Bank of America to close more branches

Last, year, Bank of America reduced its branch locations by 2.6 percent, bringing the total down to 5,856 by the end of 2010. And the bank plans to close more branches in 2011, although the executive in charge of branches, Walter Elcock, won't say how many, acccording to this Bloomberg report. "We've reduced the opening number, and the closure number has been fairly constant, so over time I think the number will keep going down," Elcock said. "It's not only because of economic changes; there will be leases that come up on buildings that just aren't worth it anymore and we would leave a site." The bank will also use videoconferencing to give investment advice to customers at some branches. An analyst tells Bloomberg that she banks to close as many as 5,000 branches through 2012. Read the rest of the story here.