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US Bancorp set to cut up to 2% of workforce

U.S. Bancorp is set to cut jobs and also launch a training program for existing employees to learn new skills, Bloomberg News reported, citing a memo and a person briefed on the decision.

The Minneapolis-based superregional bank will cut jobs in the low thousands, the person said. A company spokesperson told Bloomberg the job cuts represent less than 2% of its workforce and confirmed the contents of the memo, which was written by Chairman, President and CEO Andy Cecere. The bank has 74,000 employees as of Oct. 16, the news service noted.

Positions such as teller coordinator and assistant manager will either be eliminated or have the headcount sharply cut down, according to the report. The spokesperson also said there will be no planned branch closures as part of the job cuts.

In addition, some new roles focused on retail and commercial customer relationships will be created at branches.

Cecere told staff in the memo that the cuts will be made because "consumer behaviors have changed."