On this page of StockholderLetter.com we present the latest annual shareholder letter from US BANCORP DE — ticker symbol USB. Reading current and past USB letters to shareholders can bring important insights into the investment thesis.
LETTER TO SHAREHOLDERS
Andy Cecere
Chairman and Chief
Executive Officer
For the past eight years, I have had the privilege to wake up every
day and lead what I consider to be one of the best companies in
the financial services industry. It has been the honor of a lifetime,
and it carried important responsibilities: build on the foundation our
predecessors started, take advantage of the moments that will define
our present, and ensure our company s strength and stability for years
to come. I look back with gratitude recognizing the progress we
made on our goals, the dynamic years we experienced together,
and the milestones that are yet to be reached that someone else
will now lead the company through.
LETTER TO SHAREHOLDERS
As I prepare to transition the CEO title to Gunjan Kedia this spring,
I am both reflective and optimistic. I have spent nearly 40 years
working for this wonderful company, and you placed considerable
trust in me. Thank you. Along with our Managing Committee and
our entire team of more than 70,000 employees, we have worked
hard to position the company for the best possible success.
Although some of those choices and investments came at a
short-term cost, they have built a runway for long-term gains.
I am confident in Gunjan and the entire Managing Committee
and their ability to grow and lead U.S. Bancorp into a bright future.
U.S. Bancorp is a strong and respected company, as it has
been for decades. Our stock has traded on the New York Stock
Exchange for 40 years, and we continue to extend our reach
far beyond what our institutional forerunners could have dreamed
at our founding in 1863. We are proud of our ability to consistently
deliver solid financial results no matter the economic climate,
and we will continue to improve our performance. We invested
in the business, rebuilt capital following the MUFG Union Bank
acquisition, managed expenses to improve our efficiency, and
returned to delivering positive operating leverage in the second
half of 2024; we will continue to focus on actions to create value
even in the most challenging of times. That will position us well
for growth in 2025 and beyond.
I look back
with gratitude
recognizing the
progress we made
on our goals, the
dynamic years
we experienced
together, and the
milestones that are
yet to be reached
that someone else
will now lead the
company through.
We talked about our strategy to do so in September, when we
hosted our first Investor Day in five years. Our usual triennial
schedule was preempted first by COVID-19 and then by our
Union Bank acquisition, but getting back to New York City and
telling the U.S. Bank story to our investors and analysts was
a priority for our team. We have invested billions of dollars in
digital capabilities and technology. We have built scale through
acquisitions and innovative partnerships like those we have with
State Farm and Edward Jones. We have enhanced products and
services like the recent launches of U.S. Bank Smartly and our
Business Access advisors. We also have spent considerable time
simplifying and optimizing our organization aligning business
lines under Gunjan, centralizing our operations, and enhancing
our technology experiences for employees and clients.
1
LETTER TO SHAREHOLDERS
All these things came at a cost, whether in terms of resources,
capital or reprioritization. They were, however, the right actions
for our company. We took these steps without ever losing sight
of our foundational strengths in risk and financial discipline or of
our dedication to a culture of engagement and putting our clients
first. Which is why, now, we find ourselves at an inflection point.
It is incumbent upon us to leverage all we have done to maintain
a leadership role in the industry. The investments we have
made over the past seven years are now fully loaded into our
run rate and revenue growth will come through our unique,
interconnected businesses.
We have talked about being one U.S. Bank for many years.
That means we bring the best of our products, services and
relationships to our employees, clients and communities every
day. Interconnectedness is the manifestation of the one U.S. Bank
approach, and it is a focus Gunjan is bringing to the organization
as we head into the future. Our intent is to think as one team, and
more importantly, to deliver for our clients based on their needs,
leveraging our unique set of diverse businesses to help them
achieve their financial objectives.
This focus will help us deepen relationships, and it will allow us to
continue to offer a robust set of innovative solutions to customers.
It will enable us to strengthen partnerships both inside our
physical branch footprint and beyond with digital offerings that
are some of the best in financial services. We aim to always be
nimble and relevant, so we can help clients of all types. That is
true whether it is an individual or family applying for their first
home mortgage or a multinational company seeking to make its
next big move.
Interconnectedness feeds our universal strategy that is enabled
by a unifying purpose and set of core values. It also extends to
our community and corporate responsibility initiatives. You will be
able to read more about this and all our community investment and
efforts in our next corporate responsibility report, which will be
released later this year.
2 U.S. Bancorp Annual Report 2024 | usbank.com/AR2024
Our intent is to think
as one team, and
more importantly,
to deliver for our
clients based
on their needs,
leveraging our
unique set of diverse
businesses to help
them achieve their
financial objectives.
LETTER TO SHAREHOLDERS
These achievements are possible only through the incredible
dedication and commitment of our employees. They believe in
serving our customers better than anyone else could serve them.
They do so the right way, and they treat each relationship like it
is with a family member or friend. Taking care of our employees
needs is equally important to me and our entire Managing
Committee, and we have made significant investments in
training and development, employee technology, and similar
experiences to make it easier for them to do their jobs and
feel enriched while doing so.
The combination of their talent and expertise, along with the
investments we have made, the strategy we have laid out, and
our outstanding leadership team gives me great confidence in
our future. We are focused on capitalizing on our scale advantages
and business optimization efforts to drive growth, efficiency and
solid financial results and returns. We are committed to creating
value for you.
Our growth
strategies and
goals are clear and
achievable. Our
commitments to our
employees, clients
and communities are
as strong as ever.
The economic, regulatory and political environment around
us will continue to evolve. The industry and market challenges
affecting our operations will not abate they may shift from
headwinds to tailwinds and back again, but that just means it
is imperative for us to be ready to perform in any environment.
Our growth strategies and goals are clear and achievable.
Our commitments to our employees, clients and communities
are as strong as ever. And we remain firmly dedicated to
delivering strong financial performance for our shareholders.
Thank you for choosing to invest in U.S. Bancorp. On behalf of
our team of more than 70,000 employees, we appreciate you and
your trust. I am confident in the company s future as I step aside,
and I am eager to see the success the company will achieve with
Gunjan as CEO.
With deep appreciation and gratitude,
Andy Cecere
Chairman and CEO, U.S. Bancorp
3
•
3/5/2025 Letter Continued (Full PDF)
•
3/7/2023 USB Stockholder Letter
•
3/5/2024 USB Stockholder Letter
•
More "Banking & Savings" Category Stockholder Letters
•
USB Benford's Law Stock Score = 98
USB Shareholder/Stockholder Letter Transcript:

