Banks could shed as much as 20 million square feet of office space over the next five years as they shift many functions to high-tech operations centers in markets with cheaper rents.
Whether they’re thwarting cyber thieves or building out new apps, bank chiefs say hefty tech investments are now a cost of doing business — but they have to convince shareholders.
The $1.9 trillion-asset bank is under pressure to provide investors more information about when it expects to resolve the numerous headaches that have arisen in the wake of its phony-accounts scandal.
