COMPANY PROFILE -U.S. Bancorp
Business Sector :Banking and Financial Services
Operating Geography :United States, North America
About U.S. Bancorp :
U.S. Bancorp operates as an American bank holding company, headquartered in Minneapolis, Minnesota. The company offers financial services, including lending and depositary services, cash management, trust and investment management and foreign exchange. Bancorp’s subsidiaries engage in the provision of products and services to individuals, corporations, institutional organizations and governmental entities. The company has a diverse workforce of 70000 employees as of 2020. U.S. Bancorp was founded in 1929 after acquisitions of several major regional banks in the West and Midwest. The company was officially formed when Finstar bought US Bancorp in 2001. US Bancorp has adopted systematic strategies to efficiently develop its services with changing times. The company is dedicated to uplifting the various communities and promoting environmental sustainability. U.S. Bank is a national leader in financing renewable energy and they have invested $22 billion in environmentally-friendly business endeavors. Bancorp has even won prestigious awards including the award for the Best Leadership Teams 2019 and the Best Company Outlook 2019.
US Bancorp’s unique selling proposition lies in being one of the world’s most ethical companies 2020 and America’s 11th largest financial services holding company. Its mission statement reads, “We believe in putting people first, and our dedication to making ethical decisions and doing the right things is at the heart of what we do. We work to meet our customer’ business and personal banking needs with competitive products and services, convenient access to their accounts and proven stability backed by industry-leading financial metrics.”
U.S. Bancorp Revenue :
$ 22,986 million– for the year 2019 (Growth 1.55%)
$ 22,637 million– for the year 2018
Competitive Analysis of U.S. Bancorp
The SWOT analysis for U.S. Bancorp is presented below in a table followed by the detailed analysis report.
| Strengths | Weaknesses |
1. Leading commercial bank with strong business model
2. Strong reputation differentiates it from its competitors
3. Strong performance on shareholder returns and maintaining financial discipline
| 1. Failure to implement effective anti-money laundering practices
2. Limited global presence compared to peers
|
| Opportunities | Threats |
1. Asset management will be the game changer in terms of revenue for U.S. Bancorp
2. Investment banking expansion to increase market share and profit
3. Investments in technological capabilities for enhancing customer experience
4. Embracing design thinking to gain insight into customer needs
| 1. Competition from emerging challenger banks
2. Impact of pandemic on economy and interest rates
|
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Detailed SWOT Analysis of U.S. Bancorp
Strength
1. Leading commercial bank with strong business model: U.S. Bancorp is one of the top 10 public banks of America headquartered in Minneapolis. It was setup in September 1968. Its network of almost 3100 branch and around 5000 ATM’s across the country tells the story of diversification. It provides products and services to consumer and commercial businesses with products like credit, debit, treasury management, wealth planning, investments, trust services, asset management, global fund services, etc. The Bank’s commitment is to operate with ethics and integrity, and it focuses on building trust in anything it does, and their efforts get recognized from leading organizations. US Bancorp has received many awards and accolades and ranked in many international business magazines. Fortune has ranked US Bancorp, 117th in Fortune 500 annual list. It is also recognized as the Most Admired Company by Fortune. The Ethisphere institute also recognized US Bank as one of the 2020 World’s Most Ethical Companies. It also got featured in Forbes Best Bank in America. It is also named as Diversity Inc.’s Top 50 companies for our focus on diversity, equity and inclusion. The banks brand value — the financial significance a brand carries — grew by 55% in the last three years from 2017 to 2019 as per Brand Finance.
The remaining section of “Strength” is available only in the 'Complete Report' on purchase.
Weakness
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Opportunity
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Threats
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The PESTLE / PESTEL analysis for U.S. Bancorp is presented below in a table followed by the detailed analysis report.
| Political | Economical |
1. US China trade war has been impacting banking sector
2. Lobbying in house and senate elections
| 1. Impact of lower commercial and consumer spending
2. Interest rate cuts to impact profitability
|
| Social | Technological |
1. Shifting of traditional banking users towards digital and neo-banking
2. Introduction of open banking system in US will give consumers more freedom
3. Gen Z reshaping banking consumer expectations
| 1. Leveraging data with artificial intelligence and machine learning
2. Collaboration and investments with fintech start-ups
|
| Legal | Environmental |
| 1. Money laundering violations impacting US Bancorp with hefty fine | 1. Combating climate change and promoting renewable energy |
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Detailed Pestle Analysis of U.S. Bancorp
Political
This section is available only in the 'Complete Report' on purchase.
Economic
This section is available only in the 'Complete Report' on purchase.
Social
1. Shifting of traditional banking users towards digital and neo-banking: Evolution of technology has brought in neo-banks. Neo-banks are digital banks without physical branches. Customer behavior has been changing drastically. With the advent of neo-banks, market share of retail banking has been affected. U.S. Bancorp has admitted that 70% of the transactions are happening on digital platforms. US neo-bank Chime which was looking to increase its market share will have to compete with leading competitors like N26 and Revolut who are new entrants with better platform. Bancorp is also leveraging and investing on data analytics, artificial intelligence and machine learning. These trends show that consumers are shifting from traditional banks to digital banks or neo-banks.
The remaining section of “Social” is available only in the 'Complete Report' on purchase.
Technological
This section is available only in the 'Complete Report' on purchase.
Legal
This section is available only in the 'Complete Report' on purchase.
Environmental
1. Combating climate change and promoting renewable energy: Every organization must contribute to address climate change and reduce carbon and water footprints. Post the Paris climate agreement, laws and regulations have become very stringent. Organizations have been driven to work towards this issue and address concerns. Bancorp has been developing and promoting renewable energy across few states. Bancorp has helped 300,000 homes to function on renewable energy through Solar Projects in Minnesota, Massachusetts, and New York. Approximately $11 billion in Renewable Energy Tax Credits in solar installation projects have been ploughed in by U.S. Bancorp Community Development Corporation (USBCDC), since 2008 to accomplish the 10-gigawatt milestone. These solar projects have created 1500 jobs in construction and around 40 permanent jobs. Minnesota project has alone reduced 1.8 MM metric tons of CO2.
Major Competitors :
- JPMorgan Chase & Co.
- Bank of America Corp.
- Citigroup Inc.
- Wells Fargo & Co.
- Goldman Sachs Group Inc.
- Morgan Stanley
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TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
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Check Out Analysis of Other Relevant Companies
References used in U.S. Bancorp SWOT & PESTLE Analysis Report
1. US Bancorp Annual Report 2019 - https://ir.usbank.com/static-files/7f3ff111-77af-4a0c-9127-2d32838aa898
2. U.S. Bank named to DiversityInc Top 50 Companies for Diversity - https://www.usbank.com/newsroom/news/us-bank-named-by-diversityinc-to-top-50-companies-for-diversity-list.html
3. U.S. Bancorp to pay $613 million for money-laundering violations - https://www.reuters.com/article/us-usa-usbancorp/u-s-bancorp-to-pay-613-million-for-money-laundering-violations-idUSKCN1FZ1YJ
4. Top trends in Retail Banking 2020 - https://www.capgemini.com/wp-content/uploads/2019/11/Retail_Banking_Trends_2020.pdf
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U.S. Bancorp SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.
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