Retail banking giant U.S. Bancorp, which is the parent company of U.S. Bank, has decided to lay off about 700 jobs, or 1% of its total workforce, due to “changing business needs.”
The move was confirmed in a statement from the Minneapolis-based bank.
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U.S. Bancorp job cuts
“While we are notifying some employees that their positions are being eliminated due to changing business needs, this change will affect only about 1 percent of our total employee population,” the statement read.
However, the banking major did not specify about positions being eliminated in the U.S. Bancorp job cuts.
The move is said to be part of the bank’s strategy to slash expenses, which according to the company’s CFO, Terry Dolan, rose nearly 9% during the July-to-September period.
The bank noted that it will offer affected employees severance and assistance to find other work.
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By GlobalData“We place a high priority on treating people respectfully in these situations, and we will be providing them with severance and outplacement assistance as they pursue new opportunities,” the statement added.
The company added that while it has made some job cuts, U.S. Bank added close to 2,000 jobs companywide in a variety of areas in the past year.
