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U.S. Bancorp (USB) is a financial services holding company headquartered in Minneapolis, Minnesota, primarily operating in the United States. The company offers a broad range of financial services, including lending, depository services, cash management, capital markets, and trust and investment management services. Additionally, USB provides credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage, and leasing . The company's major lines of business include Wealth, Corporate, Commercial and Institutional Banking; Consumer and Business Banking; Payment Services; and Treasury and Corporate Support .
- Wealth, Corporate, Commercial and Institutional Banking - Provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment-related services to wealth, middle market, large corporate, government, and institutional clients.
- Consumer and Business Banking - Offers consumer banking, small business banking, and consumer lending through various channels such as banking offices, online services, and mobile devices.
- Payment Services - Includes consumer and business credit cards, stored-value cards, debit cards, and merchant processing.
- Treasury and Corporate Support - Encompasses investment portfolios, funding, capital management, and interest rate risk management.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrew Cecere ExecutiveBoard | Chairman and CEO (transitioning to Executive Chairman) | None | Andrew Cecere has been with U.S. Bancorp since 2000, holding various leadership roles. He will transition to Executive Chairman in April 2025. | View Report → |
Arijit Roy Executive | Head of Consumer and Business Banking Products | None | Arijit Roy joined U.S. Bank in 2022 and leads the Consumer and Business Banking products organization. | |
Gunjan Kedia Executive | President and CEO (effective April 15, 2025) | PBS, Junior Achievement USA, Carnegie Mellon Business School | Gunjan Kedia joined U.S. Bancorp in 2016 and has held several leadership positions, including Vice Chair of Wealth, Corporate, Commercial & Institutional Banking. | |
John C. Stern Executive | Senior Executive Vice President and CFO | None | John C. Stern joined U.S. Bancorp in 2000 and became CFO in September 2023. | |
Sekou Kaalund Executive | Head of Branch Banking | None | Sekou Kaalund is the head of Branch Banking at U.S. Bank, reporting to Gunjan Kedia. | |
Shailesh M. Kotwal Executive | Vice Chair, Payment Services | Board Member at Elavon Financial Services | Shailesh M. Kotwal has been with U.S. Bancorp since 2015 and will retire in the first half of 2025. | |
Terrance R. Dolan Executive | Vice Chair and Chief Administration Officer | None | Terrance R. Dolan has been with U.S. Bancorp since 1998 and became Chief Administration Officer in September 2023. | |
Tom Wind Executive | Head of Consumer Lending | None | Tom Wind is the head of Consumer Lending at U.S. Bank, reporting to Gunjan Kedia. | |
Alan B. Colberg Board | Director | Board Member at Corebridge Financial, Inc. | Alan B. Colberg joined the U.S. Bancorp Board in 2023 and brings financial services and risk management expertise. | |
Aleem Gillani Board | Director | Board Member at Freddie Mac | Aleem Gillani joined the U.S. Bancorp Board in 2024 and has a background in financial services and risk management. | |
Dorothy J. Bridges Board | Director | CEO of Metropolitan Economic Development Association (Meda) | Dorothy J. Bridges has been a director at U.S. Bancorp since 2018 and chairs the Public Responsibility Committee. | |
Elizabeth L. Buse Board | Director | Board Member at F5, Inc. | Elizabeth L. Buse has been a director at U.S. Bancorp since 2018 and brings financial services expertise from her roles at Monitise and Visa. | |
John P. Wiehoff Board | Director | Director at Polaris Industries, Inc., Union Pacific Corporation | John P. Wiehoff has been a director at U.S. Bancorp since 2020 and serves on several boards. | |
Kimberly J. Harris Board | Director | Director at American Water Works Company, Inc., Ameren Corporation | Kimberly J. Harris has been a director at U.S. Bancorp since 2014 and is involved in several committees. | |
Kimberly N. Ellison-Taylor Board | Director | Board Member at EverCommerce Inc., Marathon Petroleum Corporation | Kimberly N. Ellison-Taylor has been a director at U.S. Bancorp since 2021 and has extensive experience in technology and finance. | |
Loretta E. Reynolds Board | Director | CEO of LEReynolds Group, LLC | Loretta E. Reynolds has been a director at U.S. Bancorp since 2022 and brings cybersecurity and risk management expertise. | |
Richard P. McKenney Board | Director | CEO of Unum Group | Richard P. McKenney has been a director at U.S. Bancorp since 2017 and is the CEO of Unum Group. | |
Roland A. Hernandez Board | Lead Independent Director | Director at Fox Corporation, Take-Two Interactive Software, Inc. | Roland A. Hernandez has been a director at U.S. Bancorp since 2012 and has played a significant role in overseeing the company's strategy and governance. | |
Scott W. Wine Board | Director | CEO of CNH Industrial N.V. | Scott W. Wine has been a director at U.S. Bancorp since 2014 and will not stand for re-election after the 2025 Annual Meeting. | |
Warner L. Baxter Board | Director | Former Executive Chairman of Ameren Corporation | Warner L. Baxter has been a director at U.S. Bancorp since 2015 and has extensive experience in the utility industry. | |
Yusuf I. Mehdi Board | Director | Executive Vice President, Consumer Chief Marketing Officer at Microsoft | Yusuf I. Mehdi has been a director at U.S. Bancorp since 2018 and chairs the Cybersecurity and Technology Subcommittee. |
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Can you provide an update on your search for a new head of payments, and elaborate on whether this leadership change might lead to significant strategic shifts, given concerns that U.S. Bank may have underperformed in its payments business?
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With some of your peers expanding their branch networks into new territories, how do you plan to achieve organic growth while balancing investments in branches and digital capabilities, especially in high-growth areas within your current footprint?
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As you approach the $700 billion asset threshold to become a Category 2 bank in 2027, are there any constraints or disadvantages you anticipate in pursuing loan growth due to regulatory considerations?
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Following the less-than-expected investor reception to your recent Investor Day, particularly regarding your Southeast expansion plans, how do you address these concerns, and what factors would prompt you to accelerate share repurchases under your $5 billion authorization?
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Given the current M&A environment and your focus on organic growth, are you completely ruling out bank acquisitions in the Southeast, even small ones, as a means to enhance your growth strategy?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
MUFG Union Bank (MUB) | 2023 |
Recent press releases and 8-K filings for USB.
- US Bancorp delivered strong Q1 2025 results with EPS of $1.03, net income of $1,709M, net revenue of $6,958M, and net interest income of $4,122M with a steady net interest margin of 2.72% .
- Gunjan Kedia is appointed President and CEO effective April 15, 2025 (base salary $1,200,000, 275% target incentive) while Andrew Cecere transitions to Executive Chairman with a base salary of $1,400,000 [doc2].
- The annual shareholder meeting outcomes were disclosed, including director elections, executive compensation approval, auditor ratification, and a rejected shareholder proposal on board oversight of discrimination risks .
- The new CEO outlined a strategy focusing on tighter cost control, advancing organic growth, and transforming the payments business through strategic partnerships such as Union Bank and ELAN franchise .
- US Bancorp maintained robust capital strength with a CET1 ratio of 10.8% as of March 31, 2025, executed modest share buybacks, and provided Q2 guidance projecting net interest income of $4.1–$4.2B alongside full-year revenue growth of 3–5% .
- An amendment to the U.S. Bank Non-Qualified Retirement Plan effective April 15, 2025 freezes benefits for participants based on the actuarial factors in effect [doc0] [doc2].