How will US Bank's layoffs affect employees?

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.

Are banks laying off workers?

The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. Even as the economy has surprised forecasters with its resilience, lenders have cut headcount or announced plans to do so, with the key exception being JPMorgan Chase, the biggest and most profitable U.S. bank.

Why are banks laying off so many people?

A key factor driving the cuts is that job-hopping in finance slowed drastically from earlier years, leaving banks with more people than they expected. The largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come.