Surge In Mobile, Online Banking Sparks Closures At BofA

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Bank of America plans to shutter roughly 10 percent of its branches nationwide (or about 600 locations) — and it’s primarily because of increased usage of mobile and online banking. CEO Kenneth Lewis told investors about the closures during a meeting, per the WSJ.

This is in contrast to a recent study that found that 91 percent of Americans had actually never tried banking on a mobile device. Compete stats show that unique visitors to the Bank of America site have steadily increased over the past year; the company also has the top financial app in the iPhone App Store.

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