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Speaking at the annual Best Practices in Retail Financial Services Symposium, U.S. Bank CEO Richard Davis and Citizens Republic CEO Cathleen Nash urged retail bankers to consider a proactive approach to new industry regulations.
March 14
Richard Davis of U.S. Bancorp (USB) channeled his inner teenager again this week.
"OMG, no," Davis, the chairman and chief executive of the Minneapolis company, said in answering a question about its corporate banking business this week. An analyst had asked if the company was "leaving money on the table by not having a greater variety" of product offerings.
Davis quickly elaborated on his visceral remark.
"We only do what we understand and that we can control," Davis said. "We have got all the (features) we wanted to in the last few years by building out our wholesale bank and capital markets. Nothing left we covet. There is nothing we don't have that we want."
Davis has used the acronym that stands for "Oh My God," or the tamer "Oh My Gosh," before.
"As my daughter would say, 'OMG'," Davis
Of course, there are plenty of acronyms in banking — NPA (nonperforming assets), G-SIFI (Global Systemically Important Financial Institution) and TCE (tangible common equity) are a few examples.
U.S. Bancorp reported earnings of $1.34 billion, up 28% from a year earlier, and several analysts said it was