U.S. Bancorp is a financial services holding company providing a full range of services including lending, depository services, cash management, capital markets, and trust and investment management. The company also engages in credit card services, merchant and ATM processing, mortgage banking, insurance, brokerage and leasing. The company's banking subsidiary, USBNA, is engaged in the general banking business, principally in domestic markets. Banking and investment services are provided through a network of 2,274 banking offices across 26 states, mainly in the Midwest and West regions of the United States. A significant percentage of consumer transactions are completed using USBNA's digital banking services. The company operates a network of 4,524 ATMs and provides 24-hour, seven-day-a-week telephone customer service. Mortgage banking services are provided through banking offices and loan production offices throughout the Company's domestic markets. The company is also one of the largest providers of corporate and purchasing card services and corporate trust services in the United States.

• Employees: 75,465 (as of December 31, 2023)
• Geographic Footprint: 26 states in the U.S.
• Headquarters: Minneapolis, Minnesota
• Founded: 1956
• Number of locations/facilities: 2,795 (1,219 owned and 1,576 leased)
• Revenue: Not Specified (See Key Financial Metrics)
• Key Subsidiaries/Brands: USBNA, Elavon, U.S. Bancorp Investments, Inc., PFM Fund Distributors, Inc. and U.S. Bancorp Advisors, LLC

• CEO: Andrew Cecere
• CFO: John C. Stern
• Chief Operations Officer: Souheil S. Badran
• Chief Human Resources Officer: Elcio R.T. Barcelos
• General Counsel: James L. Chosy
• Chief Diversity Officer: Gregory G. Cunningham
• Chief Information and Technology Officer: Venkatachari Dilip
• Vice Chair and Chief Administration Officer: Terrance R. Dolan
• Chief Social Responsibility Officer: Revathi N. Dominski
• Vice Chair, Wealth, Corporate, Commercial and Institutional Banking: Gunjan Kedia
• Vice Chair, Payment Services: Shailesh M. Kotwal
• Head of Global Markets and Specialized Finance: Stephen L. Philipson
• Vice Chair and Chief Risk Officer: Jodi L. Richard
• Chief Transformation Officer: Mark G. Runkel
• Chief Digital Officer: Dominic V. Venturo
• Vice Chair, Consumer and Business Banking: Timothy A. Welsh

Andrew Cecere has served as CEO since April 2017 and Chairman since April 2018. John C. Stern has served as CFO since September 2023. Other executives have varying tenures in their current roles.

• Annual Revenue: Not Specified (See 2023 Annual Report)
• Net Income: Not Specified (See 2023 Annual Report)
• Total Assets: Not Specified (See 2023 Annual Report)
• Number of Employees: 75,465 (as of December 31, 2023)
• Key Financial Highlights: Refer to the 2023 Annual Report for detailed financial performance metrics.

U.S. Bancorp offers a wide array of financial products and services:

• Lending Services: Traditional credit products, credit card services, lease financing, import/export trade, asset-backed lending, and agricultural finance.
• Depository Services: Checking accounts, savings accounts, and time certificate contracts.
• Ancillary Services: Capital markets, treasury management, and receivable lock-box collection.
• Asset Management and Fiduciary Services: Full range of services for individuals, estates, foundations, business corporations, and charitable organizations.
• Investment and Insurance Products: Offered through non-banking subsidiaries.
• Merchant Processing Services: Provided domestically by Elavon, Inc., and in Canada and Europe through its subsidiaries.
• Corporate Trust and Fund Administration Services: Provided in Europe.

U.S. Bancorp operates through several key business segments:

• Wealth, Corporate, Commercial and Institutional Banking: Provides core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment services. Contributed $3.6 billion of the Company's net income in 2023.
• Consumer and Business Banking: Comprises consumer banking, small business banking, and consumer lending. Contributed $2.2 billion of the Company's net income in 2023.
• Payment Services: Includes consumer and business credit cards, stored-value cards, debit cards, corporate, government and purchasing card services and merchant processing. Contributed $1.2 billion of the Company's net income in 2023.
• Treasury and Corporate Support: Includes the Company's investment portfolios, funding, capital management, interest rate risk management, and income taxes not allocated to the business lines. Recorded a net loss of $1.5 billion of the Company's net income in 2023.

The Company's success depends on its ability to attract, develop and retain skilled employees. The Company is dedicated to fostering a diverse, equitable and inclusive work environment, providing competitive pay and benefits, and supporting professional development. Key strategic initiatives include expanding the talent pipeline, enhancing pay transparency, and supporting flexible work programs. The company also focuses on continuous employee learning and development and has programs such as the Digital and Leadership Academies. The Company is committed to fair pay and continues to prioritize pay equity efforts.

The financial services industry is highly competitive, with competition from 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. Competition is based on factors such as customer service, quality and range of products and services, price, reputation, interest rates, lending limits, and customer convenience. The industry is undergoing rapid technological change, with increased competition from fintech companies.

• Market Position: Not explicitly stated in the document.
• Key Competitors: Other commercial banks, savings and loan associations, mutual savings banks, finance companies, mortgage banking companies, credit unions, investment companies, credit card companies, and fintech companies.
• Industry Trends: Rapid technological change, increased competition from fintech companies, and evolving customer preferences.

• Market Risks: Deterioration in general business and economic conditions, turmoil and volatility in the financial services industry, and increased competition from banks and non-banks.
• Operational Risks: Failures or disruptions in operational, technology or security systems, breaches in data security, and failures to safeguard personal information.
• Financial Risks: Changes in interest rates, deterioration in credit quality of loan portfolios, and risks related to originating and selling mortgages.
• Regulatory Risks: Changes to regulatory capital, liquidity and resolution-related requirements, and changes in or interpretations of tax laws and regulations.
• Strategic Risks: Failure to execute on strategic or operational plans, and effects of mergers and acquisitions and related integration.