Does a bank by any other name still sound as sweet?
It may not sound sweet, but there are a few different names for U.S. Bancorp.
The one most commonly used is U.S. Bank.
While it sounds like the bank a whole government would use, it’s actually based in Minneapolis but was started in Portland.
In fact, it was once called the United States National Bank of Portland and later the National Bank of Oregon.
All in all, the bank has had at least 10 iterations of its moniker in the 160 years the doors have been opened.
What’s it like to be one of the 77,000 employees of a bank that is seemingly often in flux?
Follow along as we go through all the ups and downs of calling U.S. Bank your work home.
Table of Contents
- Pros of Working for U.S. Bancorp
- Cons of Working for U.S. Bancorp
- 14 Pros and Cons of Working for U.S. Bancorp – Summary Table
- Should You Work for U.S. Bancorp?
Pros of Working for U.S. Bancorp
In addition to medical, dental, and vision coverage, U.S. Bancorp went a little deeper with healthcare.
Part of the employment package includes well-being programs that cover a variety of topics.
Trying to quit smoking or looking to eat better?
These are just two of the programs employees have access to.
Perhaps one of the most coveted benefits at US Bank is something that’s hard to find anywhere these days; a pension.
It only takes a year of service to be enrolled.
2. Work-Life Balance
Another coveted benefit that is often not found in a company as big as U.S. Bancorp is a reliable schedule.
Too often, employees are guilted into staying at the office for much longer than an 8 to 5 timeline.
Those hired get the joy of being able to leave at the time they are scheduled.
Heck, sometimes it’s even possible to leave early if the day is going particularly slow.
The schedule is flexible for things like appointments and out-of-office needs as well.
If the management is lacking in some ways, giving people a little leeway isn’t one of them.
Unfortunately, Bancorp doesn’t necessarily have the highest standard of pay throughout the banking industry.
What it does have, though, is a legit bonus system.
It sucks to not have the reliability of a higher salary, but getting a substantial bonus can take that sting away.
Bonuses are given on schedule throughout the year and can really give a bump when you need them.
4. Updated Technology
There’s nothing more irritating to deal with when working than out-of-date tech that drives productivity to a crawl.
U.S. Bancorp may be stingy with pay but they are not willing to lose profits because of a slow system.
So, that’s something to rely on.
Another positive is that employees have the ability to give suggestions and request certain products to help.
Putting in a request might result in a sweet upgrade.
5. Supportive Culture
One resounding piece of praise employees give for working at U.S. Bancorp is about the environment.
Often, you hear something about how great the people are to work with.
Having a team you feel comfortable with is a perk that can’t be oversold.
It comes in handy even more so later when frustrations with upper management become a bonding topic.
It’s also meaningful to have a group of people to bounce ideas off of those who are all in it together.
6. Hop Around Departments
Moving upward might prove tougher than expected, but lateral moves are much more attainable.
Employees have the option to learn more about other departments.
Basically, if you have an interest elsewhere, it can help you become a sort of jack of all trades.
Using your time at U.S. Bancorp to accumulate new skills is obviously a genius way to get the most out of the position.
When speaking about big banks, many have the mental image of a group of older white men who are in charge.
U.S. Bancorp is looking to change that image by crafting a more inclusive workplace.
Those who occupy the C-suites are pushing an initiative to include marginalized groups in management, as well as throughout the departments.
For many employees, it’s a breath of fresh air.
Cons of Working for U.S. Bancorp
1. Below Average Pay
It’s hard to imagine a company that makes $24 billion for one year of profits would be lacking in salaries.
After all, top talent is what helps keep those numbers so high, right?
So, to say non-competitive salaries at U.S. Bancorp are disappointing is the understatement of the season.
Then again, it’s likely that no one is going to be super surprised that an American bank isn’t exactly going out of its way to win public support.
However, as an employee, the low numbers from one of the country’s top financial institutions are enough to keep you always on the lookout for something better.
It’s not uncommon for new hires to stay long enough to get a couple of years’ experience under their belts at U.S. Bank specifically to move on.
Unless you can get a quick track up the corporate ladder, this isn’t necessarily the place you want to spend an entire career.
2. Inexperienced Management
A complaint often heard around the water cooler is about the management.
It’s more like a buddy club than it is an effectual system.
If you’ve ever seen the movie Office Space, you’ll get the gist.
Essentially, the whole group of managers pretends to do busy work, like micromanaging.
When employees could use a hand on the front line, there are no managers to be around.
It might be because these guys are often hired without actual banking experience.
3. Lack of Communication
Another thing management could improve upon is communication.
Whether it’s employee to manager or from higher-ups down to employees, the word gets around painfully slow.
It doesn’t have to be that way.
A system could be put into place that would keep everyone in the know as soon as decisions are made.
The crazy part of that is there are regular meetings that, surprisingly, most employees don’t hate.
Communication could be so much better if these meetings were used for good updates.
4. Not Enough Training
Training at U.S. Bancorp is often up to the employee to explore their interests.
As great as that is, the initial training could definitely use some tweaking.
It doesn’t matter how many years of experience you have, starting a new job means getting used to new policies and procedures.
This company treats new hires as if they already know how things go.
Teaching comes at too high of a level.
Expecting employees to be experts from day one is not the best way to get everyone up to speed.
5. Slow to Action
Thanks to the lack of communication and underwhelming managers, real change comes at a snail’s pace.
Remember those tech requests mentioned earlier?
While employees are encouraged to be part of the company’s evolution, it wouldn’t be a shock to find out paperwork was lost en route.
It feels like an act of Congress to get any decisions actually finalized or even heard.
6. Remote Inflexibility
Many new hires since 2020 have been angered by a recent update in the policy.
Employees were hired in droves to be remote.
A majority of those accepting positions were nowhere near the office they were hired for.
Everyone was assured repeatedly that wherever they could get their work done was fine.
Now, they are calling for hybrid schedules where employees need to be in person three days a week.
Not only is that a slap in the face, it’s literally impossible for most.
7. Growth Ceiling
Employees are pacified with bonuses instead of a higher salary.
They also feel like they are making big moves when they go to other departments but they aren’t actually getting promoted.
Whatever level someone gets hired at is where many get stuck.
That rings true, especially for those without a degree.
14 Pros and Cons of Working for U.S. Bancorp – Summary Table
|Pros of Working for U.S. Bancorp||Cons of Working for U.S. Bancorp|
|1. Benefits||1. Below Average Pay|
|2. Work-Life Balance||2. Inexperienced Management|
|3. Bonuses||3. Lack of Communication|
|4. Updated Technology||4. Not Enough Training|
|5. Supportive Culture||5. Slow to Action|
|6. Hop Around Departments||6. Remote Inflexibility|
|7. Diversity||7. Growth Ceiling|
Should You Work for U.S. Bancorp?
One thing is for certain, no matter what the long-term career goals are, U.S. Bancorp is a great place to start things off.
Having a financial institution with this big of a name in the industry can only boost a resume.
This is a great place to learn more about what goes on at multiple levels and departments in such a massive bank.
Skills learned here will serve employees at competing companies and beyond.
However, as time goes on, not getting actual promotions and dealing with less-than-knowledgeable managers might make this a jumping-off point as opposed to a permanent home.