U.S. Bank to Slash Branch Jobs Nationwide in Digital Push
- CEO Cecere cites changing customer behavior in memo to staff
- Reductions make up less than 2% of total workforce, firm says
A U.S. Bancorp bank branch in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
U.S. Bancorp is undergoing a sweeping reduction of branch jobs numbering in the thousands as it reacts to more customers doing their banking online.
Some job categories, including teller coordinator and assistant branch manager, are being eliminated or will have headcount greatly reduced. The cuts will represent less than 2% of the bank’s 74,000 employees, spokeswoman Molly Snyder said. Chief Executive Officer Andy Cecere said in a memo to staff that U.S. Bancorp “made the difficult decision to eliminate their jobs because customer behaviors have changed.”