Bank of America (BofA)will close some of its retail branches in 2011, Bloomberg reports. BofA is seeking to reduce its consumer banking expenses and increase sales through its Merrill Lynch brokerage, which it acquired in 2009.
The lender, which had 5,856 branches at the end of 2010, will typically close underperforming branches. BofA is also seeking to increase its revenue from remaining branches by offering investment advice via videoconference.
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