MINNEAPOLIS, Minn. (Diya TV) — U.S. Bancorp, based in Minneapolis, has announced a significant change in its senior leadership. Gunjan Kedia has been promoted to president of the parent company of U.S. Bank, marking a pivotal step in her career. Previously serving as vice chair of wealth, corporate, commercial, and institutional banking, Kedia now reports directly to Andy Cecere, who continues as chairman and CEO.
Reflecting on her promotion, Kedia expressed her excitement, saying, “U.S. Bank has a unique culture, especially in banking, and being part of this story and taking on a broader role is very exciting. I feel very fortunate.” At 53, Kedia will oversee the company’s three main business lines: consumer and business banking, payment services, and wealth, corporate, commercial, and institutional banking.
Kedia brings nearly 30 years of experience in financial services, with previous leadership roles at PwC, McKinsey & Co., BNY Mellon, and State Street Financial. Her seven-year tenure at U.S. Bancorp has demonstrated her visionary leadership and unwavering commitment to serving clients, building strong teams, and upholding company values. “Gunjan has shown herself to be a visionary leader who understands our business and is driven to help us perform at our best,” said Cecere in a statement.
Kedia’s promotion comes at a challenging time for the banking industry, which faces slowing loan and deposit growth affecting net interest income. Last month, U.S. Bancorp revised its fiscal 2024 net interest income forecast downward from $16.6 billion to between $16.1 billion and $16.4 billion. Kedia acknowledges the industry’s inflection point, citing recent events such as the collapse of Silicon Valley Bank and Signature Bank. “We are the largest bank that is not a globally systemically important bank, so we really are big enough to matter, but small enough to be really caring and trustworthy,” she remarked. She sees vast opportunities ahead, particularly in advancing digital banking products and enhancing client experiences through personalization and robust fraud prevention.
The promotion also follows U.S. Bancorp’s substantial growth from its $8 billion acquisition of MUFG Union Bank in December 2022, which significantly boosted its market share in California. For the full year of 2023, U.S. Bancorp reported a record $28.1 billion in revenue, largely due to the addition of Union Bank, though profits were slightly down at $5.4 billion compared to $5.8 billion in 2022.
Kedia succeeds Andy Cecere, who has held the president title since 2016 while continuing his roles as chairman and CEO. Analysts view Kedia’s promotion as a potential signal for future leadership changes. Scott Siefers, an analyst at Piper Sandler, commented, “My impression is that she’s the most likely candidate to succeed Andy.” However, there are no immediate plans for a leadership change, and U.S. Bancorp remains methodical and transparent about its CEO transitions.
Kedia, who is from India, came to the United States to earn an MBA from Carnegie Mellon University, where she has been recognized with the alumni achievement and professional excellence awards. She also holds an engineering degree from the Delhi School of Engineering. Kedia has been a consistent presence at industry conferences and other events, making her well-known to investors.
As president, Kedia’s influence will expand significantly, overseeing 37,000 employees compared to her previous 11,100. She remains committed to driving growth and enhancing client relationships. “We have a unique and special culture at U.S. Bank that allows us to celebrate with our clients, grow alongside our team of talented professionals, and support our communities,” Kedia said. “I am deeply honored to be trusted with this opportunity to drive our future success in a broader way.”
