Make ATMs Great Again: Bank Of America Opens Branches Without Employees

Tyler Durden's picture

McDonalds replacing minimum-wage workers with "Big Mac ATMs"; Coffee stores replacing low-paid barristas with robots, and now Bank of America opening branches with no workers at all.

According to Reuters, the latest trend when it comes to retail banking is to do what every other industry is doing, and eliminate paid labor entirely. In that vein, Bank of America, has opened three completely automated branches over the past month, "where customers can use ATMs and have video conferences with employees at other branches."

Like many U.S. banks in recent years, Bank of America has been reducing its overall branch count to cut costs even as it opens new branches in select markets. New branches are typically smaller, employ more technology, and are aimed at selling mortgages, credit cards and auto loans rather than simple transactions such as cashing checks. The move is similar to a parallel shift away from active, and highly paid, management, to robotic, algo, and other generally passive, and much cheaper, forms of asset management. Only here we are talking about near-minimum wage jobs quietly going extinct.

It was not immediately clear if the robots have learned the sneakier "cross-selling" techniques from Wells Fargo, or how to churn one's account with excess fees as per JPMorgan. 

Bank of America spokeswoman Anne Pace said there is one completely automated branch in Minneapolis and one in Denver, both of which are relatively new markets for the bank's consumer business. They are about a quarter of the size of a typical branch. The new branches were mentioned briefly Tuesday by Dean Athanasia, co-head of Bank of America's consumer banking unit, during a question and answer session at an investor conference, but he did not provide details.

In keeping with the unstated zero net new hires policy, Athanasia said Bank of America will open 50 to 60 new branches over the next year, though Pace said the bank will also be closing branches in certain markets, so the 50 to 60 branches do not represent a net increase. Assuming all of the new branches amount to zero new jobs, then they will also represent no increase in employment either.

Bank of America opened 31 new branches in 2016.

And since this trend of anti-retrofitting of existing branchs, those with workers, for new branches without, is just starting, Bank of America - which had 4,579 financial centers at the end of 2016, compared to 4,726 in 2015 and 5,900 at the end of 2010 - is about to make American robots and ATM machines great again. It is not clear just what angry Tweet trump can shoot out to make BofA changes its mind.

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buckstopshere's picture

Cyberattacks in the age of robots will be horrifying and exciting.

johngaltfla's picture

So how do the illegals open their bank accounts and get mortgages without BoA's fraudulent help now?

Escrava Isaura's picture

Make ATMs Great Again: Bank Of America Opens Branches Without Employees

Well, until the ATM’s run out of money because there are no employees anywhere to put money in the bank.

Wait a minute, banks don’t need people’s money and the new economy doesn't’ need employees.



bruno_the's picture

every single induvidual with smart phone will become a walking ATM. India 

IntercoursetheEU's picture

Good move, means they can close them faster, and no hostages.

bamawatson's picture

depositor's "money" is hostage

GeezerGeek's picture

If I approach a random stranger with a smart phone I can just ask for $200 cash and he will comply? Wow!

Do I need to carry a gun just in case he's reluctant to disburse funds to me?

Lets Buy The Dip's picture

making ATM's great again. 

Soon you will be able to BUY Bitcoin, and buy a BLOODY BIG MAC, at the ATM, without having to talk to a HUMAN. haha. 

==> In the meantime, this is SHOCKING ==> 

Bitcoin surges on report indicating more and more people are using it to sneak money out of China - Click here to read. 
Chris Dakota's picture
Chris Dakota (not verified) Lets Buy The Dip Feb 7, 2017 11:17 PM

the only good thing is the Chinese are going to be pissed.

They love the bank, 20 minutes per person doing all sorts of transactions, talking, talking, laughing with the Chinese teller.

Dormouse's picture

Bank of America are fucking criminals second only to Wells Fargo. And I guess The Fed and any more other banking institution. It would be hilarious is banking institutions existed only as artificial intelligence criminal entities. Then who gets locked up? Still no one.

