BofA seen cutting 10% of branches

 The plans were discussed at a meeting in Charlotte, North Carolina last on Thursday, the paper said, citing people familiar with the matter. WSJ’s sources added that Bank of America President (consumer and small-business bank) Liam McGee also said that the branch closures are planned, cautioning that it would be premature to specify how many locations could be closed. With more people using online and mobile banking, changing customer preferences were the driving force for the closings, the paper’s sources cited McGee as saying.

The bank’s executives did not give a time frame for the closures, according to the paper.