Following in the footsteps of HSBC and Commerzbank, US Bank may become the next bank in line to make thousands of employees redundant.
US Bancorp, the owner of US Bank, is making moves which could leave thousands of people without a job, according to a repot by Bloomberg.
The cuts come in response to many of its customers having changed the way they do their personal banking, with many opting to go online. Some of the jobs being terminated are teller coordinators and assistant branch managers.
The news comes weeks after a Wells Fargo report predicted that the technological revolution may put up to 200,000 US jobs at risk.
A representative told Bloomberg that US Bank is expecting to cut lose less than 2% of its 74,000.
US Bank is not the first lender to make thousands of employees redundant this year.
HSBC was revealed to be planning to cut up to 10,000 jobs in early October, which would be on top of the 4,700 redundancies that it had already announced earlier.
In late September, Commerzbank announced it would reduce its workforce by 4,300 employees and close up to 200 branches.
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