The Company's workforce strategy emphasizes promoting in-person engagement across more than 20 corporate hub locations, its branch network, and business centers. This suggests a focus on enhancing collaboration and customer service through physical presence.

During 2024, employees completed over 1.8 million hours of training through the Company's enterprise learning programs. This highlights the Company's commitment to upskilling its workforce and adapting to evolving business needs.

Succession planning and talent development processes remain a top priority for the Company along with continuous improvements to its training and development programs. This indicates a focus on leadership continuity and employee growth.

The Company's Board of Directors oversees the Company's human capital management, including through its Compensation and Human Resources Committee. This demonstrates governance oversight of key human resource practices and programs.

The change in the U.S. presidential administration and control of the U.S. Senate will likely result in changing federal regulatory priorities. Any shifts in state or federal regulatory priorities may result in increased compliance costs and regulatory risks.

The Company may not be successful in preventing or mitigating the impacts of a future cybersecurity incident that could have a material adverse effect on the Company or its business strategy, results of operations or financial condition.

The Company competes with other commercial banks, savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions, investment companies, credit card companies and a variety of other financial services, advisory and technology companies.

In recent years, competition has increased from institutions not subject to the same regulatory restrictions as domestic banks and bank holding companies, including by financial technology companies, or 'fintechs,' which may offer bank-like products or services that compete directly with the Company's products and services.

The Company's ability to continue to compete effectively also depends in large part on its ability to attract new employees and retain and motivate existing employees, while managing compensation and other costs.

The Company and its subsidiaries are subject to increasing numbers of regulatory notification and disclosure requirements related to cybersecurity. As of April 2022, banking organizations, such as the Company and USBNA, are required to notify their primary federal regulator within 36 hours of a computer-security incident.

Capital distributions, including dividends and stock repurchases, are subject to the approval of the Company's Board of Directors and compliance with legal and regulatory requirements. This highlights the constraints on capital deployment.

In recent years, federal, state and international lawmakers and regulators have increased their focus on financial institutions' and other companies' risk oversight, disclosures and practices in connection with climate change and other environmental, social and governance matters.

In October 2023, the United States federal banking agencies issued a set of principles relating to the management of climate-related financial risks. The principles apply to banking organizations with over $100 billion in total consolidated assets, including the Company and USBNA.

The operations of the Company's various businesses are affected by federal and state laws and legislative changes and by policies of various regulatory authorities of the United States and the numerous states and foreign countries in which they operate.