Minneapolis-based U.S. Bank to lay off 1 percent of its workforce

The company has corporate offices in Minneapolis and St. Paul.
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Retail banking giant U.S. Bancorp. is cutting around 1 percent of its workforce due to "changing business needs."

The move was confirmed in a statement from the Minneapolis-based bank, which employs 74,000 employees nationwide and has its headquarters on Nicollet Mall.

U.S. Bank hasn't said how many of these positions will be lost in the Twin Cities, with the company having corporate offices in both Minneapolis and St. Paul.

It says the layoffs "are spread throughout our footprint and touch most areas of the bank, so it’s not targeted to a specific area."

Those impacted by the changes will be treated "respectfully," the company said, adding they'll be provided with severance and "outplacement assistances" as they pursue new job opportunities.

One of those laid off on Tuesday told the Pioneer Press that around 1,000 people have lost their jobs, which came a few months after "efficiency experts" were brought into his offices.

U.S. Bank spokeswoman Rebekah Fawcett told BMTN that while it has made some job cuts this week, the company has added 2,000 jobs over the past year.

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