U.S. Bancorp is notifying about 700 workers, about 1 percent of its workforce, that they will be losing their jobs in coming weeks as the company finishes a regular review and restructuring.
The Minneapolis-based financial company, which runs U.S. Bank, the nation's fifth-largest, said it will finish the year with a net gain of about 2,000 jobs to reach about 74,000. It ended 2017 with 72,402 workers.
U.S. Bank annually reviews its structure and businesses, a process that typically results in some job cuts, a spokesman said.
"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," the company said in a statement.
It said that employees who are losing their jobs will be given severance and assistance to find other work.
The company did not offer details about business changes and their effect on staffing.
Last week, the company's chief financial officer, Terry Dolan, told investors that compensation expenses rose nearly 9 percent during the July-to-September period due to "hiring to support business growth." That stood out within the performance of overall expenses that rose 3.4 percent, more slowly than in other recent quarters.
Executives in recent years have cited compliance with federal bank oversight as a source of rising staffing and compensation expense. But some rules have loosened since the election of President Donald Trump and U.S. Bank executives noted they have lowered their spending on outside consultants that were needed for compliance-related work.
