U.S. Bancorp said Friday that it has combined its wealth management and securities services units into a single division.
It will be run by Diane Thormodsgard, who has been a vice chairman and the head of the wealth management business since April, the Minneapolis company said.
Mark Jordahl was promoted to run the wealth management group, which will include U.S. Bancorp's private client, private asset management, and investment and insurance service businesses. Previously, each of the businesses were run autonomously.
Mr. Jordahl, who was the chief investment officer for the proprietary fund unit, said that the change is designed to create a more "unified team approach" to wealth management and increase cross-selling.
U.S. Bancorp also said it plans to open a call center in downtown Eau Claire, Wis., late next month to serve retail bank customers. The center will employ 70 people.
