Home Depot's CEO says the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
A U.S.-China trade deal would be less likely if President Xi cracks down violently on the large-scale protests in Hong Kong, Secretary of State Mike Pompeo tells CNBC.Politicsread more
The launch follows a "preview" earlier this month that allowed only limited customers to apply.Technologyread more
Financial advisers are always "buying at the wrong time and selling at the wrong time because they're emotional," the billionaire founder of Baron Capital says.Marketsread more
Energy stocks may be fueling up for a comeback rally. One technical analyst says that after the sector's pummeling, these two stocks look particularly good.Trading Nationread more
U.S. interest rates will keep falling and follow global interest rates all the way down to zero, hedge fund manager Kyle Bass said.Marketsread more
"We think the stock is appealing once again," J.P. Morgan says of Beyond Meat.Marketsread more
Bruce Linton says he bought more stock in Canopy Growth — even though the cannabis company he co-founded fired him earlier this summer.Health and Scienceread more
A new probe could bring more pressure to some of the nation's largest tech firms, which are already facing federal scrutiny.Technologyread more
Got extra stuff? Got extra space? A new company is ready to make a match. Neighbor is a barely two-year-old company that connects homeowners online with people who need...Real Estateread more
April 5 (Reuters) - Bank of America Corp said on Friday that more than half of its branch network will be modernized over the next three years to respond to changing consumer behavior.
The second largest U.S. bank by assets will renovate 2,500 retail financial services centers with more interactive technology and a layout that accommodates longer visits for customers who have more complex needs.
The announcement accelerates plans put in place last year to redesign 1,500 centers. Bank of America also said it planned to upgrade its network of 16,000 ATMs to allow customers to pay credit card bills and withdraw cash with their phones, and install an additional 2,700 machines.
By 2021, Bank of America's branch and ATM network will cover more than 90 percent of the U.S. population, said David Tyrie, head of consumer advanced solutions and digital banking.
The percentage of customers who prefer to make their transactions in brick and mortar banks fell to 26 percent from 38 percent in 2016, according to a study published earlier this year by consulting firm McKinsey. However, the firm found that banks that closed a significant number of branches have to rely more heavily on advertising to win market share.
For many years banks have been paring back their branch networks due to dwindling foot traffic as more and more people opt to handle routine transactions online. But over the past year some banks have announced plans to expand again.
Charlotte, North Carolina-based Bank of America said on Friday that it will expand its retail banking presence in two new markets, Cleveland and Lexington, Kentucky, next year as part of a previously announced pledge to add 500 branches.
Last year, JPMorgan Chase & Co, the largest U.S. bank by assets, started adding bank branches in new cities for the first time in nearly a decade. The bank, which has roughly 5,000 branches nationwide, said it would open locations in new cities and markets such as Boston, Washington, D.C., and Pittsburgh.
By 2022, 93 percent of the U.S. population will be in JPMorgans Chase footprint, Chief Executive Jamie Dimon said in his 2019 annual letter to shareholders.
Bank of America has about 4,300 branches, according to its most recent filing, down more than 1,000 from its peak. (Reporting by Imani Moise; additional reporting by Elizabeth Dilts; editing by Leslie Adler)