Troubled Bank of America may have to commence with Operation GTFO if their financial troubles get worse, according to an article in the Wall Street Journal. In other words, if things get bad enough, they may have to consider a retreat from certain parts of the country.

Executives at the Charlotte, N.C., financial giant put the potential move on a list of emergency scenarios submitted to the Federal Reserve last year. While people close to Bank of America insist that no retreat is imminent, even the possibility of selling branches and losing customers it spent huge sums to lure underscores the depth of its problems.

The article goes on to talk about BofA’s current and past problems. Back in the late 90s/early 00s, the bank went hogwild, extending into every corner of the union. It suffered greatly when the housing crisis hit and our economy went off the cliff. It didn’t help matters that then CEO Ken Lewis pushed through Bank of America’s purchase of Countrywide Financial. Good one, Lewis. Hey, at least you didn’t preside over the AOL/Time Warner fiasco, right? (Ken should put that on his resume: *not responsible for the AOL/Time Warner merger). BofA’s problems continue today, with its share price declining over 50% within the past year. J.P. Morgan recently took away their crown for largest bank by assets.

Current CEO Brian Moynihan also has a plan to sell shares tied to the performance of Merrill Lynch, which BofA picked up in 2008 and is doing way better.

The drastic moves would be seriously considered only if Bank of America needs to raise more capital to cushion itself from mortgage woes and other turmoil. Mr. Moynihan, other top executives and directors of the sprawling bank are grappling with scenarios that were unthinkable even during the worst moments of the financial crisis.

Whatever will we do if Operation GTFO is put into motion? Where will we bank for exorbitant fees? We shudder at the thought of going to credit unions. They just seem too nice if you ask us.