Bank of America is one of the few banks that has a truly national presence in the U.S. It has achieved this through years of strategic acquisitions that got the bank into street corners all over the country.However, Bank of America may exit certain markets should it become increasingly stressed financially. This is just one of many actions the bank could take, reports the Wall Street Journal‘s Dan Fitzpatrick and JoAnn Lublin:
Bank of America Corp. has told U.S. regulators that it is willing to retreat from some parts of the country if its financial problems deepen, according to people familiar with the situation.
Executives at the Charlotte, N.C., financial giant put the potential move on a list of emergency scenarios submitted to the Federal Reserve last year, these people said. While people close to Bank of America insist that no retreat is imminent, even the possibility of selling branches and losing customers it spent huge sums to lure underscores the depth of its problems.