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BofA cuts down branches, manpower

Bank of America has cut down hundreds of branches and eliminated several thousands of jobs in the last two years. These follow decisions made in the light of CEO Brian Moynihan’s efforts to slash costs and capitalize on the shift to mobile banking. News reports suggest that the bank had two years ago 5,328 branches in the U.S. This number has steadily declined every quarter since then, shrinking to 4,789 as of the end of the second quarter. And fewer number of branches means fewer employees and accordingly the manpower has declined by nearly 16% over the past two years to 257,158 today. The bank has also cut down on its ATMs too – 2% fall in the last two years. On the other hand, has beefed up its mobile banking offering and today it has more than 17.6 million customers actively using its mobile platform, where users can deposit checks and send money to others. Customers deposit 200,000 checks each day by mobile and also book about 10,000 appointments to meet with branch personnel each week.

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