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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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. 

Buddha 71's picture

automation means taking paychecks from more consumers, and robots don't buy much stuff. which means more declining earnings.

PyreneesPygmy's picture

and wtf happens when an emp is released?hell. i can make a smallemp and affect a small radius around my house. hackers will love this shit

Bunga Bunga's picture

Bitcoin, no branches needed.

World-Gone-Mad's picture

What interest rate would you like on your paltry savings? Please select one:

0.2% for 10 years

0.0 for 5 years

-1% for 3 years

-2% for 1 year

We offer mortgages as well. Push 2 to speak to another robot.

Ohne Deckung's picture

Here we are, what's rest to do.

Please send in your ideas how to rescind the last remaining obstacle of this marvellous deployment.

How to obliterate the nasty clients.

gespiri's picture

In other news, the thieves who own and run these banks have already relocated to New Zealand, Paraguay, Chile, and Switzerland.

Under construction...'s picture

NYC has had these for years. 

dude duderson's picture

So, you're telling me all this time that Bank of America didn't need that 50 story building down town? 

CatsPaw's picture

If noone is workin, who is going to buy the things that are produced?

Food for thought.

Vin's picture

Now the idiots should demand $25/hr.  Yea, that's it.

Northern Lights's picture

My bank near me did the same thing.  They still have a few employees around that will help you sign loan documents and fill out applications, but the tellers are all gone.  I was in there last week.  i Pulled $100 from the machine in $20's and wanted to make change.  The branch couldn't do it.  I was informed if I wanted change I'd have to go to another location with tellers.  I'm of the opinion that even this branch won't last long and within a couple years will be nothing more than a couple of ATM's.  If I can't get change, I have no need to see a teller.