Last updated on February 6th, 2020 at 11:19 am
U.S. Bank plans to lay off 62 employees at its downtown Milwaukee office in the U.S. Bank Center, the Minneapolis-based bank reported to the Wisconsin Department of Workforce Development Monday.
According to the public notice, the layoffs will start on or about April 6 for employees in the office at 777 E. Wisconsin Ave. Employees impacted by the layoffs are in the retail lock box division.
“We are focused on creating value for those who rely on us, and we recognize that our industry is transforming as new payment channels emerge,” the company said in a statement. “With these changing dynamics, we announced early last year that we would be discontinuing our retail lockbox service and processing, and investing instead in digital payment solutions. We have been working since that time to ensure our employees can have as smooth a transition as possible to their next opportunities.”
U.S Bank has approximately 5,100 employees in Wisconsin.
In February of 2019, U.S. Bank announced it would lay off 40 positions from a Brookfield office. The positions impacted were related to mortgage loan processing.
U.S. Bancorp, the parent company of U.S. Bank National Association, is the fifth-largest commercial bank in the United States. As of Dec. 31, 2019, the company had $495 billion in assets and 74,000 employees.