Latest news with #GunjanKedia
Business Wire
6 days ago
- Business
- Business Wire
U.S. Bancorp to speak at the Morgan Stanley US Financials Conference
MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that President and Chief Executive Officer Gunjan Kedia and Vice Chair and Chief Financial Officer John Stern will present at the Morgan Stanley US Financials Conference. The presentation will begin at 8:15 a.m. ET on Wednesday June 11 in New York. A live audio webcast will be available on the day of the conference, at the ' Webcasts and Presentations ' section of the U.S. Bank Investor Relations website. A replay will be made available on the same site following the event. About U.S. Bancorp U.S. Bancorp, with approximately 70,000 employees and $676 billion in assets as of March 31, 2025, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2025 World's Most Ethical Companies and one of Fortune's most admired superregional banks. To learn more, please visit the U.S. Bancorp website at and click on ' About Us.'
Yahoo
18-04-2025
- Business
- Yahoo
U.S. Bank's new CEO Gunjan Kedia says she's ‘not happy' with its stock price: Urgency, discipline, and growth will be key to her tenure
Gunjan Kedia, newly appointed CEO of U.S. Bank, emphasized urgency, discipline, and growth in her first earnings call, aiming to restore investor confidence amid a challenging financial climate and lackluster stock performance. Despite surpassing Q1 expectations, Kedia acknowledged the need for swift action, outlining priorities like cost control, organic growth, and transforming the company's payments business to drive long-term value. Gunjan Kedia is taking over U.S. Bank at a tough time for the finance industry, but the pillars of her leadership were made clear in her first earnings call as CEO this week: Urgency, discipline, and growth. Kedia takes on the top job at U.S. Bank having served as president since 2024 and before that, vice chair of wealth, corporate, commercial and institutional banking. As markets continue to experience volatility on a global scale as a result of increasing tensions between major economic powers, Kedia sought to restore confidence in U.S. Bank with a solid outlook for its future. U.S. Bank beat market expectations with its Q1 results, posting revenues of $6.96 billion, above the forecast of $6.91 billion, and EPS of $1.30, comfortably exceeding the forecast of 99 cents. Yet the beat hasn't been enough to impress Wall Street, which fell 2% the day after its earnings call. Kedia, who has been with U.S. Bank since 2016, made it clear to shareholders she wasn't satisfied with a stock price of approximately $38 which is down 21% for the year to date. "I'm not happy with the stock performance," Kedia told investors on the earnings call this week. "We feel the urgency and we hear the message. "The priorities that I have laid out do reflect my observations and what we need to do differently. So the expense discipline, which was very core to the U.S. Bank story needs to come back, and you've seen us make very strong progress there." Kedia pointed to the fact that the bank has delivered six consecutive quarters of expense discipline on an adjusted basis, which she said provided a solid funding mechanism for organic growth. The focus on costs comes after questions of over leverage at U.S. Bank, which completed the purchase of Tokyo-based MUFG in December 2022—the sale coming in at $5 billion, plus 44 million U.S. Bancorp shares (which had an average price of $44 over the past five years). In the company's 2025 proxy statement Andrew Cecere, who held the CEO title prior to Kedia, highlighted the investment will now begin to pay off. The story will be the same, he added, for the billions the bank had spent on improving technologies and digital capabilities, as well as launching new services such as Business Access advisors and payments provider U.S. Bank Smartly. Kedia clearly wants to hit the ground running, and with the business's stock price tipping in the wrong direction knows she needs to score some wins fast. "We are very fortunate to have a deep management bench, and I'm confident we will execute with urgency on our priorities," she said in opening remarks, adding in her closing statements that she will be pushing the company's culture towards faster results. "We have an exceptional franchise and we're very confident that the results will be better going forward," she added. And the outlook for the future was clear, U.S. Bank wants growth. That includes revenue targets of an uptick between 3% and 5%, loan and fee growth, and spending on growth-oriented investments—all building to the goal of organic expansion. "Our consistent and deep culture of risk management will continue to be a competitive advantage," Kedia said. "The macroeconomic backdrop has shifted since our Investor Day in September, and I acknowledge that there is still considerable uncertainty to the outlook," she added. "However, a wide range of plausible forward looking macroeconomic scenarios still support our targets. I have three immediate strategic priorities to achieve our goals to tightly manage our expenses, drive organic growth across our business and transform our payments business. "It is important to emphasize that while we are focused on organic growth, we remain deeply committed to high returns and a disciplined risk management culture." This story was originally featured on Sign in to access your portfolio
Reuters
17-04-2025
- Business
- Reuters
US Bancorp's first-quarter profit jumps on higher fee income
April 16 (Reuters) - US Bancorp (USB.N), opens new tab reported a rise in its first-quarter profit on Wednesday, helped by higher trust and investment management fees, sending its shares up 2% in premarket trading. Uncertainties caused by tariffs threat have led to a decline in global markets, but prompted investors to actively rejig their portfolios. Bigger rivals such as Goldman Sachs (GS.N), opens new tab and JPMorgan Chase (JPM.N), opens new tab have also reported strong performance in their trading businesses. The Reuters Tariff Watch newsletter is your daily guide to the latest global trade and tariff news. Sign up here. US Bancorp reported a 6.1% rise in trust and investment management fees to $680 million during the quarter ended March 31. It expects fee income to grow in mid-single digits in medium term. The Minneapolis, Minnesota-based bank's net interest income — the difference between what banks pay customers on deposits and earn as interest on loans — rose 2.7% to $4.09 billion during the period. US Bancorp in January had appointed Gunjan Kedia as its chief executive officer — the first woman in the bank's history to take up the role. She is a successor to Andy Cecere and started in the position on April 15. The bank earned $1.03 per share on an adjusted basis during the quarter, compared with 90 cents per share a year earlier. Its provisions for credit losses for the first quarter stood at $537 million, down from $560 million in the preceding three months and $553 million a year ago.
