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JPMorgan Chase, but as a top-tier regional bank.

Bank of America, with a more concentrated U.S. presence.

A reliable, full-service bank, similar to a more focused Wells Fargo.

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• Consumer and Business Banking: Provides deposit accounts (checking, savings), consumer loans (mortgages, auto loans, personal loans), and credit cards to individuals and small businesses.
• Payment Services: Offers merchant processing services for businesses to accept card payments and provides corporate payment solutions for companies.
• Wealth Management and Investment Services: Delivers private banking, trust services, investment management, and brokerage services to high-net-worth individuals and institutional clients.
• Corporate and Commercial Banking: Furnishes lending, treasury management, foreign exchange, and capital markets services to middle-market and large corporations.

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U.S. Bancorp (USB) serves a broad range of customers across its diversified financial services operations. As a major commercial bank with a significant retail presence, it serves both individual consumers and various types of businesses. Given the nature of its business, it does not have "major customers" in the sense of a few identifiable corporate clients that dominate its revenue. Instead, its customer base is highly diversified across the following categories:

Customer Categories for U.S. Bancorp (USB)

• Individual Consumers: This category includes everyday people who utilize U.S. Bancorp for personal banking needs such as checking and savings accounts, credit cards, mortgages, auto loans, personal loans, and wealth management services.
• Small to Mid-Sized Businesses: This segment comprises local and regional businesses seeking services like business checking and savings accounts, lines of credit, small business loans, treasury management services, and payment processing solutions.
• Large Corporations and Institutional Clients: U.S. Bancorp also provides commercial banking services, corporate lending, equipment finance, global payment solutions, and treasury management to larger domestic and international companies, as well as institutional investors.

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• Salesforce (CRM)
• Microsoft (MSFT)
• Alphabet Inc. (GOOGL)
• FIS (FIS)
• Fiserv (FI)
• Visa (V)
• Mastercard (MA)

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Gunjan Kedia, Chief Executive Officer

Gunjan Kedia became the Chief Executive Officer of U.S. Bancorp in April 2025, after serving as President since 2024. She joined U.S. Bancorp in 2016, initially as Vice Chair of Wealth Management and Investment Services, and later as Vice Chair of Wealth, Corporate, Commercial and Institutional Banking. With 30 years of experience in financial services, Kedia previously led the investment servicing business in the Americas at State Street Financial and was a member of its Managing Committee. Her career also includes roles at PricewaterhouseCoopers, McKinsey, and Bank of New York Mellon.

John Stern, Vice Chair and Chief Financial Officer

John Stern serves as Vice Chair and Chief Financial Officer, a role he assumed in 2023. He has been with U.S. Bancorp since 2000, holding various leadership positions of increasing responsibility. Prior to becoming CFO, Stern was president of the company's Global Corporate Trust and Custody business from 2021 to 2023 and served as corporate treasurer from 2013 to 2021. He holds an MBA from the University of St. Thomas and a bachelor's degree in finance from the University of Minnesota.

Andrew Cecere, Executive Chairman

Andrew Cecere transitioned to the role of Executive Chairman of U.S. Bancorp in April 2025, having previously served as Chairman and Chief Executive Officer. He has a career spanning nearly four decades at U.S. Bancorp, joining in 1985. His past leadership positions include President and Chief Operating Officer (January 2016 to April 2017) and Vice Chairman and Chief Financial Officer (February 2007 to January 2015). He also served as CFO from 2000 to 2001.

Souheil Badran, Senior Executive Vice President and Chief Operations Officer

Souheil Badran is the Senior Executive Vice President and Chief Operations Officer at U.S. Bancorp.

Elcio R.T. Barcelos, Senior Executive Vice President and Chief Human Resources Officer

Elcio R.T. Barcelos serves as the Senior Executive Vice President and Chief Human Resources Officer for U.S. Bancorp. He joined U.S. Bancorp in September 2020. Before U.S. Bancorp, he was the Chief People Officer and Senior Vice President at Federal National Mortgage Association from April 2018 to August 2020.

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1. Credit Quality Deterioration

   The potential for credit quality to decline poses a significant near-term financial risk for U.S. Bancorp, particularly if the broader macroeconomic environment worsens. Metrics such as the provision for credit losses and the net charge-off ratio are critical indicators to monitor in this regard.

2. Interest Rate Sensitivity

   U.S. Bancorp's net interest income is highly sensitive to fluctuations in interest rates. Changes in interest rates can impact the bank's net interest margin (NIM), which represents the difference between interest earned on assets and interest paid on liabilities. The ongoing battle over the cost of funding deposits and customers shifting funds to higher-yield products further squeeze the bank's cheapest source of funding.

3. Intense Competition

   The company operates in a highly competitive banking landscape, facing challenges from both traditional financial institutions and emerging fintech companies. This competition can drive up funding costs as U.S. Bancorp competes for deposits, and it also pressures high-margin fee income growth in areas like digital payments and wealth management.

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• **Competition from Neobanks and Fintech Companies:** Digital-only banks (neobanks) and specialized fintech companies are rapidly gaining market share by offering highly user-friendly digital experiences, lower fees, and tailored financial products (e.g., high-yield savings accounts, personal loans, budgeting tools). Companies like Chime, SoFi, and Varo are attracting younger and tech-savvy demographics, potentially eroding U.S. Bancorp's deposit base, fee income, and customer relationships, similar to how Netflix challenged Blockbuster's traditional model.
• **Expansion of Big Tech Companies into Financial Services:** Tech giants such as Apple, Google, and Amazon are leveraging their vast customer bases, data insights, and technological capabilities to offer a growing array of financial services, including payment solutions (e.g., Apple Pay, Google Pay), credit products (e.g., Apple Card, "buy now, pay later" services), and even small business lending. These companies can disintermediate traditional banks from their customers, control the primary customer interface, and capture significant portions of the transaction value, akin to how the iPhone disrupted the mobile phone market for incumbents.

