Bank of America plans to open more than 150 new branches by the end of 2027, as part of the lender's efforts to expand its physical presence across the US.

The bank will open 40 new branches this year, with an additional 70 sites planned for 2026, according to a statement released on Tuesday.

While more than 90 per cent of client interactions take place through digital platforms, the bank's branches - which it calls financial centres - allow for more personalised financial advice.

"Our continued investment in our financial centre 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 banking at Bank of America.

The lender currently operates approximately 3,700 branches across the country. This figure may decrease slightly by 2027 as it consolidates branches in more mature markets, O'Neill noted.

"We are always evaluating new markets and where we want to go. We also find that the business that we grow digitally is accelerated in markets where we have a physical footprint," she added.

Bank of America has invested more than $5 billion in its financial centre network over the past nine years, both opening new branches and renovating existing locations. The bank recently opened a new flagship branch in New York at 2 Bryant Park and plans to open four additional financial centres in Boise, Idaho this July.

The expansion is intended to increase the lender's visibility to compete more effectively with rivals including JPMorgan Chase, Wells Fargo and Citigroup. Last year, JPMorgan Chase, which has similar growth ambitions, unveiled plans to add more than 500 new sites by 2027.

Since 2014, Bank of America has entered 11 new markets, including Louisville, Kentucky last year. The lender, which operates in 38 states and Washington, DC, holds approximately 11 per cent of US deposits, according to data from the Federal Deposit Insurance Corp.

The consumer banking unit contributed 33.8 per cent of Bank of America's net income in the first quarter, underlining the segment's significance to its overall earnings.

"The consumers still appear very sound. They're continuing to spend. We're seeing payment and spend behaviour continue to grow in April, so that's a positive sign," O'Neill said.

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