Timothy Welsh

Timothy Welsh

Age: 56

Vice Chair, Consumer and Business Banking

Tim is vice chair, Consumer and Business Banking (CBB), for U.S. Bancorp. In this role, Tim leads a team of more than 26,000 to drive the company’s overall consumer and small business strategy. This includes the branch network, product management functions, mortgage, auto, deposits, and related operations. CBB represents about half of the loans and deposits of the bank.

Prior to joining U.S. Bancorp in 2017, Tim spent more than 26 years at McKinsey & Co., specializing in financial services and the consumer experience. Serving as senior partner, Tim was elected by his colleagues to the McKinsey’s Shareholders Council, led McKinsey’s global learning and development function, and co-led the firm’s people strategy.

Throughout his career, Tim’s work has focused on financial services, where he has worked extensively on connecting with consumers and small businesses to develop strategies that generate significant growth. In addition, his work in other industries focused on understanding consumer behavior and creating strategies to respond to consumer preferences.

Tim is active with many non-profit organizations, including the Minnesota Orchestra, Y of the North, the Constellation Fund, the Minneapolis Institute of Art, and the Ordway. He is the chair of the board for GREATER MSP, vice chair of the board of Allina Health, and lead independent director for the GHR Foundation.

Nationally, Tim serves as co-chair of the Small Business Committee of Project REACh. He also serves on the boards of the Consumer Bankers Association, Catholic Charities USA, and is a member of the Global Board of Advisors for Operation HOPE.

In addition, Tim is a founder of the Itasca Project, a dedicated team of business, government and not-for-profit leaders who are working to improve the quality of life in Minneapolis and St. Paul. Tim is also a founding board member of Upside Foods (formerly Memphis Meats).

Tim holds a masters of business administration with distinction from Harvard Business School and a bachelor’s degree magna cum laude in social studies from Harvard University.

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