Bank of America is planning to invest $47 million locally over the next two years, open five new locations in the Philadelphia area, and renovate all its existing sites, writes Jeff Blumenthal for the Philadelphia Business Journal. 

One of the five new locations in the region will be at 545 North Broad Street in North Philadelphia and open sometime in the second quarter. 

Bernard Hampton, managing director and consumer banking executive at Bank of America, noted that the renovations of dozens of locations will take place in 2024 and 2025.

New branches bring the need for new employees, and while branches need fewer employees due to the decline in on-site transactions, Hampton highlighted that there will also be opportunities to move up the ladder. 

However, the customers remain a key piece of the puzzle. 

“We want our offices to be able to support advice, guidance and conversation,” said Hampton. “As we renovate, that allows us to be able to put more specialists in front of clients to be able to support their needs around banking, lending or investing.”

Bank of America has shrunk its Philadelphia-area branch count by 44 percent from 122 to 68 since entering the market in 2004, but remains fifth in the region. 

Read more about Bank of America’s new $47 million investment at the Philadelphia Business Journal. 

_____