U.S. Bancorp CEO Warns Of Possible Layoffs

MINNEAPOLIS (WCCO) -- The head of Minneapolis-based U.S. Bancorp warns that he might have to lay off some of his employees if interest rates don't start climbing later this year.

Chairman and CEO Richard Davis made that comment at a conference this week.

U.S. Bancorp has about 67,000 employees in 25 states.

Federal Reserve Chair Janet Yellen said earlier this month that she expects to begin raising interest rates if the job market improves, and the Fed is confident inflation will climb closer toward its target rate.