U.S. Bancorp (USB) Presents at Goldman Sachs 2023 US Financial Services Conference (Transcript)

U.S. Bancorp (NYSE:USB) Goldman Sachs 2023 US Financial Services Conference December 6, 2023 10:40 AM ET

Company Participants

Andrew Cecere - Chairman, President & CEO
John Stern - CFO

Conference Call Participants

Richard Ramsden - Goldman Sachs

Richard Ramsden

We're going to get started in one minute. Okay. So we will -- we're going to move on to the next presentation. We're delighted to have U.S. Bancorp with us today. Andy, obviously, has been a very regular attendee at this conference. He has been at U.S. Bancorp, I believe, 38 years?

Andrew Cecere

Correct.

Richard Ramsden

And CEO for 7. And he's joined by John Stern, who's CFO. John and Andy, thank you so much for joining us. I think they're going to give a short presentation and then join us for a fireside chat. So Andy, over to you.

Andrew Cecere

Thank you, Richard. And John and I will just tag team on a short overview of the bank, and then we'll be happy to take any questions.

Let me start by mentioning, we may be referring to some forward-looking statements, so I refer you to Page 2 for some of the risks and uncertainties.

So let me start with the big picture. So I know a lot of you know U.S. Bank, but just from an overview standpoint. As you think about the customers we serve, we're in about just over half the United States where we have branches and ATMs and serve core retail customers. But we're a national business in terms of mortgage, credit card, commercial banking, wealth management, institutional services serving customers across the United States in all states.

And then we have 3 global businesses: merchant acquiring, all about merchant acquiring, global fund services and global corporate trust. Importantly, on the next page is -- are the businesses that we serve