U.S. Bank, the bank with the largest market share of deposits in the St. Louis area, is putting out the help wanted sign.
The Minneapolis-based bank plans to hire at least 300 additional employees by the end of the year, which will put its local workforce over the 4,000 mark.
The new jobs are a bright spot for an otherwise dismal employment picture and comes as some other banks, such as Bank of America, have announced they're cutting jobs.
"U.S. Bank was one of the more conservative banks through the past five to seven years, and they're taking advantage of their balance sheet to grow while other banks, particularly some regional banks in St. Louis, struggle to meet capital requirements," said Dan Winter, senior vice president at Confluence Investment management in Webster Groves.
U.S. Bank had 3,750 employees in the St. Louis area as of June 30. With the new hires, its total workforce will exceed 4,000 - up from about 3,700 local employees the bank had at the end of2010.
U.S. Bank has 16 percent market share of deposits in the region. Some other national banks are shrinking, including Bank of America, which announced last week that it's cutting 3,500 jobs nationwide to reduce expenses. Bank of America is the second largest bank in St. Louis, based on deposits, with 12 percent market share.
A Bank of America spokeswoman said the bank is not disclosing where the cuts will be made, other than to say they are companywide. The bank has about 280,000 employees. Bank of America had 2,815 employees in the St. Louis region at the end of the June. U. S. Bank's hiring news adds to announcements made by financial service companies in recent weeks.
Wells Fargo Advisors said this month that it plans to add 200 jobs in the next 18 months, with most of the broker, trader and IT jobs moving from elsewhere in the U.S. to its downtown campus. Stifel Financial Corp. also said this month that it plans to add 225 jobs to its offices in downtown St. Louis over the next three years. Both Wells Fargo Advisors and Stifel are headquartered in St. Louis. |