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U.S. Bancorp (USB) operates across several main product and service areas, including Consumer and Business Banking, Corporate and Commercial Banking, Payment Services, and Wealth Management and Investment Services. The addressable markets for these services are primarily within the United States.

Addressable Markets for U.S. Bancorp's Main Products and Services (U.S. Market)

• Consumer and Business Banking (Retail Banking):

  The United States retail banking market is valued at approximately USD 0.87 trillion in 2025 and is projected to reach USD 1.08 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.22% during this period. Other estimates indicate the U.S. retail banking market size was valued at USD 1,105 billion in 2024 and is projected to reach USD 1,850 billion by 2032.

• Corporate and Commercial Banking:

  The market size of Commercial Banking in the U.S. is estimated at USD 1.6 trillion in 2025. Separately, the U.S. commercial banking market is projected to reach USD 915.45 billion by 2030, with a CAGR of 4.56% from its 2025 value of USD 732.5 billion. Other sources indicate the U.S. Commercial Banking Market size was valued at USD 231.9 billion in 2024 and is expected to reach USD 351.8 billion by 2033.

• Payment Services:

  The total transaction volume in the U.S. payments market was over USD 10 trillion in 2023, encompassing credit and debit card transactions, as well as Automated Clearing House (ACH) payments. Specifically, credit card transaction volume accounted for approximately USD 5.6 trillion in 2023. The U.S. payment processing solutions market generated revenue of USD 16,000.3 million in 2023 and is expected to reach USD 36,752.5 million by 2030, with a CAGR of 12.6%. The United States mobile payment market reached USD 748.3 billion in 2024 and is projected to reach USD 4,532.3 billion by 2033.

• Wealth Management and Investment Services:

  The Assets under Management (AUM) in the U.S. wealth management market are predicted to reach an impressive USD 67.75 trillion by 2024. Financial advisory services, a significant segment, are estimated to have a volume of USD 65.87 trillion in the same year. The AUM in the wealth management sector is anticipated to grow to USD 91.16 trillion by 2028.

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

1. Growth in Fee-Based Businesses: The company anticipates continued momentum and double-digit growth in its fee-based businesses, particularly in commercial and investment products, and payment services. This focus on fee income diversification is a strategic priority.
2. Expansion into Digital Assets and Capabilities: U.S. Bancorp has established a new Digital Assets and Money Movement organization to accelerate the development of and grow revenue from emerging digital products and services, including stablecoin issuance, cryptocurrency custody, asset tokenization, and digital money movement. The company is also prioritizing ongoing investments in digital capabilities and technology modernization to enhance future competitiveness.
3. Net Interest Income (NII) Growth and Margin Expansion: Strong growth in net interest income is expected to continue, supported by disciplined liability management, strategic investment securities maneuvers, and a favorable loan mix. U.S. Bancorp is targeting a path to a 3% net interest margin by 2027, driven by fixed asset repricing, loan mix, and deposit strategy.
4. Strategic Alliances and New Product Launches: Expanding customer reach through strategic partnerships is a key driver. For instance, the company recently launched co-branded checking and credit card products with Edward Jones, aiming to introduce U.S. Bank products to a new segment of clients beyond its traditional branch network.
5. Deepening Client Relationships and Cross-Selling: The bank's strategy involves leveraging strong market conditions and deepening client relationships across its diverse financial product offerings. This includes enhanced revenue streams from areas such as trust and investment management, payment services, and mortgage banking, by enabling cross-selling opportunities across its comprehensive product portfolio.

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Share Repurchases

• A new share repurchase plan for up to $5 billion of outstanding common stock was authorized on September 13, 2024, with repurchases intended to begin by early 2025.
• This new program replaced a previous share repurchase program approved in December 2020, which had an authorization of up to $3 billion.
• Share repurchases were halted in 2021 following the COVID-19 pandemic and are set to resume in early 2025.

Share Issuance

• In August 2023, U.S. Bancorp issued 24 million shares of common stock to an affiliate of MUFG, valued at $936 million, as part of a debt/equity conversion to repay a debt obligation.
• The number of outstanding shares increased by 3.56% in 2023 to 1.543 billion and by 1.17% in 2024 to 1.561 billion.
• The U.S. Bancorp 2024 Stock Incentive Plan, approved in April 2024, authorized the issuance of 37 million newly-authorized shares, in addition to rollover shares.

Outbound Investments

• On December 1, 2022, U.S. Bancorp completed the acquisition of MUFG Union Bank's core regional banking franchise for $5.5 billion in cash and approximately 44 million shares of U.S. Bancorp common stock, significantly expanding its presence on the U.S. West Coast.
• In 2021, U.S. Bank acquired PFM Asset Management to amplify its institutional asset management capabilities nationwide.
• The company made strategic acquisitions in 2024, including Salucro Healthcare Solutions LLC in August, to expand its focus on the healthcare industry.

Capital Expenditures

• U.S. Bancorp has invested billions of dollars in digital capabilities and technology to enhance customer experience and diversify revenue streams.
• The primary focus of capital expenditures is on digital banking platforms and technology investments.
• While specific forward-looking dollar values for capital expenditures are not available, the company emphasizes continued investment in the business, particularly in technology, as a key part of its strategy for growth in 2025 and beyond.