Bank of America is planning to open 500 new branches across the country, and to expand in Ohio, targeting Cincinnati, Cleveland and Columbus.
William Mahnic, an associate professor of banking aat Case Western Reserve University, believes it might be because the bank is targeting affluent baby boomers.
“What they’re looking for is a branch where they can attract customers who not only are seeking bank services but are looking for trust services or looking for a broker," Mahnic says. "So they can take bank customers and convert them into trust and broker customers and they can take brokerage customers and trust customers and convert them into bank customers.”
Mahnic says the fact that Bank of America doesn’t currently have any branches in Ohio is probably influencing the decision as well.
Building the new branches will bring mean construction and new bank jobs.