Idaho potato head's picture

I drop kicked BofA out of my life in 2008. It has simplified my life and boosted my outlook in a very positive way.

Mustafa Kemal's picture

I just love the name "Athanasia"  Sounds like Euthanasia. I didnt know BOA had poets.

gespiri's picture

They just go through the state department and dhs.

Dubaibanker's picture

This digital trend is occuring worldwide. BankAM has been doing it for over 1 year. Japan has been doing so. India is about to start next year.

At the branch and ATM you will be guided to a LIVE person on the other end of the screen. That person will validate your identity and you will get a banker's cheque, cash or whatever else that you need insantly without the need of manual intervention.

Apparently, that is where the world is going.

Steel industry, car industry, hotels, now banks, everyone seems to be using this digitization not to mention online shopping and ticketing etc.

I do not know how job creation will occur. :(

But I sincerely hope that there will be sufficient jobs for all unlike the last decade else we are a seriously demented species, Trump or no Trump, causing havoc with our ownselves to enrich a few who control the digitial world!

Mustafa Kemal's picture

"I do not know how job creation will occur"

Some small amount will be needed to maintain and defend.

But the more devious side of this is that it dovetails nicely with UBI, Universal Basic Income. If you think Welfare is bloated, just wait....

Dubaibanker's picture

Compared to what GM, Ford, Chrysler plus the US banks like Merrill, Citi, Bankam had in their hey days, Apple, Google, Facebook don't even employ 5% of their strengths.

Robots have come and destroyed many jobs in all sectors.

Armies are being cut in america where they have shrunk about 20% in the last 8 years. Many countries don;t even have enough to pay their armies so forget growth. Police forces have been cut in many counties as have civic jobs.

this at a time when population rises 1 billion ever 12 years and about 30-40m graduates come out per annum. the numbers are beyond mad!

UBI is a figment of imagination, only once it is passed and it actually credits someone's bank account will I believe that it is happening. This is India after all, where anything to change needs a miracle.

I am still waiting for land reform and GST.....Land Act is from 1880' I don't have much hopes....


SirBarksAlot's picture

Think of the savings in nail guns alone!

scv's picture

devolution of banking

J bones's picture

Any way to make it more difficult for the public to get their physical fiat the better...

Kurt2's picture

When I was young I would go to the bofa with my mom. Very exciting! The manager would give me a lollipop. Does this mean no more lollipops?

Mustafa Kemal's picture

"Does this mean no more lollipops?"

They gum up the macines.

DaBard51's picture

"I'm sorry, Dave, I can't do that."

---HAL 9000, from "2001: A Space Odyssey" (1968)

"These are not the droids you are looking for."

---Obi-wan Kenobe, "Star Wars Episode IV: A New Hope" (1977)



When nine hundred years old you become, look this good you will not.


booboo's picture

do they have a mortgage machine?

Enter name

Enter best guess yearly earnings

Enter Mortgage amount

Place thumb over window (here)

Take Check

Take pre filled out default notice

ebworthen's picture

Right, and if I want to deposit more than $10,000 online I can't do it, and if I deposit in a branch it takes over a week to get access to the money, but if I owe a bill they start charging % cut the moment it is incurred.  Funny that, isn't it?

The U.S. Banking system is a cesspool of corruption and Satanic practices - how long can it continue? 

No faith here, you all?

Mustafa Kemal's picture

They should be a bit careful. There coming alternatives -bitcoin, litecoin, monero, gold

J bones's picture

"Your daily max is $500 please try again tomorrow or you could just electronic transfer here today ...."

GooseShtepping Moron's picture

What's the point of this, really? You can do just about all your routine banking online anyway, and that includes applying for credit cards and mortgages. You go into a branch on precisely those occasions when you WANT to talk to someone face to face.

Mustafa Kemal's picture

"You go into a branch on precisely those occasions when you WANT to talk to someone face to face."

Exactly, it sounds a bit self destructive doesnt it.

