U.S. Bancorp could cut jobs if interest rates remain low, Chairman and Chief Executive Richard Davis said at a Thursday conference.

Davis said Thursday that he expects rates to rise in September and December and that there's no current plan for the Minneapolis company to cut jobs, Dow Jones Newswires reported. Job cuts could also affect morale, he said.

"If we're wrong and rates actually aren't going to move up … trust me, we will cut expenses," Davis said, adding that job cuts could be part of expense reductions.

As of 2014, the Minneapolis bank employed around 67,000 people.

Davis also said Thursday that U.S. Bancorp is unlikely to purchase other banks, but instead would favor the purchase of parts of companies, such as GE Capital's assets.

"I'll take pieces and parts, but not whole parts," he said.

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