• A full-service bank, similar to a regional version of JPMorgan Chase.
• A traditional, comprehensive U.S. bank, much like a Wells Fargo in the Midwest and West.

• Depository Services: Provides checking accounts, savings accounts, and time certificate contracts for individuals and businesses.
• Lending Services: Offers traditional credit products, mortgage banking, credit cards, lease financing, and asset-backed lending.
• Wealth Management & Investment Services: Manages assets, provides fiduciary services, and offers investment and insurance products.
• Payment Services: Includes merchant processing, corporate and purchasing cards, and ATM processing.
• Capital Markets & Treasury Management: Provides capital markets advisory, treasury management, and receivable lock-box collection services to corporate and governmental clients.
• Fund Administration & Corporate Trust: Offers fund administration services to various funds and corporate trust services.

Major Customers of U.S. Bancorp (USB)

U.S. Bancorp serves a diverse customer base, including individuals, businesses, and institutional organizations. Given its extensive network of banking offices and ATMs, along with dedicated segments like Consumer and Business Banking and Wealth Management, it serves a significant number of individual customers. Therefore, the major customer categories are described below:

• Individuals and Households: This includes a broad spectrum of the general public, from everyday consumers utilizing checking, savings, and lending services (such as mortgages and credit cards), to affluent individuals and estates seeking wealth management, investment products, and fiduciary services.
• Businesses (Small, Commercial, and Corporate): This category encompasses a wide range of enterprises, from small local businesses to large corporations. U.S. Bancorp provides them with traditional credit products, lease financing, asset-backed lending, capital markets services, treasury management, payment processing, and corporate trust services.
• Institutional Organizations and Governmental Entities: This includes foundations, charitable organizations, public sector entities, and other financial institutions. For these clients, U.S. Bancorp offers specialized services such as asset management, fiduciary services, fund administration, and corporate trust services.

Gunjan Kedia, Chief Executive Officer

Gunjan Kedia was appointed Chief Executive Officer of U.S. Bancorp in April 2025, having previously served as President since 2024. Before becoming CEO, she was the Vice Chair of Wealth, Corporate, Commercial and Institutional Banking. With nearly 30 years of experience in financial services, Ms. Kedia joined U.S. Bancorp in 2016. Prior to her time at U.S. Bancorp, she held global executive positions at State Street Financial, where she led the investment servicing business in the Americas, and at Bank of New York Mellon, where she was an executive vice president and head of global product management for its global asset servicing business. Her earlier career included serving as a partner at McKinsey & Co., where she was a core leader of its financial services practice, and starting at PwC.

John Stern, Vice Chair and Chief Financial Officer

John Stern serves as Vice Chair and Chief Financial Officer of U.S. Bancorp, assuming leadership of the Finance division in 2023. He joined the organization in 2000. Throughout his tenure, Mr. Stern has held various senior leadership roles, including President of the Global Corporate Trust and Custody business from 2021 to 2023 and corporate treasurer from 2013 to 2021.

Andrew Cecere, Executive Chairman of the Board

Andrew Cecere became Executive Chairman of U.S. Bancorp in April 2025, after serving as Chairman and Chief Executive Officer from April 2018 to May 2024. He has been with U.S. Bancorp for nearly 40 years, joining the company in 1985. His past roles include President and Chief Executive Officer (April 2017 to April 2018), President and Chief Operating Officer (January 2016 to April 2017), Vice Chairman and Chief Operating Officer (January 2015 to January 2016), and Vice Chairman and Chief Financial Officer (February 2007 to January 2015). Mr. Cecere also previously served as Chief Financial Officer from 2000 to 2001.

Souheil Badran, Senior Executive Vice President and Chief Operations Officer

Souheil Badran joined U.S. Bancorp in December 2022 as Senior Executive Vice President and Chief Operations Officer, a position he is scheduled to retire from in spring 2026. Prior to U.S. Bancorp, Mr. Badran was Executive Vice President and Chief Operating Officer at Northwestern Mutual from January 2019 to November 2022. He also served as President of Alibaba's Alipay business in the Americas from August 2016 to August 2018. His career also encompasses executive leadership positions at Edo Interactive, Digital River, First Data, VeriSign, Digital Insight, and Metavante.

