U.S. Bank named Jay Martin president of its new Investment Services division, combining Global Fund Services and Global Corporate Trust. Martin joined the bank in 2023 and has prior experience at Citco, Citi, SWIFT, and BNY Mellon. The division serves institutional clients with fund admin, custody, trustee, and escrow services. U.S. Bank holds the top market share in corporate trust across the U.S. and Europe.

U.S. Bancorp Shareholders Approve All Management Proposals at 2025 Annual Meeting


Minneapolis, MN – U.S. Bancorp (NYSE: USB) announced the results of its 2025 Annual Meeting of Shareholders held on April 15, where all management proposals were approved by strong majorities, while a shareholder proposal failed to gain support.

Board of Directors Elected

Shareholders re-elected all thirteen director nominees to serve until the 2026 Annual Meeting. Each nominee received over 1.16 billion votes in favor, with Warner L. Baxter, Elizabeth L. Buse, Alan B. Colberg, and Aleem Gillani among the highest-supported. Chairman and CEO Andrew Cecere was re-elected with over 1.19 billion votes cast in favor.

Executive Compensation Approved

An advisory resolution approving executive compensation received 1.11 billion votes in favor, with approximately 105 million against and 6.6 million abstentions.

Auditor Ratified

The appointment of Ernst & Young LLP as U.S. Bancorp’s independent auditor for fiscal year 2025 was ratified by shareholders, receiving over 1.33 billion votes in favor.

Shareholder Proposal Not Approved

A shareholder proposal requesting a report on board oversight of discrimination-related risks failed to pass. Only 21 million votes were cast in favor, with over 1.18 billion voting against the measure.

About U.S. Bancorp

Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association and the fifth-largest commercial bank in the United States. The company provides a comprehensive range of financial services including lending, payment services, wealth management, and investment banking.

U.S. Bancorp Promotes Adam Graves to Senior Executive Vice President Overseeing Strategy and Corporate Functions

U.S. Bancorp (NYSE: USB) announced that Adam Graves has been promoted to senior executive vice president and head of enterprise strategy and administration. Graves will now oversee not only strategy and corporate development, but also corporate real estate and procurement, marketing and customer experience, public affairs and communications, and strategy and administration risk.

Graves, 47, joined U.S. Bank in 2018 and has led finance strategy and corporate development before becoming head of strategy in 2023. His prior experience includes leadership roles at Goldman Sachs. In his new capacity, Graves will report directly to CEO Gunjan Kedia and join the company’s managing committee.

Kedia praised Graves for his bold leadership and commitment to growth, stating he is well-positioned to elevate the company’s strategy and strengthen its brand and stakeholder engagement.

As of March 31, 2025, U.S. Bancorp had approximately $676 billion in assets and 70,000 employees. The bank has received recognition for ethics, innovation, and customer service, including being named one of the 2025 World’s Most Ethical Companies.

U.S. Bancorp Q1 2025 Summary

Net income was $1.71 billion ($1.03 per share), up 30% year-over-year. Return on tangible common equity was 17.5%, ROA 1.04%. Revenue rose 3.6% to $6.96 billion. Net interest income increased 2.7% to $4.12 billion, with a 2.72% net interest margin. Noninterest income was up 5% to $2.84 billion.

Expenses fell 5.1% to $4.23 billion (down 0.9% adjusted). Credit loss provision was $537 million, down 2.9%. Net charge-offs rose to $547 million. CET1 ratio improved to 10.8%. Average loans rose 2.1%; deposits rose 0.7%.

Segment results:
- Wealth, Corporate & Institutional: income $1.17 billion, down 8% q/q, up 4% y/y
- Consumer & Business: $398 million, down 8% q/q, down 15% y/y
- Payment Services: $340 million, up 59% q/q, up 44% y/y
- Treasury & Corporate: loss of $200 million

Loan growth came from commercial and mortgages; CRE and auto loans declined. Payment services and mortgage banking boosted fees. Expenses reflected higher marketing, tech, and comp.

U.S. Bank expanded products with State Farm and launched a new 0% APR credit card and spend management tool.

U.S. Bancorp Announces Executive Compensation Adjustments Following Leadership Transition

U.S. Bancorp has formalized executive compensation changes following its recent leadership transition, as disclosed in a regulatory filing dated April 15, 2025.

