US Bancorp De (USB) April 2026 Annual General Meeting Transcript

take our first question.

It's what opportunities to grow the business does management see in the rest of 2026? Thank you. We appreciate your question. We covered this in our prepared remarks. And to reiterate our approach, we are focused on three priorities. The first is organic growth, including deepening relationships, introducing new products, and expanding our reach. The second is disciplined expense management and delivering positive operating leverage while continuing to invest in our business. Finally, we remain focused on the transformation of our payments business and continue to see revenue growth consistently strengthening across all segments. Thank you for your question. The next question, I will invite our CFO, John Stern, to answer.

Sure. Thank you, Gunjan. The question is, I'm reading a lot about private credit. How big of a problem is it? Do shareholders at U.S. Bank need to be concerned if these loans start going bad? To answer that, I'd say that we partner with private credit in our investment services business as a service provider, and we provide credit through our structured credit lending products in global capital markets as well as our institutional client group. We do not have any direct lending credit products. We do anticipate a large downturn. We do not anticipate a large downturn in private credit, but if one were to occur, we would obviously be insulated as our credit products and structural protections that we have sit in our senior positions, and these facilities have meaningful credit enhancements and structural features that help protect our positions. In our investment services businesses, we do not take credit risk, but instead are a service provider in areas like alternative funds in our global fund services business as well as CLO servicing within Global Corporate Trust.

Thank you, John. The third question, how does U.S. Bank see the economy? As we look ahead, the macroeconomic backdrop remains constructive, although we acknowledge that there has been some softening of sentiment in the last quarter. When we look at facts, consumer spend, core loan demand, and credit delinquency trends are all indicating relative stability. Thank you for your question. The next question, I'm going to invite our CFO, John, to address. John?

Sure. So the question is, are you seeing any upward trend in consumer credit losses? We're not seeing an upward trend in credit losses within the consumer area. The consumer remains resilient. Sentiment has softened, but spending and credit behaviors remain stable, supported by low delinquencies and meaningful balance sheet buffers.

Thank you. There are no more questions. So as we close today, I want to thank you for being a U.S. Bank Corp shareholder. We are truly very, very proud of our business, and we are proud of your ability to create value for you. The business of this meeting is concluded and the meeting is now adjourned. Thank you for attending. Have a great day.