Stephen Philipson, Vice Chair and Head of Wealth, Corporate, Commercial and Institutional Banking

Stephen Philipson has been with U.S. Bancorp since 2009. He was appointed Vice Chair and Head of Wealth, Corporate, Commercial and Institutional Banking (WCIB) in 2024, and his responsibilities were expanded in 2025 to include oversight of U.S. Bancorp Impact Finance. Before leading WCIB, he headed the Global Markets and Specialized Finance group within WCIB.

The key risks to U.S. Bancorp's business operations are primarily centered around economic conditions, interest rate fluctuations, and the evolving regulatory landscape.

1. Deterioration in Credit Quality and Economic Downturns: U.S. Bancorp's performance is significantly susceptible to economic downturns, which can lead to increased loan defaults and a decline in asset quality. The bank has faced substantial provisions for credit losses, and a worsening macroeconomic outlook could quickly reverse positive trends in nonperforming assets.
2. Interest Rate Risk and Net Interest Margin (NIM) Compression: Fluctuations in interest rates directly impact the bank's net interest income. A "higher-for-longer" interest rate environment can elevate funding costs for deposits and pressure the net interest margin. The shift of customer funds to higher-yield products also reduces the availability of cheaper funding sources.
3. Regulatory and Compliance Risks: As a financial services holding company, U.S. Bancorp is subject to extensive and evolving regulatory requirements, including capital and liquidity standards, such as those set by the Federal Reserve and Basel III. Changes in these regulations, or the bank's ability to comply with them, can affect its profitability, capital levels, and operational flexibility. Additionally, cybersecurity threats and data privacy concerns represent ongoing regulatory and operational challenges.

• Digital-first challenger banks and fintech companies offering streamlined, often lower-cost, and digitally native services in areas such as checking accounts, savings accounts, lending, payments, and wealth management, directly competing with U.S. Bancorp's various segments.
• Large technology companies ("Big Tech") leveraging their extensive user bases and technological infrastructure to offer financial products such as payment services, credit cards, and deposit accounts, directly competing with traditional banking services.

U.S. Bancorp (USB) operates in several significant addressable markets within the United States.

Depository Services and Retail Banking

The U.S. retail banking market generated an estimated revenue of USD 454.3 billion in 2024. This market is projected to reach USD 678.3 billion by 2033, growing at a compound annual growth rate (CAGR) of 4.6% from 2025 to 2033. The U.S. retail banking market size is also forecast to increase by USD 92.1 billion at a CAGR of 4.2% between 2024 and 2029.

Lending Services

Commercial Lending

The U.S. Commercial Banking Market size is estimated at USD 226.44 billion in 2024. Total U.S. commercial and multifamily mortgage borrowing and lending was an estimated $429 billion in 2023, with a projected increase to $498 billion in 2024. The U.S. commercial lending market is approximated at around USD 2,399.44 billion in 2025.

Consumer Lending

Total U.S. consumer debt, including mortgage and non-mortgage debt, was $16.99 trillion as of April 2023. Non-mortgage debt specifically accounted for $4.66 trillion, with credit card balances making up 21.2% of this figure in April 2023. Unsecured personal loan balances in the U.S. reached $232 billion in the second quarter of 2023.

Credit Card Services

The U.S. credit cards sector recorded outstanding balances of $1.12 trillion in 2023. The total value of the U.S. credit card market reached $461 billion in 2023. Purchase volume by all general-purpose credit cards issued in the U.S. amounted to $5.821 trillion in 2023.

