Sector: Financials|Industry: Banks - Regional|Market Cap: $74.27B|Employees: 75.5K
U.S. Bancorp is a financial services holding company providing a full range of services including lending, depository, cash management, capital markets, and trust and investment management. The company operates primarily in the Midwest and West regions of the United States, with a significant presence in digital banking. U.S. Bancorp is a large bank holding company subject to extensive regulatory oversight.
The company's net income increased by $202 million in the Wealth, Corporate, Commercial and Institutional Banking segment and $378 million in the Consumer and Business Banking segment, primarily due to the acquisition of MUFG Union Bank. However, the Treasury and Corporate Support segment recorded a net loss of $1.5 billion, a decrease of $826 million compared to 2022.
Payment Services contributed $1.2 billion to the company's net income in 2023, a decrease of $150 million (11.2 percent) compared with 2022, indicating a potential weakness in this segment.
The company recognized additional noninterest expense of $734 million for the FDIC special assessment in the fourth quarter of 2023, indicating a significant one-time expense impacting overall profitability.