Understanding the relationship between nanoscale structural heterogeneities or elastic fluctuations and strain localization in monolithic metallic glasses remains a long-standing underlying issue. Here, an atomic-level investigation of the correlation between elastic and structural heterogeneities and the mechanisms of shear banding in CuZr metallic glass is conducted using molecular dynamics simulations. The shear band formation and propagation processes and the intersection mechanism of multiple shear bands are evaluated by means of local entropy-based structural identification and von Mises stress calculation. The shear band follows the path of lower order and high entropy while shear deflection and branching occur when approaching regions of low entropy. The local von Mises stress calculation allows predictions on the shear band direction and the propensity for activation and propagation prior to yielding and sheds light on shear band branching and multiplication processes.