09.13.24

U.S. Bank Reaches its Proving Ground

by: Caitlin Mullen

U.S. Bank CEO Andy Cecere says the bank has made investments in technology and new offerings that have positioned it to improve revenue and employee productivity. The bank is upgrading its expectations of future profit and planning to raise its retail presence in the Southeast. U.S. Bank has updated medium-term expectations for profitability targets, aiming for a return on tangible common equity in the high-teens and an efficiency ratio in the mid- to high-50% range. "We had to make those investments, particularly given the changing dynamic of the banking environment, and the competitive dynamics that were faced,” Cecere adds. Executives at U.S. Bank have repeatedly highlighted the “interconnectedness” of the bank’s various business units, such as its ability to bundle payments and small-business banking.

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