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U.S. Bancorp will raise reserves for bad mortgages in response to a directive from Freddie Mac, CEO Richard Davis said. He also foresees a "difficult" next year in banking, and is cautious on M&A.
December 4 -
U.S. Bank has partnered with Carlson Rezidor Hotel Group to offer a new rewards card.
December 3
U.S. Bancorp (USB) is losing two members of its executive team while adding three.
The $352 billion-asset company said late Tuesday it has named John Elmore and Kent Stone to succeed Richard Hartnack, vice chairman of consumer and small business banking, when Hartnack retires in March.
U.S. Bancorp, based in Minneapolis, also said that James Chosy, the general counsel of Piper Jaffray Companies (PJC), will succeed Lee Mitau, the company's current general counsel, when Mitau retires
Both Hartnack, 67, and Mitau, 64, are expected to retire on March 1.
Elmore, who joined U.S. Bancorp in 1988, currently serves as the company's head of community banking. Following Hartnack's retirement, Elmore will add responsibility for the company's roughly 3,100 branches, including its in-store and onsite banking.
Stone, who joined the company in 1980, heads consumer banking for the company. He will add responsibility for the company's lending businesses, product management and consumer and small business strategy.
"The entire retail bank had been reporting to Rick and now it will be split in two," U.S. Bank spokesman Tom Joyce told American Banker. "John now will have all of our retail branches, which includes community banking. Kent has all of the lending and the product areas reporting up into him."
Joyce added that both retirements and the ensuing succession plan have been underway for a while. Elmore, Stone and Chosy all will report to chief executive Richard Davis and serve on U.S. Bancorp's 15-member managing committee.
The appointment marks a return to U.S. Bancorp for Chosy, who served as associate general counsel at the company before joining Piper Jaffray in 2001.