SirBarksAlot's picture

What about the life insurance income from the dead bankers?

Is that not included in this year's budget?

Savvy's picture

Moynihan can expect his wages to go to $20,000/hr for laying off tellers who make $10/hr.


Wile-E-Coyote's picture

Think about it, they are not just making savings on wages. The entities that used to support these workers are no longer needed, no heating, AC or lighting bills, no more expensive office space and parking. Once these retailers really build momentum with mechanisation many other jobs indirectly associated with these businesses will disappear as well. What kind of society are we going to end up with?

Newspeaktogo's picture

I used to bank at BofA. I closed my account because the tellers and everyone else that worked at the branch were so obsequiously nice it was sickening. I thought them phoney just like robots. On second thought, maybe they were robots!

Baby Eating Dingo22's picture

There's a burrito place that used to have every employee stop and loudly yell out across the restaurant  "Welcome to Moes" at every person as soon as they walked in

Won't set foot in there anymore

About to change my CU. They replaced the teller windows with casual individual one on one galley counters. Now they ask too many questions, try to make small talk and pitch shit. 

Savvy's picture

Or maybe they were trying to keep their jobs.

44_shooter's picture

The 20 something tellers at my bank are so hot, I go there for everything. I especially like the ones with big boobs that when they sit on those teller stools their blouse buttons are stretched wide open and I can see right down their tops.

It's also good to ask for envelopes, because they are n the cabinet behind where they sit. This usually results in nce thong views, or at worst ass shots in tight skirts.

I love my bank.

Wee_littte_dogee's picture

I guess then the good news would be that at least the machines are still dispensing cash as opposed to "credits."

2_legs_bahhhhhd's picture

Now you pay fees to the bank for doing all the work yourself.... Genius

wow thats crazy's picture

Then why do we need banks then if they are not hiring people

Trump should open a Post Bank so all interest paid goes to the government not to the Rothschild etc

Then we don't have to pay taxes

directaction's picture

Great plan. The Soviet Union did the same thing, or similar. 


captain-nemo's picture

If the elite gets its way banning cash, or cash somehow is replaced by some electronic currency there will be no need for ATM's.


What the people is going to miss when the world of robotics sets in though, is the presence of a human being that you can chit chat with while buying your stuff or cup of coffey. When the first wave of curiousness over this new fancy tech is gone, people will be willing to pay extra for human presence again. Robotic shops won't have a chance in the long run. 

Baby Eating Dingo22's picture

This is no surprise

Many drive thrus now ATMs. Tellers are dying breed

Nothing to do with minimum wage, just progress

Of course unless you're tRUMP and on a mission to bring back typewriter manufacturing jobs

MedicalQuack's picture

In So Cal, Chase is already doing something similar and they still have a couple humans in the branches, but no tellers.  

Some B of A Branches have a few human tellers along with an entire deck of Tele-teller/ATMs, which is a combo of talking to a teller on the screen with ATM functionality.  The branches also sport a couple straight ATM machines as well.  

I Write Code's picture

They've been doing this since the ATM was invented, circa 1980.

Dragon HAwk's picture

It's just a stepping stone, for now it's a real person on the other screen very shortly it will be an AI computer simulation

e_goldstein's picture Bank of America opening branches with no workers at all.

BOA customers fail to notice any difference.

NotBuyingIt's picture

Being an ex-employee of a BofA vice pesident, all I can say is if you bank with these turds, you need to wake up right now! These people are the scum of the earth - right up there with Wells Fargo and Chase. Believe me, these scumbags talk about retail customers the same way Mark Fuckerberg talks about Fakebook users (Dumb Motherfuckers, if I remember right). RUN from these scumbags.

January Jones's picture

I wont bank anywhere unless there's a throat to choke. So Trump lightens up on Dodd Frank so these pricks can do stock buy backs, maniputate earnings per share, increase C-level bonuse sand hire machines? 

NFW. Not making this part of America great again.