it will renovate 2,500 branches, adding more interactive technology to accommodate customers who often have more complex banking to handle, building on its work on 1,000 locations over the past three years.

The bank said it will add more than 2,700 enhanced ATMs over the next three years, and that it will complete multiyear efforts to upgrade its current 16,000 ATM network. The upgrades include the latest technology to help customers with more types of transactions.

“Designing the best client experience is a continuous process, and we’ve made great progress these last few years,” Dean Athanasia, president of consumer and small business at Bank of America, said in a statement. “Although more clients are using our digital banking capabilities, many still visit our centers for in-person conversations about some of their more complex financial needs. Our redesigned centers make it easy for them to access banking, lending, small business and investing professionals for tailored solutions and advice on their life priorities and financial goals.”

Bank of America said the expansion will create 5,500 jobs in its branches.

The bank last year said plans were under way to add more than 500 new branches across its network. It said Friday that as part of those plans, it has already opened 150 new locations over the past three years, and will open more than 250 over the next three years with many of those in new markets, adding that 90 are set to open this year.