According the latest earnings report from June 30, the bank had 16,220 ATM machines, a decrease of nearly 9 percent since the start of the year. The bank said one-time ATM reduction is part of a drive to slash $8 billion from expenses by 2015, Bloomberg reported.
The move underscores the bank’s strategy to shed some of its more unprofitable customers. “We have 42 million retail customers,” said CEO Brian Moynihan last fall. “Many of those don’t contribute or overcome their cost-to-serve.”
You can read the rest of their rationale for doing this here.
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Bank Of America Begins To Remove ATMS Across The Country was originally published on elev8.com
