U.S. Bancorp Cuts Assistant Branch Managers

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 [e-mail]

(END) Dow Jones Newswires

October 22, 2019 18:01 ET (22:01 GMT)

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