At a time when most of the banking industry has begun to whisper about a distant glimmer of normalized earnings, U.S. Bancorp is looking pretty normal already.

It presented an appearance of good health on its first-quarter earnings call, despite having gone without a couple of key crutches that radically boosted the earnings of most larger competitors. U.S. Bancorp's new sources of earnings were commercial banking staples like payments and treasury services, not turbocharged fixed-income trading.

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