Bank of America will close up to 600 branches as part of its reorganization and cost-cutting moves, according to multiple reports this morning.
Published and broadcast reports say Bank of America will split into separate consumer and commercial units, and that will lead to the branch closings.
Charlotte's NewsChannel 36 says analysts believe the decision to split into two units and close the branches is a signal that Bank of America CEO Brian Moynihan plans broader and deeper layoffs than those announced earlier this week.
On Tuesday, The Observer reported that Moynihan's reorganization efforts could lead to up to 30,000 job cuts. In addition, the bank announced the departure of two top executives Sallie Krawcheck, head of the global wealth and investment management division; and Joe Price, president of the consumer bank.
The (Charlotte) Observer staff reports