Bank of America (BAC) Could Eventually Eliminate 10% of Its Branches

Earlier today, the Journal reported that Bank of America Corp. (NYSE: BAC) would close 10% of its branches, but later a company spokesman said that BAC may eventually decrease its 6,100-branch network by approximately 10% as consumers utilize other methods of banking.

Bank of America doesn't plan to immediately cut 10% of its branches, but over the longer-term, as customers demands change, BAC sees less branches that provide more services.

The AP said BAC does not have a specific number of branches that may close, but its spokesperson said there are no immediate plans to close 10% of the bank's branches. But, in response to a question from an investor on the magnitude of branch closings, BAC's CEO Ken Lewis acknowledged that the range could potentially be 10%.

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