Wealth Management and Investment Services

The U.S. wealth management market was estimated to hold approximately $47 trillion in assets as of 2023. The total financial wealth of all U.S. households exceeded $90 trillion by year-end 2024. North America's asset management market was valued at USD 178.01 billion in 2023. The U.S. asset management market size is projected to reach USD 70.97 trillion in 2026 and USD 125.98 trillion by 2031, reflecting a 12.16% CAGR.

Payment Services (Merchant Processing)

Total U.S. merchant acquiring net revenue in 2023 was estimated to be around $35 billion, based on a total U.S. acquiring volume of approximately $12.3 trillion. The global merchant acquiring market was valued at USD 23 billion in 2024, with North America holding a leading market share.

Mortgage Banking

Residential mortgage debt in the U.S. totaled $11.92 trillion as of the fourth quarter of 2022. Mortgage originations in the U.S. totaled $1.50 trillion in 2023, with an increase to $1.69 trillion in 2024. The U.S. home mortgage market size was approximately USD 180.91 billion in 2023.

U.S. Bancorp (USB) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Loan Growth and Net Interest Income (NII) Expansion: U.S. Bancorp projects continued growth in average loan balances, particularly within its commercial and credit card portfolios. This growth, combined with an improving deposit mix and the anticipated impact of Federal Reserve rate adjustments, is expected to enhance net interest income (NII) and contribute to the company's target of achieving a 3% net interest margin (NIM) by 2027.
2. Expansion of Fee-Based Businesses: The company is strategically expanding its fee-generating capabilities across various non-interest income segments. This includes growth in payment services, wealth management offerings, and capital markets activities, which are anticipated to be significant contributors to revenue.
3. Strategic Acquisitions: Acquisitions are a key driver, with the pending acquisition of BTIG expected to contribute meaningfully to non-interest income and strengthen U.S. Bancorp's capital markets franchise.
4. Digital Innovation and Customer Engagement: Investments in digital banking platforms and artificial intelligence (AI) integration are aimed at improving customer experience and operational efficiency. Initiatives such as the Bank Smartly consumer banking suite have proven effective in attracting and retaining customers, leading to deposit growth.

Share Repurchases

• U.S. Bancorp's Board of Directors authorized a new share repurchase program for up to $5 billion of outstanding common stock, which commenced on September 13, 2024, with repurchases planned to begin by early 2025.
• This $5 billion program superseded a prior share repurchase plan approved in December 2020.
• As of June 30, 2025, approximately $4.8 billion remained available under the $5 billion share repurchase plan. In 2025, the company returned $3.7 billion to shareholders through dividends and share repurchases.

Share Issuance

• The company issued Series M Depositary Shares on February 2, 2021, and Series O Depositary Shares on February 9, 2022, both with an initial public offering price of $25.00 per depositary share.
• The acquisition of BTIG, LLC, announced in January 2026, includes a component of 6,600,594 shares of common stock as part of the initial $725 million purchase price to be paid at closing.

Outbound Investments

• U.S. Bancorp completed the acquisition of MUFG Union Bank's core regional banking franchise in December 2022, significantly expanding its presence on the West Coast and enhancing its digital capabilities. This acquisition was projected to generate approximately $900 million in pre-tax cost synergies.
• In 2021, the company acquired PFM Asset Management, which amplified its institutional asset management capabilities nationwide.
• The company entered into a definitive agreement to acquire BTIG, LLC, a financial services firm, in January 2026, for a targeted consideration of up to $1 billion. This acquisition is aimed at expanding its capital markets business and serving institutional clients.

Capital Expenditures

• U.S. Bancorp has been making significant investments in digital infrastructure and artificial intelligence (AI), including the introduction of an AI-driven cash forecasting solution (U.S. Bank Liquidity Manager) in November 2025.
• The company's priorities for 2026 include investing for growth, particularly in technology, sales, and marketing.
• U.S. Bancorp is committed to digital transformation, as evidenced by its investment in innovative products and a new learning platform through its Skills Academy to improve operational efficiency and attract tech-savvy customers.