U.S. Bancorp announces new leaders for its WCIB business, forms new Institutional Client Group

Rhea-AI Summary

U.S. Bancorp (NYSE: USB) has announced new leadership roles within its Wealth, Corporate, Commercial, and Institutional Banking (WCIB) team. Stephen Philipson has been appointed to lead the WCIB Product Group, expanding his responsibilities to include solutions for wealth and institutional clients. Felicia La Forgia will head the newly established Institutional Client Group (ICG), aimed at enhancing client relationship management across regions and sectors. Both leaders will report to Gunjan Kedia, the new president of U.S. Bancorp. The WCIB and ICG divisions together serve over 500,000 individual clients and 30,000 companies, including nearly 90% of Fortune 1000 companies. Philipson brings over 20 years of experience in financial services, while La Forgia has more than 30 years in banking, previously leading Corporate Banking at U.S. Bank.

Positive

• Stephen Philipson appointed to lead WCIB Product Group, centralizing solutions for wealth and institutional clients.
• Felicia La Forgia promoted to head the newly formed Institutional Client Group (ICG) to enhance client relationships.
• Both leaders report to Gunjan Kedia, the new president overseeing revenue lines of business.
• WCIB and ICG serve over 500,000 individual clients and more than 30,000 companies.
• U.S. Bancorp banks nearly 90% of Fortune 1000 companies.
• Philipson has over 20 years of financial services experience with notable contributions to fixed income and capital markets.
• La Forgia has more than 30 years of banking experience, recognized for her leadership in Corporate Banking and advocacy for women and junior talent.

Negative

• No specific financial data or performance metrics provided in the announcement, leading to potential investor uncertainty.
• Details on how the new leadership roles will directly impact financial performance or shareholder value are vague.
• Possible risks associated with organizational changes and their implementation were not addressed.

• Stephen Philipson to lead Wealth, Corporate, Commercial and Institutional Banking Product Group
• Felicia La Forgia will lead newly formed Institutional Client Group

MINNEAPOLIS--(BUSINESS WIRE)-- U.S. Bancorp (NYSE: USB), parent company of U.S. Bank, today announced expanded leadership roles for Stephen Philipson and Felicia La Forgia as part of an effort to strategically position the bank’s Wealth, Corporate, Commercial and Institutional Banking (WCIB) team. They will continue to report to Gunjan Kedia, who was recently named president of U.S. Bancorp, overseeing the company’s revenue lines of business, including Consumer and Business Banking (CBB), Payment Services and WCIB.

Philipson’s role has been expanded to lead the collection of all WCIB product businesses that provide solutions for the company’s wealth and institutional client segments. A member of the bank’s managing committee, Philipson previously led Global Markets and Specialized Finance in WCIB. La Forgia has been promoted to lead a newly formed unit called the Institutional Client Group (ICG), which brings together teams that manage client relationships across regions and sectors, to drive a more holistic and consistent client experience. La Forgia previously led Corporate Banking.

WCIB and ICG will work together to provide core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment-related services to wealth, middle market, large corporate, government and institutional clients. Together, they serve more than half a million individual clients and more than 30,000 companies and institutions, and bank nearly 90% of Fortune 1000®companies*.

“With strategic vision and consistent execution, Stephen and Felicia have played critical roles in positioning U.S. Bank for long-term success,” said Kedia. “Stephen is known for his deep product knowledge and offering innovative solutions, and now, by elevating our relationship channels into a stronger and more cohesive unit, Felicia will drive consistency and excellence in regional and sector coverage across all our corporate, commercial and institutional clients. Their close collaboration will bring the full strength of U.S. Bank to the companies and institutions we serve."

Since joining U.S. Bancorp in 2009, Philipson has played a key leadership role in building U.S. Bancorp’s fixed income and capital markets businesses. He most recently served as head of Global Markets and Specialized Finance (GMSF), which comprises a broad range of capabilities utilized by institutions, including corporate trust and custody, loan capital markets, credit fixed income, foreign exchange, interest rate derivatives, equipment finance and asset management. Philipson has more than 20 years of financial services experience.

La Forgia brings more than 30 years of banking experience to her role and was most recently head of Corporate Banking at U.S. Bank, where she led client activity in all industry, geographic, and government sectors. Prior to that, she was group head of the bank’s Oil and Gas, Retail and Apparel, and Utilities divisions. She is a longtime advocate for women and junior talent and has been recognized by American Banker as part of the U.S. Bank Most Powerful Women in Banking team.

*Fortune and Fortune 1000 are registered trademarks of Fortune Media IP Limited and are used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, U.S. Bank N.A.

About U.S. Bancorp

U.S. Bancorp, with more than 70,000 employees and $684 billion in assets as of March 31, 2024, is the parent company of U.S. Bank National Association. Headquartered in Minneapolis, the company serves millions of customers locally, nationally and globally through a diversified mix of businesses including consumer banking, business banking, commercial banking, institutional banking, payments and wealth management. U.S. Bancorp has been recognized for its approach to digital innovation, community partnerships and customer service, including being named one of the 2024 World’s Most Ethical Companies and Fortune’s most admired superregional bank. Learn more at usbank.com/about.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240604025254/en/

Investors:

George Andersen, director of investor relations, U.S. Bancorp Investor Relations

612.303.3620; george.andersen@usbank.com

Media:

Leslie Ingberg, U.S. Bank Public Affairs and Communications

612.303.2374; leslie.ingberg@usbank.com

Source: U.S. Bancorp

FAQ

What changes did U.S. Bancorp announce in its WCIB leadership?

U.S. Bancorp announced that Stephen Philipson will lead the WCIB Product Group and Felicia La Forgia will head the newly formed Institutional Client Group (ICG).

Who will Stephen Philipson report to in his new role?

Stephen Philipson will report to Gunjan Kedia, the new president of U.S. Bancorp.

What is the new Institutional Client Group (ICG) at U.S. Bancorp?

The Institutional Client Group (ICG) is a newly formed unit aimed at enhancing client relationship management across regions and sectors.

How many clients do WCIB and ICG divisions serve?

The WCIB and ICG divisions serve over 500,000 individual clients and more than 30,000 companies.

What experience does Felicia La Forgia bring to her new role?

Felicia La Forgia brings more than 30 years of banking experience and previously led Corporate Banking at U.S. Bank.

What percentage of Fortune 1000 companies does U.S. Bancorp serve?

U.S. Bancorp serves nearly 90% of Fortune 1000 companies.

What was Stephen Philipson's previous role at U.S. Bancorp?

Stephen Philipson previously led Global Markets and Specialized Finance in the WCIB division.