US Bank 2011 Annual Report Download - page 9

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U.S. BANCORP 7
U.S. Bancorp Managing Committee (left to right)
Richard B. Payne, Vice Chairman, Wholesale Banking
Jeffry H. von Gillern, Vice Chairman, Technology and Operations Services
Jennie P. Carlson, Executive Vice President, Human Resources
Howell (Mac) McCullough, III, Executive Vice President, Chief Strategy Offi cer
Andrew Cecere, Vice Chairman and Chief Financial Offi cer
Richard J. Hidy, Executive Vice President and Chief Risk Offi cer
Richard K. Davis, Chairman, President and Chief Executive Offi cer
Joseph C. Hoesley, Vice Chairman, Commercial Real Estate
P.W. (Bill) Parker, Executive Vice President and Chief Credit Offi cer
Lee R. Mitau, Executive Vice President and Chief Counsel
Pamela A. Joseph, Vice Chairman, Payment Services
Richard C. Hartnack, Vice Chairman, Consumer and Small Business Banking
Terrance R. Dolan, Vice Chairman, Wealth Management and Securities Services
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U.S. Bancorp Managing Committee
2
30
190
150
207.0
223.3
195.5
190.3
197.6
204.3
198.8
209.4
202.2
215.4
Average Loans and Deposits
(Dollars in Billions)
4Q10 1Q11 2Q11 3Q11 4Q11
• Loans
• Deposits
with regulator approval, this gives us the added fl exibility to invest
in our business and return excess capital — rewarding our share-
holders through higher dividends and share buybacks. We have
submitted our request to the regulators for increases in both our
dividend and share buyback program and should receive their
response by mid-March.
Prospects for the future
Despite the continuing economic uncertainty here and in Europe,
this management team, Board of Directors and 63,000 highly
engaged U.S. Bancorp employees join me in looking to the future
of this company with confi dence. U.S. Bancorp has been resilient
and successful throughout an historic economic downturn; our
diverse business mix, sound strategies and prudent business
model — as well as our determination to “do the right thing” —
put us in an excellent position for the years ahead.
Sincerely,
Richard K. Davis
Chairman, President and Chief Executive Offi cer
February 23, 2012