Job cuts coming to U.S. Bank branches, offices as it shifts strategy

The Minneapolis-based bank is currently amidst a cull of its branches.
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U.S. Bank is planning to make a number of layoffs at its branches and corporate offices as it responded to changing consumer tastes.

America's 5th largest consumer bank, which is headquartered in Minneapolis, confirmed to BMTN that it will be removing a number of non-customer facing positions from its nationwide branch network and offices.

Spokesperson Molly Snyder said that it will see the elimination of positions including assistant branch managers and teller coordinators at many of its 3,000 branches across the country.

Similarly, managerial positions are also being cut at its office network, though the company has not divulged specific figures of how many will be affected and how much of the axe will fall on its Minnesota operations.

At the same time, it is adding customer-facing roles in both its consumer and investment banking departments, as well as launching a multi-million dollar training and development drive as it focuses more on providing assistance for customers who are increasingly conducting their business online.

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Consumer tastes have shifted to the extent that a third of U.S. Bank's loans are now completed digitally, up from 25 percent a year ago, and 75 percent of mortgage loans are also completed digitally.

The company announced earlier this year it would be reducing the size of its branch network by 10-15 percent by 2021 amid a wider downturn of face-to-face banking, representing the closure of 350-400 of its branches across 25 states.

As well as the cuts to its managerial positions in branches and offices, U.S. Bank has said it will be outsourcing its IT Service Center to another company as part of the restructure.

Its IT Service Center employees are based across the country.

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