Banks should avoid large acquisitions “until the dust settles” from deals done during the financial crisis, U.S. Bancorp Chief Executive Officer Richard Davis said, citing costs that can come years later.
U.S. Bancorp, the largest bank based in the Midwestern U.S., is the leading contender to buy the Chicago branches of Citizens Financial Group Inc. because smaller bidders are wary of raising capital to fund the deal, people with knowledge of the matter said.
Richard Davis, chief executive officer of U.S. Bancorp, the nation’s largest regional lender, said the size of his company is “perfect” and that it intends to be only in businesses where it can compete effectively.
Karen McNeill, Ph.D., used to teach history at the University of California, Berkeley. In June, she took a job as head of family history with Ascent Private Capital Management, a new unit of U.S. Bancorp that manages the affairs of ultra-wealthy families.
U.S. Bancorp Chief Executive Officer Richard Davis joined regional bankers urging regulators to craft rules that won’t unfairly constrain lenders who handled the financial crisis better than their Wall Street rivals.
The Clearing House, the 159-year-old banking association and payments firm owned by commercial lenders, named U.S. Bancorp Chief Executive Officer Richard Davis the next chairman of its supervisory board.
U.S. Bancorp, the nation’s fifth- biggest commercial bank by deposits, said it plans to at least double the percentage of profit it returned to shareholders last year through dividends and share buybacks.