US Bancorp CFO: Financial Reform To Cut Revenue Up To $220 Million In 2nd Half
July 21 2010 - 9:56AM
Dow Jones News
U.S. Bancorp (USB) Chief Financial Officer Andrew Cecere said he
expects his bank's revenue to be reduced between $170 million and
$220 million in the second half of this year by the financial
services reform bill President Barack Obama is expected to sign
into law Wednesday.
"We estimate that our pricing changes and legislative revenue
reduced revenue in the first half of 2010 by approximately $60
million... bringing our total full-year estimate" to between $230
million and $280 million, he said during a conference call with
investors. "This is slightly lower than our previous estimate and
does not include any mitigating actions."
-By Matthias Rieker, Dow Jones Newswires; 212-416-2471;
matthias.rieker@dowjones.com
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