This Massive Bank Is Now Closing 50 New Branches

February 19, 2024

This massive bank is now closing 50 new branches this year with four shuttering in the same state in just a few weeks.

Bank of America has confirmed the closures of four branches in one state amid planned shutdowns of over 50 in 2024.

Regular customers at the locations will want to make the necessary adjustments and look for their next closest Bank of America for future needs, reports The-Sun.

Each of the four is taking place in Massachusetts over the coming weeks, starting with a Bank of America branch in Boston at 125 High Street first on February 27, per ASTV.

About 13 miles south in Braintree, a branch at 250 Granite Street will also close for good on the same day.

Only one week later, on March 5, the 172 Park Street Bank of America in North Reading, 19 miles north of Boston, will close its doors.

Lastly, the Bank of America location at 430 Route 134 in South Dennis will shut down days later on March 12.

Data published by The Office of the Comptroller of Currency (OCC) showed that Bank of America officially reported at least 55 closures this year including the Massachusetts locations.

At least seven others are scheduled for this month across the country aside from the two aforementioned in Massachusetts.

Two in California and one in Maryland already closed on February 13, and four others in California are set to close on February 27.

Joining the March 5 Bank of America closure in Massachusetts are five others in New Jersey, Missouri, California, Georgia, and New York.

Another New York closure is set for March 8.

Four across Florida, Pennsylvania, Tennessee, and California again will close alongside the final Massachusetts shut down on March 12.

By the end of 2023, Bank of America had closed 108 locations.

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Also Read: A US Bank is Now Denying Customers Access to Money

Other Banking News Today

Another bank has now announced of unexpected job cuts after undergoing wide-scale change since September, sources report.

City National Bank cut about 100 employees this week, Bloomberg and Reuters both reported on Wednesday.

The job reductions come in addition to a 5% headcount trim the Los Angeles-based subsidiary of Royal Bank of Canada put in place during the quarter that ended Oct. 31.

“We regularly review our staffing plans and models to ensure they align with our strategic priorities and allow us to best serve our clients and communities,” spokesperson Diana Rodriguez told Bloomberg in an email.

“As a result, we have made the difficult decision to eliminate a targeted number of roles in some parts of the business across City National’s footprint.”

The bank has been undergoing wide-scale change since September, hiring former Fifth Third CEO Greg Carmichael as executive chair and bringing aboard two other Fifth Third veterans to take posts in the C-suite, reports Banking Dive.

However, City National is hardly alone in trimming its ranks.

Since September, Citi, Truist, PNC, State Street, Wells Fargo, Ally, Citizens and Morgan Stanley, among U.S. banks, have all announced headcount reductions of 500 or more employees.

But City National has weathered money woes, too.

RBC infused $2.95 billion into its U.S. subsidiary in 2023 to boost its capital, the Canadian bank said in November.

Meanwhile, City National has seen its share of penalties over the past year or so.

The Office of the Comptroller of the Currency fined the bank $65 million over gaps the regulator found in risk management and internal controls.

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Also Read: The US Treasury Direct is Now Freezing Customer Accounts

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