U.S. Bancorp Cuts Assistant Branch Managers
October 22 2019 - 06:16PM
Dow Jones News
By Allison Prang
U.S. Bancorp is eliminating its assistant branch managers and
teller coordinators at its roughly 2,800 branches across the
country.
A spokeswoman for the company declined to provide a number of
employees affected by the cuts, but said it would affect less than
2% of its workforce.
U.S. Bancorp employed roughly 74,000 people as of Sept. 30.
The company informed most of the relevant employees on Monday
that their roles were being terminated. The cuts also involved some
nonbranch personnel, too, the spokeswoman said.
"Many of the bankers affected by this have been here for a long
time, and they have all contributed to our success," Chief
Executive Andy Cecere said in an all-staff memo, saying "customer
behaviors have changed."
U.S. Bancorp in the spring said the company was going to close
between 10% and 15% of its bank branches by the end of 2021. The
company's announcement came after the Office of the Comptroller of
the Currency lifted a consent order over alleged
anti-money-laundering deficiencies at the regional lender.
Last month, Tim Welsh, the company's vice chairman for consumer
and business banking, said the company had closed 140 branches in
2019 to date.
A spokeswoman said that the employees that are being terminated
were given 60 days notice and they can apply for open jobs during
that time. She said the company will provide those leaving the
company with severance and outplacement services.
While the company is cutting jobs, a spokeswoman said U.S.
Bancorp also posted more customer-focused job openings Monday
night. A spokeswoman declined to disclose the number of new jobs
the company is hiring for but said the positions include
client-relationship consultants and business-banking portfolio
managers.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
October 22, 2019 18:01 ET (22:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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