U.S. Bank Layoffs: What Employees Need To Know (2024 Updates)
Are the seemingly impenetrable walls of the banking industry starting to crumble for its employees? The ongoing workforce reductions at US Bancorp, one of the nation's top ten largest banks, signal a significant shift in the financial landscape, leaving thousands of employees in a state of uncertainty.
US Bancorp, a major financial player headquartered in Minneapolis, Minnesota, is the parent company of US Bank National Association. While consistently ranking among the giants, recent developments have cast a shadow over its workforce. Since the beginning of 2023, US Bank has been implementing and announcing layoffs that have impacted various departments and locations within the organization. Company filings and media reports indicate that over 20,000 positions have been eliminated or are slated for elimination this year, representing nearly 10% of the bank's total workforce.
| Topic | Details |
|---|---|
| Company Name | US Bancorp (aka US Bancorp) |
| Industry | Banking, Financial Services |
| Headquarters | Minneapolis, Minnesota, USA |
| Parent Company of | US Bank National Association |
| Layoff Period | Beginning of 2023 - Present |
| Positions Eliminated/Planned | Over 20,000 |
| Percentage of Workforce Impacted | Approximately 10% |
| Reason for Layoffs (Speculated) | Downsizing, Elimination of Redundant Positions, Shift in Consumer Tastes, Investment in Technology |
| Departments Affected | Various departments and sites within the organization, including mortgage division and retail lock box division |
| Geographic Impact | Nationwide, with significant impact in Minnesota (13,000 employees) |
| Employee Morale | Reportedly low due to layoffs and related changes |
| WARN Act Compliance | Potential concerns about circumventing the Worker Adjustment and Retraining Notification Act (WARN) law |
| Investment Priorities | Shifting towards technology (47%) over layoffs (21%) for cost cutting |
| Related Entities | Elavon (experiencing layoffs) |
| Reference Website | US Bank Official Website |
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