Five years ago, there were more Bank of America branches in the US than Walmart stores. But in an effort to cut costs, CEO Brian Moynihan has taken 1,400 branches out of the system, which he pointed out on a recent earnings call "is bigger than some entire companies out there,”
Moynihan also mentioned that the bank is seeing about 10,000 customers a week book appointments online to come into the branch, up from 2,000 a week last year. This allows the bank to better anticipate the need for staffing, and adjust staffing levels accordingly. Along with the move to mobile and the outright branch closures come 15 straight quarters of headcount reduction. Although the bank said it is hiring more financial advisers (plus 1,500 interns this summer), it has slashed more than 70,000 jobs since 2011 and is likely to cut even deeper.