Australia’s top bank says it will close some branches over $2.7 billion shortfall

Bank of America Merrill Lynch has announced it will shut some branches in the Sydney metropolitan area, and that it will raise the cost of deposits by up to $2,800 for customers.

Key points:”We are committed to providing our customers with the best possible service”Merrill Lynch said it will open some branches to customers who need to withdraw money from the bank”The company will close branches where a shortfall has arisen”Mervyn Johnson, chief executive, said the move was part of a broader effort to reduce costs.

“We believe we are making our customers’ lives easier, and we are committed that our customers will have a better experience when they use our banking services,” Mr Johnson said in a statement.

“The move will help ensure we maintain our ability to service our customers and our customers are able to access our services as efficiently as possible.”

“We will continue to monitor the situation and will work closely with our clients to ensure we have the right resources in place to meet the needs of our customers.”

The bank will close the branches of some of its Australian and regional branches, as well as those in Victoria and New South Wales.

“Our focus is to provide our customers the best service possible,” Mr Morrison said.

“With these closures we are removing a significant portion of the branch network.”

Mr Johnson said the bank was committed to ensuring that all customers were able to use its services.

“There is no reason why any customer should need to worry about a loss when they go to use the banking services at Merrill Lynch,” he said.


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