The Retail Banker

Bank of America (Charlotte, N.C.), saying it wants to be Wal-Mart, is readying a retail assault on the New York market.

According to a report in The New York Times, Bank of America’s consumer business is run by executives who call its bank branches “stores,” refer to their banking clients as “customers” and measure branch performance by calculating same-store sales.

“You go in the store early, you get your selling floor ready and when the bell rings, it’s showtime,” Jeff Barker, a former Barnes & Noble manager who heads the bank’s consumer operations in the New York metropolitan area, told The Times. “It’s a focused attention on every customer who walks into the store. For me, as a former retailer, it’s a very refreshing approach.”

Bank of America is the biggest bank in the country in terms of the number of branches, operating almost 5800 locations in 29 states. None of its competitors has more than 3300 branches.

“We want customers to have a consistent experience in Los Angeles and Dallas, and in Boston and New York,” said Liam McGee, who oversees the entire consumer business. “There is no other franchise like ours in terms of its national scope.”

The Times, interviewing bank executives, reported that the branches are “bright, airy branches run by managers who interact openly with customers on the bank floor, employees who are rated individually based on how effectively they sell ‘products’ — credit cards, loans and checking accounts — and frequent surveys that assess how well consumers are responding to their time in the branch.”