Mr Nguyen said the bank was refurbishing branches as it sought to reflect a "completely different" function for the physical network. Consumers increasingly visit branches not for everyday transactions but mainly for more important tasks such as to apply for a mortgage, he said.
He noted that the bank was reinvesting the savings made from branch closures and staff reductions. "For three people that I'm taking out of the teller line, I'm going to reinvest two into the sales force," he said.
Bank of America's consumer powerhouse has 60m customers and accounts for just over half of the group's earnings and revenue.
The division's net income of $1.8bn in the first three months of the year was up more than a fifth from 2015, helping offset pressures on the investment bank.
Still, BofA's $134bn market capitalization is less than 60 per cent of its book value — a sign that investors are downbeat about the group's prospects.
Its shares are down 21 per cent this year, making them the worst performing in the KBW index of 24 US lenders.
Given its hefty domestic retail presence investors regard BofA as especially exposed to ultra-loose monetary policy, which squeezes the profit margin banks earn between the rates they offer borrowers and depositors.
"We're not waiting for the rates to come up to keep driving the increase in the profitability," Mr Nguyen added.