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U.S. Bank appoints new president to drive growth

EditorBrando Bricchi
Published 05/03/2024, 03:16 PM

MINNEAPOLIS - U.S. Bancorp (NYSE:USB), the parent company of U.S. Bank, has named Gunjan Kedia as its new president in a move aimed at bolstering growth and enhancing the client experience across its business lines. Kedia, who has been with the bank for over seven years, will report directly to Andy Cecere, the chairman and CEO of U.S. Bancorp.

Kedia's appointment comes as part of the bank's strategy to unify its three main business segments under a single leadership vision. Her role will be critical in driving growth and fostering a holistic approach to client services throughout the company's network. With nearly three decades of experience in financial services, Kedia's leadership background includes significant roles at PwC, McKinsey & Company, BNY Mellon (NYSE:BK), and State Street (NYSE:STT) Financial.

Throughout her tenure at U.S. Bank, Kedia has been instrumental in propelling the growth and deepening client relationships in her areas of responsibility. Her efforts in advancing the company's diversity initiatives and playing a key role in strategic development have been notable. Kedia's excellence in leadership has been recognized through multiple accolades, including being named a six-time American Banker Most Powerful Women in Finance honoree and appearing twice on the Barron’s 100 Most Influential Women in U.S. Finance list.

In her statement, Kedia expressed gratitude for the opportunity to contribute to U.S. Bank's future success on a larger scale. She emphasized her commitment to working collaboratively with leaders across the company's various revenue lines.

U.S. Bancorp, headquartered in Minneapolis, boasts over 70,000 employees and reported $684 billion in assets as of March 31, 2024. The company serves a diverse customer base with services ranging from consumer and business banking to wealth management. U.S. Bank has been recognized for its innovative digital approaches, community partnerships, and quality customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank.

This leadership change is based on a press release statement from U.S. Bancorp.

InvestingPro Insights

As U.S. Bancorp (NYSE:USB) welcomes Gunjan Kedia into her new role as president, investors and stakeholders are closely monitoring the company's financial health and market performance. The latest data from InvestingPro underscores the bank's position in the industry with a substantial market capitalization of $64.68 billion, reflecting its significant scale and presence.

InvestingPro Tips highlight U.S. Bancorp's commendable track record of raising its dividend for 13 consecutive years, signaling a strong commitment to shareholder returns. Moreover, the bank has maintained dividend payments for an impressive 54 consecutive years, which is a testament to its financial stability and prudent management.

Financial metrics reveal a Price/Earnings (P/E) ratio of 13.77, which adjusts to 11.91 when looking at the last twelve months as of Q1 2024, suggesting a potentially more attractive valuation in hindsight. The company's revenue growth over the same period stands at 7.51%, indicating a healthy expansion in its business operations. However, the PEG ratio stands at -0.71, which may warrant further analysis from investors considering growth relative to earnings.

For those interested in further insights, there are additional InvestingPro Tips available for U.S. Bancorp that could provide deeper analysis into the company's prospects, including analysts' earnings revisions and profitability predictions for the year. To explore these valuable tips and more, visit InvestingPro. Remember to use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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