U.S. Bancorp (USB), headquartered in Minneapolis, MN, is one of the nation's top 10 financial holding companies with approximately $223 billion in assets, 50,000 employees, and a market cap worth of $55 billion. Its current structure was formed in February 2001 through the merger of the former U.S. Bancorp with Firstar Corporation. U.S. Bancorp has operated a well-balanced business model, with non-interest income representing 50% of net revenue in 2006. USB results have been driven by a combination of acquisitions and organic growth. In recent years, USB has been an active acquirer on the processing side of the business, while bank acquisitions have been limited to a couple of fairly small transactions (most likely due to high expectations from sellers).
USB offers a wide array of financial services through four primary segments. Consumer Banking (41% of net revenue in 2006) offers banking services to individuals and small businesses. Wholesale Banking (21%) extends traditional banking services, such as lending, depository, and treasury management to mid-size and larger corporations, financial institutions, and public sector organizations. Payment Services (24%) provides services relating to credit/debit cards, merchant processing, and customized technologically advanced products and services to consumers, merchants, institutions, and affinity partners. Wealth Management (14%) includes private banking, trust, custody, investment management, and related financial advisory services, which are extended to individuals and institutional investors. Treasury and Corporate Support generated the balance, while Capital Markets (U.S. Bancorp Piper Jaffray) was spun off to shareholders in December 2003. At the end of 3Q07, USB had $227.6 billion in total assets, $149.0 billion in loans, and $122.7 billion in deposits.
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