July 28, 2009
Bank of America has slowly been letting out details about it’s intention to cut costs and reduce redundancy by closing branches. The closings could amount up to 10% of branches, of which it has some 6100.
It’s unclear which branches would be cut at this junction, but Bank of America owns a large number of its branches. It has been attempting or has sold a number of them in Silicon Valley over the past few years as sale-leasebacks. Citibank also recently moved to sell and lease back branches as part of its effort to raise funds.
Wells Fargo, which acquired Wachovia will likely also announce cuts as it consolidates its real estate portfolio and it also moves to reduce redunant branches.
- 101 Wachovia Branches To Close in California
- RREEF, RREEF, and RREEF
- Lehman’s Ship Sinking; Bank of America Acquiring Merrill Lynch
- Non-Judicial Foreclosure Not Good Enough For Bank of America
- Biggest Banks Likely Beneficiaries