Bank of America could target baby boomers with its move to Ohio

Bank of America plans to open 500 new branches across the country and expand into Ohio with a focus on Cincinnati, Cleveland and Columbus.

William Mahnic, associate professor of banking at Case Western Reserve University, believes this may be because the bank is targeting wealthy baby boomers.

“What they are looking for is a branch where they can attract customers who are not only looking for banking services, but are also looking for fiduciary services or are looking for a broker,” says Mahnic. “So they can take bank customers and convert them into trust.” and broker clients, and they can take broker clients and trust clients and turn them into bank clients. ”

According to Mahnic, the fact that Bank of America currently has no branches in Ohio likely affects the decision as well.

The construction of the new branches will bring medium construction and new banking jobs.

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