The bank saw its yearly revenues and net income jump in the first quarter.
Of those, 40 are set to open this year, with 70 scheduled for 2026, the bank said, adding that more than $5 billion has been invested since 2016 in opening new centers and renovating existing ones.
A new flagship financial center recently opened in 2 Bryant Park in New York City. In Idaho, the bank will open four financial centers to serve customers in Boise—the first of which is set to open on June 9 in Nampa, roughly 20 miles west of Boise.
“Our continued investment in our financial center network reflects our commitment to meeting our clients where they are and how they want to bank with us,” said Holly O’Neill, president of consumer, retail, and preferred at the institution.
Bank of America offers banking access to almost 250 million people in 200 markets in the United States, representing roughly 82 percent of the American population, the bank’s website says.
Almost 30 percent of the institution’s branches are in low- and moderate-income communities.
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The expansion plan comes as Bank of America reported its first-quarter financial results last month, announcing a net income of $7.4 billion, up from $6.7 billion in the same quarter in 2024. Total revenues came in at $27.4 billion, up from $25.8 billion.
In the consumer banking segment, the company reported opening 250,000 net new consumer checking accounts, its 25th consecutive quarterly growth.
“Trading revenues hit new highs, and wealth management showed strong asset growth,” he said. “Digital banking activity also continued to rise. Deposits increased for the seventh straight quarter, reflecting continued customer confidence. Shareholder returns were also robust.”
Koimisis highlighted an area of concern: investment banking. Banking fees have slightly fallen in the segment, he said, adding that this likely reflects a slowdown in deal activity amid geopolitical tensions and global uncertainty.
US Banking Sector in 2025
Multiple banking institutions have announced expansion plans over the past year.
It forecasted that banks will benefit from several factors, such as eased regulations and accelerated mergers and acquisitions (M&A).
“Regulatory agencies under the Biden administration proved to be a headwind as bank M&A (similar to M&A in other sectors) saw more scrutiny and a prolonged approval process. As a result, bank management teams took a cautious approach to strategic transactions,” the post said.
However, “postelection, management teams have been much more constructive in their dialogue. The new administration looks to be much more business-friendly. As a result, we expect to see some regulatory relief for the banking industry.”
The banking industry is expected to generate a return on common equity of 10.5 to 11.5 percent in 2025, it said. Return on equity is a measure of a company’s financial performance. In 2024, the industry’s return on equity was estimated at 11 to 11.5 percent.
Panos Mourdoukoutas contributed to the report.
