MINNEAPOLIS--(BUSINESS WIRE)--Jan. 2, 2018--
U.S. Bancorp (NYSE: USB), parent company of U.S. Bank, announced
investments today in its employees, the U.S. Bank Foundation and several
strategic projects as a result of the tax reform package. Management has
made the following decisions:
-
A special $1,000 bonus for nearly 60,000 employees;
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Raising minimum wage to $15 for all hourly employees;
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A one-time $150 million contribution to the U.S. Bank Foundation;
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Enhancements to employees’ health care offerings effective for the
2019 enrollment period; and
-
An additional investment in strategic projects centered on the
customer experience with an emphasis on digital and mobile
capabilities.
“We believe that tax reform is positive for the U.S. economy because it
provides an immediate opportunity to benefit our employees, our
communities and our customers,” said Andy Cecere, President and Chief
Executive Officer, U.S. Bancorp. “We are proud of our people and their
commitment to our customers and communities. We felt it was important to
reward their hard work and dedication with this special bonus, the
minimum wage increase and the health care enhancements.”
Cecere continued: “Our one-time $150 million contribution to the U.S.
Bank Foundation reflects a long-term expansion in our ability to invest
in and revitalize our communities for years to come. We know how
important it is to everyone at U.S. Bank that we strengthen our
neighborhoods and communities with our time and financial resources. It
is a privilege to make this decision to benefit our communities.”
U.S. Bancorp will also make additional capital investments in projects
that will enhance its customers’ experiences, position the company for
long-term growth and create value for shareholders. The customer-focused
projects include: payments technology, digital banking capabilities,
multi-cultural initiatives, back-office automation and its brand
building.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $459 billion in assets
as of September 30, 2017, is the parent company of U.S. Bank National
Association, the fifth largest commercial bank in the United States. The
Company operates 3,072 banking offices in 25 states and 4,801 ATMs, and
provides a comprehensive line of banking, investment, mortgage, trust
and payment services products to consumers, businesses and institutions.
Visit U.S. Bancorp on the web at www.usbank.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: Statements in this press release regarding U.S. Bancorp's
business which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see "Risk Factors" in the
Company's Annual Report on Form 10-K for the most recently ended fiscal
year.

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Source: U.S. Bancorp
U.S. Bancorp
Media:
Dana E. Ripley, 612-303-3167
or
Investors/Analysts:
Jen
Thompson, 612-303-0778