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US Bank to cull thousands of workers, keep branches

A U.S. Bank location. Photo: U.S. Bank

October 22, 2019

U.S. Bancorp is planning to cut thousands of branch workers as it transitions into a digital world, according to a report in Bloomberg. 

The Minneapolis-based bank hasn't offered a firm number just yet, but the total represents less than 2% of the bank's 74,000 workers.

Reductions are being made across the firm. The bank will eliminate some job categories, including teller coordinator and assistant branch manager, or else greatly reduce their headcount. However, none of the bank's roughly 3,700 branches will be closed as part of the move.

U.S. Bancorp is the parent company of U.S. Bank National Association, which is the 5th largest bank in the U.S.