U.S. Bancorp (NYSE:USB) Goldman Sachs 2023 US Financial Services Conference December 6, 2023 10:40 AM ET Company Participants Andrew Cecere - Chairman, President & CEO John Stern - CFO Conference Call Participants Richard Ramsden - Goldman Sachs Richard Ramsden We're going to get started in one minute. Okay. So we will -- we're going to move on to the next presentation. We're delighted to have U.S. Bancorp with us today. Andy, obviously, has been a very regular attendee at this conference. He has been at U ...

U.S. Bancorp (NYSE:USB) BancAnalysts Association of Boston Conference November 2, 2023 8:10 AM ET Company Participants Gunjan Kedia - Vice Chair, Wealth, Corporate, Commercial and Institutional Banking John Stern - Senior EVP and CFO Conference Call Participants Unidentified Analyst - Unidentified Analyst - Chris Kotowski - Oppenheimer Unidentified Analyst Please join me in welcoming U.S. Bancorp financial services company with international operations and is a parent company of U.S. Bank. It is headquar ...

November 2, 2023 BancAnalysts Association of Boston Conference 2023 John Stern Senior Executive Vice President and Chief Financial Officer Gunjan Kedia Vice Chair, Wealth, Corporate, Commercial, and Institutional Banking ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or ot ...

U.S. Bancorp (NYSE:USB) Q3 2023 Results Conference Call October 18, 2023 8:00 AM ET Company Participants George Andersen - Investor Relations Andy Cecere - Chairman, President & CEO Terry Dolan - Vice Chair & CFO John Stern - SVP & Head of Finance Conference Call Participants Ebrahim Poonawala - Bank of America John McDonald - Autonomous Research Mike Mayo - Wells Fargo Security John Pancari - Evercore Scott Siefers - Piper Sandler Erika Najarian - UBS Gerard Cassidy - RBC Vivek Juneja - JPMorgan Matt O'Con ...

https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/s_m_content_809cb61dd471bbcf5f7166ad078e861b.html ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from (not applicable) Commission file number 1-6880 U.S. BANCORP (Exact name of registrant as specified in its charter) Delaware 41-0255900 (State or other j ...

U.S. Bancorp (NYSE:USB) Q2 2023 Earnings Conference Call July 19, 2023 10:00 AM ET Company Participants Andy Cecere - Chairman, President & CEO Terry Dolan - Vice Chair & CFO John Stern - SVP & Head of Finance George Anderson - SVP & Director, IR Conference Call Participants Scott Siefers - Piper Sandler John Pancari - Evercore, Inc. Ebrahim Poonawala - Bank of America Ken Usdin - Jefferies Erika Najarian - UBS John McDonald - Autonomous Research Chris Kotowski - Oppenheimer & Co. Vivek Juneja - JPMorgan Ge ...

July 19, 2023 U.S. Bancorp 2Q23 Earnings Conference Call ...

Summary of U.S. Bancorp Conference Call Company Overview - **Company**: U.S. Bancorp (NYSE: USB) - **Date**: June 13, 2023 - **Participants**: Andrew Cecere (Chairman, President, and CEO), Terry Dolan (Vice Chair and CFO), Betsy Graseck (Morgan Stanley) Macro Environment and Trends - **Consumer Spending**: Increased spending on travel and entertainment, but a slowdown in retail discretionary items noted [4][5] - **Deposit Balances**: Starting to revert to pre-COVID levels, with expectations to reach these levels by Q3 [4] - **Loan Demand**: Decreased compared to the previous year, with flat utilization rates [5] - **Economic Outlook**: Anticipation of one more rate increase in summer, followed by flat rates; projection of a soft, moderate recession [5] Financial Guidance - **Net Interest Margin (NIM)**: Expected to be lower due to elevated cash balances; guidance for full year remains at 3% to 3.05% [7][8] - **Net Charge-Offs**: Expected to increase to about 50 basis points by mid-2024 [8] - **Tax Rate**: Anticipated to be around 24% for Q2 and full year, slightly up due to capital optimization activities [9] Strategic Priorities 1. **Union Bank Integration**: Successful integration completed, with significant digital enablement and cost takeouts projected at $900 million by 2024 [11][12] 2. **Digital Capabilities**: Continued investment in digital platforms and customer engagement [13] 3. **Payments Ecosystem**: Focus on enhancing payment capabilities, particularly for small and mid-sized businesses [14][15] Revenue Opportunities - **Union Bank Customer Base**: Potential to increase penetration in payments and card services, with expectations of 20% new customers and 25%-30% new revenue [16] - **Investment in Technology**: $2.5 billion annual spend on technology, with a focus on operational efficiency and cloud migration [18][23] - **AI Integration**: Active exploration of AI use cases across various business lines, with a more significant impact expected in 2-3 years [24][26] Capital Management - **CET1 Ratio**: Targeting 10.5% by year-end 2024, with a comfortable position of 9% by the end of this year [31][32] - **Risk Weighted Asset Optimization**: Identified actions to achieve 50 basis points of capital accretion without significant operational impact [35][36] - **TLAC Requirements**: Anticipated need to issue $10 billion to $20 billion in debt to meet new TLAC rules [45][46] Deposit and Loan Insights - **Deposit Mix**: Expectation of non-interest bearing deposits to decrease to low 20s percentage [53] - **Loan Growth**: Modest growth anticipated due to cautious business sentiment; focus on credit card growth and limited commercial real estate growth [77] Credit Quality - **Commercial Real Estate Exposure**: Represents 14% of the portfolio, with office space being a focus area due to pandemic impacts; manageable risk with 2% of loans in office space [80][81] Conclusion - U.S. Bancorp is navigating a complex macroeconomic environment with strategic initiatives focused on integration, digital capabilities, and payment ecosystems. The company is preparing for potential economic challenges while maintaining a strong capital position and exploring growth opportunities in its customer base and technology investments.