U.S. Bank is laying off 700 employees, the Minneapolis bank announced today, saying the layoffs are due to changing business needs.
Affected employees are being notified this week.
Bank spokeswoman Rebekah Fawcett declined to say where and what divisions the layoffs would be in.
"The changes are happening across the company; we're not breaking it down by individual market out of respect for the employees affected. They are our first priority," she wrote in an email.
Fawcett said as of the most recent count, the bank has 74,000 employees.
She said the company has also added nearly 2,000 jobs companywide in the past year.