Banking giant Bank of America is reportedly preparing to pull the plug on some of its less profitable banking centers.
Speaking to the Wall Street Journal a source close to the banks operations the company is close to exercising a contingency plan it drew up last year under the insistence of the Federal Reserve.
If the plan goes into effect it’s like a sign that the banks mortgage and other financial sectors have worsened. It could also mean that the bank will close more than the 570 of 5,7000 branches already marked for shutdown.
Following the new led Newser to wittingly quip:
Should we start calling it Bank of Some of America?
According to the bank source officials only want to cut back on the number of branches if absolutely necessary since Bank of America spent huge sums of cash luring customers to those branches.
As the Journal points out it was only a matter of time before Bank of America pulled out of smaller, less profitable cities especially as the company continues to cut more than 40,000 current jobs from the payroll.
Do you think Bank of America needs to contract their business or work on finding more profitable ways to operate?