Effective April 16, 2025, newly appointed President and CEO Gunjan Kedia will receive a base salary of $1.2 million and an annual cash incentive target equal to 275% of her base salary. Additionally, Kedia will be granted a performance-based restricted stock unit (PRSU) award valued at $1.5 million under the 2024 Stock Incentive Plan. The structure mirrors similar 2025 awards for other top executives, reflecting her expanded role and market pay standards.

Former Chairman and CEO Andrew Cecere, who now serves as Executive Chairman, will receive a base salary of $1.4 million starting April 16, 2025. The Board also approved an amendment to the U.S. Bank Non-Qualified Retirement Plan, freezing Cecere’s supplemental benefit as of April 15, 2025. His payout will follow the lump sum terms elected previously and be calculated using the interest rate and mortality assumptions applicable on the freeze date.

U.S. Bank Launches Business Essentials: All-in-One Checking and Payments Solution for Small Businesses

U.S. Bank has introduced Business Essentials®, a bundled checking and payments acceptance solution tailored for small businesses. The account combines essential financial tools into a single digital interface with no monthly maintenance fees and includes card payment capabilities and same-day funding.

Key features of Business Essentials include:
- A checking account with no monthly fee
- Free same-day access to funds from card payments
- A free Ingenico Moby/5500 mobile card reader
- Unlimited digital transactions
- Fraud prevention tools and cash flow insights
- Integration with accounting and budgeting software
- A streamlined application and onboarding process

The offering responds to the 80% of small business owners in a recent U.S. Bank survey who prefer a bundled banking and payments experience. It aims to save time and reduce operational complexity.

Shruti Patel, chief product officer for business banking, highlighted the product’s ability to reduce the administrative burden for small business owners. Arijit Roy, head of consumer and business banking products, noted that quicker access to funds and an integrated experience can help drive business growth.

U.S. Bank serves more than 1.4 million small businesses nationwide with a broad range of digital, deposit, credit, and payment services.

U.S. Bank’s Elavon has climbed two spots in the 2025 Nilson Report rankings, becoming the fifth-largest U.S. merchant acquirer by Mastercard and Visa purchase volume. This advancement also makes Elavon the second-largest bank-owned acquirer in the U.S. The company is now ranked sixth for total purchase volume across all card types and continues to hold fourth place in card-not-present purchase volume, which includes eCommerce transactions.

Elavon’s CEO, Jamie Walker, credited the rise to the company's innovative, technology-driven solutions and growing list of strategic partnerships. Elavon processes over $576 billion in transactions annually and provides services to more than 1.3 million customers, including eight of the world’s top ten airlines and seven of the largest U.S. hotel brands.

Recent product rollouts like the Avvance point-of-sale lending solution, the Elavon Payments Gateway, and talech terminal are designed to help businesses streamline operations and enhance customer payment experiences.

Owned by U.S. Bank, the fifth-largest commercial bank in the U.S., Elavon continues to expand its reach and relevance in the evolving payments landscape.

U.S. Bancorp (NYSE: USB) will release its first quarter 2025 earnings results before the market opens on Wednesday, April 16, 2025. At 8 a.m. CT, President and Chief Executive Officer Gunjan Kedia and Senior Executive Vice President and Chief Financial Officer John Stern will host a conference call to review the financial results. The live conference call will be available online or by telephone.

U.S. Bancorp has introduced the U.S. Bank Shield Visa Card, offering a 0% introductory APR for 24 billing cycles on purchases and balance transfers. After the introductory period, the card's APR will range from 17.74% to 28.74%. The Shield Card includes purchase protection benefits and cash-back rewards, with 4% cash back on prepaid air, hotel, and car reservations booked through the U.S. Bank Travel Rewards Center and an annual $20 statement credit after 11 consecutive months of purchases.

Additional protection benefits include cell phone protection of up to $600 for damage or theft, auto rental collision damage waiver, extended warranty protection, and purchase security covering theft or damage within 90 days of purchase.

The Board of Directors of U.S. Bancorp (NYSE: USB) has declared a regular quarterly dividend of $0.50 per common share, payable April 15, 2025, to stockholders of record at the close of business on March 31, 2025. At this quarterly dividend rate, the annual dividend is equivalent to $2.00 per common share.

U.S. Bancorp announced leadership changes as part of a transition plan. Shailesh M. Kotwal will step down as Vice Chair, Payment Services, on February 3, 2025, but will continue in an advisory role until June 30, 2025, to support the leadership transition. Additionally, Scott W. Wine informed the board that he will not seek re-election at the 2025 Annual Meeting of Shareholders, citing personal reasons after a decade of service.