US Bank is set to axe 62 positions in Milwaukee, Wisconsin, as part of its plans to exit retail lockbox service and processing operations.
The move was reported by Milwaukee Business Journal.
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The lender has submitted a mass layoff notice with the Wisconsin Department of Workforce Development detailing the lay-offs.
All the employees, who are affected by the decision, are based at the US Bank Center in Wisconsin.
According to the publication, the terminations will be effective around 6 April this year.
Early last year, US Bank announced plans to shutter retail lockbox service and processing. Since then, the bank has been engaged to ensure smooth transition of the affected staff.
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By GlobalData“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 bank was quoted by the Milwaukee Business Journal as saying 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,” the statement added.
US Bank is said to be the largest lender in the Milwaukee area by local deposits. The company has around 5,100 employees in the state.
In August last year, US Bank upgraded its mobile banking app with several new features. The features included availability on Android devices and Spanish language option.
