US Bank announced an unspecified number of job cuts amid staff restructuring - Business Insider

The jobs of many employees — largely in middle management positions — will be eliminated and the bank will create more positions that deal with customers. US Bank will offer training and new job opportunities before resorting to layoffs in about two months. The decision comes after the bank announced in April that it would close, consolidate, or move hundreds of branches in 2019 and 2020, leading to a 10-15% smaller branch footprint.

The bank is seeing increasingly higher digital engagement among customers, which may be reducing the need for an extensive branch footprint. US Bank's Q3 2019 revealed that of its active Consumer Banking customers, 72% are active digital customers, up 2 percentage points from Q3 2018 and that, for the first time, a majority of its active customers are active mobile banking users.

As consumers engage more online, they're relying less on branches, enabling US Bank to make cuts to its branch network without diminishing its customer service.

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