Facing dramatic changes in retail business trends, U.S. Bancorp is planning an overhaul of the operation but admits the efforts will not bear fruit in time for the company to be able to meet earnings expectations this quarter and next year.

Instead, top U.S. Bancorp executives said that major investments in retail banking will actually contribute to a shortfall in earnings for the coming year, but they characterized the pain as necessary for growth.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.