https://twitter.com/TheLayoff/status/1055130203591106561
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https://www.bizjournals.com/twincities/news/2018/10/24/u-s-bank-laying-off-about-700-employees.html
U.S. Bancorp will lay off around 700 workers, or roughly 1 percent of its total workforce, due to "changing business needs," according to the Minneapolis-based regional bank.
A spokeswoman for U.S. Bancorp (NYSE: USB) confirmed the planned cuts in an email to the Minneapolis/St. Paul Business Journal and said some of the job losses will impact the Twin Cities area.
The bank did not provide precise job figures, and exactly why the layoffs are happening isn't clear. Overall, Minneapolis-based U.S. Bank (NYSE: USB) has about 13,000 employees in Minnesota and 74,000 companywide.
"While we are notifying some employees that their positions are being eliminated due to changing business needs, this change will affect only about 1 percent of our total employee population across the entire company," Rebekah Fawcett, a spokesperson said in an email. "We place a high priority on treating people respectfully in these situations, and we will be providing them with severance and outplacement assistance as they pursue new opportunities."
Fawcett did not provide details on the types of positions impacted, but said the bank has also added around 2,000 jobs in the past year. The consumer banking industry is shifting more attention to technology services and mobile banking as more customers use computers and smartphones — rather than trips to a local branch — to handle banking needs.
U.S. Bank is the largest bank in Minnesota, based on deposits. It's also the sixth-largest public company headquartered in the state with about $24 billion in annual revenue.
Its biggest rival in Minnesota, Wells Fargo & Co. (NYSE: WFC) is also moving to trim its headcount. The San Francisco-based bank said last month that it would cut five to 10 percent of its total workforce — at least 10,000 jobs — over the next three years. Wells Fargo employs about 265,000 people and roughly 19,000 in Minnesota.
The tweet just says there is a ‘spike in visits’ to this layoffs page for US Bank.
Have you been following news today? And are you surprised that there is a spike? Come on now..