MINNEAPOLIS (WCCO) – U.S. Bancorp is reportedly notifying 700 of its workers that their jobs will be disappearing as the company restructures to the changing business landscape.

The Minneapolis/St. Paul Business Journal reports that the Minneapolis-based company, which runs U.S. Bank, is trimming about 1 percent of its total workforce, with some of cuts being made in the Twin Cities metro area. The specific roles being shed were not detailed.

A spokesperson released this statement Wednesday;

We have added close to 2,000 jobs companywide in the past year. While we are notifying some employees that their positions are being eliminated due to changing business needs, this change will affect only about 1 percent of our total employee population across the entire company. We place a high priority on treating people respectfully in these situations, and we will be providing them with severance and outplacement assistance as they pursue new opportunities.

U.S. Bank employs 74,000 people, with about 13,000 of them in Minnesota.