US Bank to axe thousands of branch jobs

US Bank to axe thousands of branch jobs

With customers continuing to migrate to digital channels, US Bank is preparing to axe thousands of branch positions, according to Bloomberg.

Earlier this year, the firm outlined plans to close between 10% and 15% of its 3000 plus branches. The new job cuts will not be related to further closures.

In a memo to staff, seen by Bloomberg, CEO Andy Cecere says the bank “made the difficult decision to eliminate their jobs because customer behaviors have changed".

Teller coordinator and assistant branch manager roles will be among those most heavily hit, with the total number of losses pegged at the low thousands.

The digital revolution has seen banks across North America reduce the size of their branch networks.

The job losses are set to continue, with a recent Wells Fargo report estimating that as many as 200,000 positions will be wiped out by ongoing technological progress in the next ten years.

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