Richard K. Davis was elected chairman of U.S. Bancorp on Tuesday, succeeding Jerry A. Grundhofer.
Mr. Davis, who remains president and chief executive, succeeded Mr. Grundhofer as CEO last year, and the latest transition was part of the company's previously announced succession plan.
Mr. Davis, 49, has been president since October 2004 and joined the $228 billion-asset company in 1993.
Mr. Grundhofer, 63, is now chairman emeritus.
The Federal Communications Commission proposed a $4.5 million fine against Voxbeam Telecommunications, which it accused of facilitating fraud scams. Many of the calls spoofed phone numbers belonging to American banks.
New jobs in health care largely drove the gains, while the federal workforce and finance continued to shrink.
The Cincinnati bank's Newline business is now its fastest growing commercial payments segment.
After French authorities stopped a bomb plot against a Bank of America office in Paris, security experts warned banks to step up their preparations for terror attacks.
The largest crypto theft of 2026 hit Drift Protocol after attackers exploited a small security council, putting a spotlight on DeFi vulnerabilities.
The cryptocurrency exchange is the latest digital asset firm to receive a trust bank charter from the Office of the Comptroller of the Currency.
