The Charlotte-based financial services company Bank of America announced this week that it plans to open more than 500 new branches across the United States and revamp older locations, and would hire more than 5,400 new employees.

Band of America said it aims to open the retail branches over the course of the next four years, disclosing that it wants to expand its branch business in Ohio. New branches will be located in new and current markets.

Moreover, the financial institution said that branches situated in Charlotte region are the ones to revamped, but it did not further specify the details.

BoA, the top bank in the area ahead of Wells Fargo, employs nearly 15, 000 in the region across different lines of business.


The move comes after years of decreasing the bank’s total branches to cut costs and adjust to changing customer habits. It had 4,500 branches at the end of 2017, down from nearly 6,000 when CEO Brian Moynihan took over in 2010.

With new branches in Ohio, it will make Bank of America accessible in 36 states and the District of Columbia.

Bank of America is still adding more branches despite some major banks are pulling the plug on their physical locations as more customers go digital. In January, Wells Fargo said it shut down more than 200 branches in 2017 and plans to close another 250 or more branches this year.

It said this week that approximately 1 million people still visit its branches every day. The physical branches still serve an important place for clients needing financial advice, among other things, the bank said.

In addition, the bank wants to remodel more than 1,500 branches by integrating new technology, furnishing, and layouts, as part of refurbishment plan.

In the past years, Bank of America has also scaled back teller lines at some of its branches. But it was also touted to add other roles, such as sales positions, in its locations.

In Ohio, it said it will start providing retail banking services in Cincinnati, Cleveland, and Columbus.

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