Annual
Report
2024

LETTER TO SHAREHOLDERS
Andy Cecere
Chairman and Chief
Executive Officer
For the past eight years, I have had the privilege to wake up every
day and lead what I consider to be one of the best companies in
the financial services industry. It has been the honor of a lifetime,
and it carried important responsibilities: build on the foundation our
predecessors started, take advantage of the moments that will define
our present, and ensure our company   s strength and stability for years
to come. I look back with gratitude     recognizing the progress we
made on our goals, the dynamic years we experienced together,
and the milestones that are yet to be reached that someone else
will now lead the company through.

LETTER TO SHAREHOLDERS
As I prepare to transition the CEO title to Gunjan Kedia this spring,
I am both reflective and optimistic. I have spent nearly 40 years
working for this wonderful company, and you placed considerable
trust in me. Thank you. Along with our Managing Committee and
our entire team of more than 70,000 employees, we have worked
hard to position the company for the best possible success.
Although some of those choices and investments came at a
short-term cost, they have built a runway for long-term gains.
I am confident in Gunjan and the entire Managing Committee
and their ability to grow and lead U.S. Bancorp into a bright future.
U.S. Bancorp is a strong and respected company, as it has
been for decades. Our stock has traded on the New York Stock
Exchange for 40 years, and we continue to extend our reach
far beyond what our institutional forerunners could have dreamed
at our founding in 1863. We are proud of our ability to consistently
deliver solid financial results no matter the economic climate,
and we will continue to improve our performance. We invested
in the business, rebuilt capital following the MUFG Union Bank
acquisition, managed expenses to improve our efficiency, and
returned to delivering positive operating leverage in the second
half of 2024; we will continue to focus on actions to create value
even in the most challenging of times. That will position us well
for growth in 2025 and beyond.
I look back
with gratitude    
recognizing the
progress we made
on our goals, the
dynamic years
we experienced
together, and the
milestones that are
yet to be reached
that someone else
will now lead the
company through.   
We talked about our strategy to do so in September, when we
hosted our first Investor Day in five years. Our usual triennial
schedule was preempted first by COVID-19 and then by our
Union Bank acquisition, but getting back to New York City and
telling the U.S. Bank story to our investors and analysts was
a priority for our team. We have invested billions of dollars in
digital capabilities and technology. We have built scale through
acquisitions and innovative partnerships like those we have with
State Farm and Edward Jones. We have enhanced products and
services like the recent launches of U.S. Bank Smartly   and our
Business Access advisors. We also have spent considerable time
simplifying and optimizing our organization     aligning business
lines under Gunjan, centralizing our operations, and enhancing
our technology experiences for employees and clients.
1

