| Bank of America announced this week that it's nearing the end a comprehensive review. Result: 30,000 jobs slashed, a management reorg, consumer biz streamlining, and an annual net expense reduction of $5B by '13. What does it mean for CRE? BofA has one of the best networks of branches in the country, says Newmark Knight Frank bank services group head Proctor Wong. He doesn't believe execs will close branches where the bank is making money and has significant market share, as in NY and California. It may look at tertiary markets where it lacks scale. Possibilities for any vacated branches: an infill takeover by other banks or regional portfolio sales. | ||||||||
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WHAT DOES BOFA MEAN FOR CRE?
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