Bank Of America Planning To Cut 10 Percent Of Branches: Report

[Amerigo Vespucci]

Source: The Huffington Post

CHARLOTTE, N.C. — Bank of America Corp.'s CEO Ken Lewis said he is planning to shrink the bank's 6,100-branch network by about 10 percent, The Wall Street Journal reported Tuesday.

The newspaper said Lewis told investors of the plans at a meeting last week in Charlotte, where the bank is based. The Journal cited unidentified people familiar with the discussion.

The move would be a pullback from the bank's two-decade expansion, most recently under Lewis' command, which expanded the bank from coast to coast.

Shares of Bank of America fell 7 cents to $13.02 in premarket trading Tuesday.

Read more: http://www.huffingtonpost.com/2009/07/28/bank-of-america-planning-_n_246020.html

[notesdev]

1. Consumer banking

isn't as profitable as I-win-you-lose commodity speculation with taxpayer money.

[JDPriestly]

2. How many people will be laid off? Here we go again.

[CountAllVotes]

3. time to toss BofA another $50 billion

maybe that will help them the poor losers!

:kick: