U.S. Bancorp in Minneapolis has named Tim Welsh, a longtime consultant to the banking industry, as its new head of consumer and small-business banking.

Welsh will succeed Kent Stone, who announced his retirement earlier this year. He is expected to join the $450 billion-asset company on July 10 and will report to President and CEO Andy Cecere. In his role as vice chairman of consumer banking sales and support, Welsh will oversee U.S. Bank’s overall consumer and small-business strategy, as well as digital activities.

Most recently, Welsh was a senior partner at McKinsey & Co., where he worked for 26 years specializing in financial services and consumer experience. He is one of only 30 senior partners elected to serve on McKinsey's Shareholders Council, its board of directors, and has worked closely with U.S. Bank for the past 10 years.

Tim Welsh, head of consumer and small-business banking at U.S. Bancorp.
Welsh had been a senior partner at McKinsey & Co., where he specialized in financial services and consumer experience.

"Tim is a well-known and highly regarded strategic thought leader in the financial services industry," Cecere said in a news release Friday. "He is a strong fit for our culture, and his appointment to this role will enable us to continue to position the company for ongoing, sustainable growth."

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