Bank of America (NYSE:BAC) Branch Downsizing Continues, Videoconference Part of Strategy

Bank of America (NYSE:BAC) Chief Executive Officer Brian Moynihan has said the financial institution will continue to eliminate branches, and part of that strategy will be to provide investment advice via videoconference, according to a Bloomberg News report.

Branches located in Los Angeles and Washington D.C. will launch video links this month to either Chandler, Ariz., Hopewell, N.J., or Jacksonville, Fla., said the report.

Head of Bank of America's branches, Walter Elcock, said the giant bank could end up converting up to 10 percent of its branches into what he identified as "specialty stores."

Included in the stores would be a mortgage specialist, small business advisor, or a Merrill Lynch associate. Where videoconferencing comes is is the contacts would in some cases be done through video links, and not always with a person on location.

According to the report, Bank of America had 5,856 branches at the end of 2010.

Bank of America was trading at $14.48, down $0.16, or 1.06 percent, as of 1:01 PM EST.