BUSINESS
08/29/2009 05:12 am ET Updated May 25, 2011

Bank of America Pushes Online Banking Over Local Branches

Bank of America Corp., a pioneer in banking online and through mobile phones, said Tuesday that it was considering closing up to 10% of its 6,100 offices across the country, as more customers shift their financial transactions to cyberspace.

The strategy reflects the Charlotte, N.C., bank's success in getting customers to use its online services, an effort that has forced other giants such as Wells Fargo Bank and JPMorgan Chase & Co. to improve their own services, analysts said.

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