US Bank 2012 Annual Report Download - page 9

U.S. BANCORP 5
Letter to Shareholders
Richard K. Davis
Chairman, President and Chief Executive Officer
and operational policies and practices will best serve all of
our constituents and sustain our company’s current momen-
tum. We take pride in our ability to produce predictable,
repeatable, and transparent earnings, which we have done
consistently, despite the challenges we (and others in our
industry) have faced in this uncertain economic environ-
ment. Further, we have not allowed these uncertainties to
deter us from investing in opportunities for growth, in
talent, in technology, in operational efficiency and in deliv-
ering higher customer satisfaction. We also have continued
to make strategic acquisitions in growth businesses that
increased the scale, scope or capabilities of our company’s
existing business lines, preparing us for a stronger future.
Positioned for the recovery
Our customers — from individuals to small businesses,
from middle market and large corporations to public
institutions — are, as a group, financially healthy and
productive, having adjusted to the current slow-growth,
uncertain environment in which we all operate today.
U.S. Bancorp is committed to serving all of our customers,
helping them navigate the economic reality of today and
capitalize on the future opportunities presented by the
emerging recovery. We will be recognized for having
“been there” for our customers, guiding them through
these unprecedented economic challenges — and we strive
to be even better known for our ability to partner with
our customers as the economy recovers.
Earning and keeping trust in U.S. Bancorp
Following the disruption in the financial markets and the
continuing economic downturn, the American people lost
the trust they once had in the banking industry. Much
of their loss of faith in our industry was understandable
and served as a call to action for all banks to demonstrate
their importance and value to the U.S. economy and to
serve as genuine partners to help our citizens negotiate
through these challenging times. As a leading American
bank, and sensing our obligation to serve as a role model
for the industry, U.S. Bank has listened and responded
to our customers, developing new ways of communicating
and addressing their concerns. We are creating new financial
products to respond to their changing needs, and we are
enhancing a number of policies and procedures to make sure
our customers understand the products and services they use.
We are focused on re-establishing the trust that is essential
to a strong partnership and we stand ready to continue to
adjust our programs to exceed our customer expectations.
Taming technology and putting it to work
Perhaps nothing moves as fast or changes more often
than technology. Whether it is used to design and deliver
new products and services, to improve operations, to
move money around the world in a nanosecond or to create
new channels of customer communication and contact,