MINNEAPOLIS - U.S. Bancorp (BVMF:USBC34) (NYSE: USB), a leading financial services provider with a market capitalization of $78.8 billion and a prominent position in the Banks industry, announced the appointment of Courtney Kelso as senior executive vice president and head of Payments: Consumer and Small Business (PCS). According to InvestingPro data, the company has demonstrated strong financial health with a 21.78% total return over the past year. Set to assume her role on February 3, Kelso will oversee various payment-related services, including personal and small business debit and credit cards, among others.
Kelso's extensive background in consumer and small business payments includes over 17 years at American Express (NYSE:AXP), where she held senior positions. Her experience spans payments strategy, branding, marketing, product management, and business development. Kelso is also noted for her educational achievements, holding an MBA from Harvard Business School and a bachelor's degree from Rice University.
In her new position at U.S. Bancorp, Kelso will report directly to President Gunjan Kedia and will be based in New York. Kedia expressed confidence in Kelso's capabilities, noting her "energy, expertise, and vision" as key attributes that will enhance the company's payments franchise.
The strategic hire follows the announcement of Shailesh Kotwal's planned retirement in the first half of 2025. Kotwal has led the Payment Services division for nearly a decade. U.S. Bancorp has decided to reorganize this division into PCS and Payments: Merchant and Institutional (PMI) to acknowledge the significance of this business segment. Plans are in place to ensure a smooth transition of responsibilities.
U.S. Bancorp, headquartered in Minneapolis, reported having over 70,000 employees and $686 billion in assets as of September 30, 2024. The company offers a wide range of financial services, including consumer, business, and commercial banking, as well as institutional banking, payments, and wealth management. Notable for its shareholder returns, InvestingPro analysis shows the bank has maintained dividend payments for 54 consecutive years, with a current dividend yield of 4.08%. The company has raised its dividend for 14 consecutive years, demonstrating strong commitment to shareholder value. U.S. Bancorp has earned recognition for its digital innovation, community partnerships, and customer service. For detailed insights into U.S. Bancorp's financial health and future prospects, investors can access comprehensive analysis through InvestingPro's Research Reports, available for over 1,400 US stocks.
This leadership change is part of U.S. Bancorp's ongoing efforts to grow and refine its payment solutions. With revenue of $24.9 billion in the last twelve months and six analysts revising their earnings upward for the upcoming period, the company appears well-positioned for growth. The information is based on a press release statement from U.S. Bancorp and InvestingPro data.
In other recent news, U.S. Bancorp has seen a series of analyst upgrades. Piper Sandler upgraded the bank's stock to Overweight, citing potential for positive operating leverage. Similarly, DA Davidson and Raymond (NS:RYMD) James raised their ratings from Neutral to Buy and Market Perform to Outperform, respectively. Truist Securities, however, initiated coverage with a Hold rating. The bank has also maintained a robust dividend payment history, declaring dividends for common and preferred stockholders.
U.S. Bancorp's recent performance has been marked by revenue concerns, but management indicates that recent investments are starting to yield results. The bank's revenue reached $24.9 billion in the last twelve months, with analysts projecting a 6% growth for the upcoming fiscal year.
In other strategic moves, U.S. Bancorp has undergone significant leadership restructuring, with CFO John Stern (AS:PBHP) now reporting directly to CEO Andy Cecere. Despite potential regulatory and tax changes, the bank has expressed a clear stance against mergers and acquisitions, focusing instead on organic growth. These are the recent developments for U.S. Bancorp.
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