LETTER TO SHAREHOLDERS
All these things came at a cost, whether in terms of resources,
capital or reprioritization. They were, however, the right actions
for our company. We took these steps without ever losing sight
of our foundational strengths in risk and financial discipline or of
our dedication to a culture of engagement and putting our clients
first. Which is why, now, we find ourselves at an inflection point.
It is incumbent upon us to leverage all we have done to maintain
a leadership role in the industry. The investments we have
made over the past seven years are now fully loaded into our
run rate and revenue growth will come through our unique,
interconnected businesses.
We have talked about being    one U.S. Bank    for many years.
That means we bring the best of our products, services and
relationships to our employees, clients and communities every
day. Interconnectedness is the manifestation of the one U.S. Bank
approach, and it is a focus Gunjan is bringing to the organization
as we head into the future. Our intent is to think as one team, and
more importantly, to deliver for our clients based on their needs,
leveraging our unique set of diverse businesses to help them
achieve their financial objectives.
This focus will help us deepen relationships, and it will allow us to
continue to offer a robust set of innovative solutions to customers.
It will enable us to strengthen partnerships     both inside our
physical branch footprint and beyond with digital offerings that
are some of the best in financial services. We aim to always be
nimble and relevant, so we can help clients of all types. That is
true whether it is an individual or family applying for their first
home mortgage or a multinational company seeking to make its
next big move.
Interconnectedness feeds our universal strategy that is enabled
by a unifying purpose and set of core values. It also extends to
our community and corporate responsibility initiatives. You will be
able to read more about this and all our community investment and
efforts in our next corporate responsibility report, which will be
released later this year.
2 U.S. Bancorp Annual Report 2024 | usbank.com/AR2024
Our intent is to think
as one team, and
more importantly,
to deliver for our
clients based
on their needs,
leveraging our
unique set of diverse
businesses to help
them achieve their
financial objectives.   

LETTER TO SHAREHOLDERS
These achievements are possible only through the incredible
dedication and commitment of our employees. They believe in
serving our customers better than anyone else could serve them.
They do so the right way, and they treat each relationship like it
is with a family member or friend. Taking care of our employees   
needs is equally important to me and our entire Managing
Committee, and we have made significant investments in
training and development, employee technology, and similar
experiences to make it easier for them to do their jobs and
feel enriched while doing so.
The combination of their talent and expertise, along with the
investments we have made, the strategy we have laid out, and
our outstanding leadership team gives me great confidence in
our future. We are focused on capitalizing on our scale advantages
and business optimization efforts to drive growth, efficiency and
solid financial results and returns. We are committed to creating
value for you.
Our growth
strategies and
goals are clear and
achievable. Our
commitments to our
employees, clients
and communities are
as strong as ever.   
The economic, regulatory and political environment around
us will continue to evolve. The industry and market challenges
affecting our operations will not abate     they may shift from
headwinds to tailwinds and back again, but that just means it
is imperative for us to be ready to perform in any environment.
Our growth strategies and goals are clear and achievable.
Our commitments to our employees, clients and communities
are as strong as ever. And we remain firmly dedicated to
delivering strong financial performance for our shareholders.
Thank you for choosing to invest in U.S. Bancorp. On behalf of
our team of more than 70,000 employees, we appreciate you and
your trust. I am confident in the company   s future as I step aside,
and I am eager to see the success the company will achieve with
Gunjan as CEO.
With deep appreciation and gratitude,
Andy Cecere
Chairman and CEO, U.S. Bancorp
3



 3/5/2025 Letter Continued (Full PDF)
USB Shareholder/Stockholder Letter Transcript:

USB Stockholder/Shareholder Letter (US BANCORP DE) | www.StockholderLetter.com Copyright © 2023 - 2025, All Rights Reserved

USB Stockholder/Shareholder Letter (US BANCORP DE) | www.StockholderLetter.com
Copyright © 2023 - 2025, All Rights Reserved
