U.S. Bancorp (USB) Barclays 23rd Annual Global Financial Services Conference summary

Leadership transition and strategic priorities

• New CEO focused on building a talented leadership team and rewiring the organization for urgent execution.

• Three key priorities: expense stabilization, organic growth, and payments transformation.

• Emphasis on deepening client relationships and leveraging brand strength.

• Consistent delivery to investors remains a work in progress.

Financial performance and guidance

• Seven consecutive quarters of stable expenses, supporting positive operating leverage and investment in growth.

• Fee growth trends are strengthening, with a balanced mix across payments, trust, investments, and consumer fees.

• No change to full-year revenue guidance; expected to be at the lower end of 3%-5% growth.

• Net interest income for Q3 expected at the high end of the $4.1B-$4.2B range.

• Path to 3% net interest margin by 2027, dependent on rate cuts and asset mix improvements.

Technology and investment strategy

• Annual tech investment of $2.5B, with two-thirds focused on growth and one-third on system maintenance.

• Focus on cloud utilization, product development, and technology reusability to drive productivity.

• Additional investments in sales, marketing, and distribution to build the franchise.