U.S. Bank to Invest in Employees, Community and Customers as a Result of Tax Reform Package
January 02 2018 - 11:00AM
Business Wire
U.S. Bancorp (NYSE: USB), parent company of U.S. Bank, announced
investments today in its employees, the U.S. Bank Foundation and
several strategic projects as a result of the tax reform package.
Management has made the following decisions:
- A special $1,000 bonus for nearly
60,000 employees;
- Raising minimum wage to $15 for all
hourly employees;
- A one-time $150 million contribution to
the U.S. Bank Foundation;
- Enhancements to employees’ health care
offerings effective for the 2019 enrollment period; and
- An additional investment in strategic
projects centered on the customer experience with an emphasis on
digital and mobile capabilities.
“We believe that tax reform is positive for the U.S. economy
because it provides an immediate opportunity to benefit our
employees, our communities and our customers,” said Andy Cecere,
President and Chief Executive Officer, U.S. Bancorp. “We are proud
of our people and their commitment to our customers and
communities. We felt it was important to reward their hard work and
dedication with this special bonus, the minimum wage increase and
the health care enhancements.”
Cecere continued: “Our one-time $150 million contribution to the
U.S. Bank Foundation reflects a long-term expansion in our ability
to invest in and revitalize our communities for years to come. We
know how important it is to everyone at U.S. Bank that we
strengthen our neighborhoods and communities with our time and
financial resources. It is a privilege to make this decision to
benefit our communities.”
U.S. Bancorp will also make additional capital investments in
projects that will enhance its customers’ experiences, position the
company for long-term growth and create value for shareholders. The
customer-focused projects include: payments technology, digital
banking capabilities, multi-cultural initiatives, back-office
automation and its brand building.
About U.S. Bank
Minneapolis-based U.S. Bancorp (NYSE: USB), with $459 billion in
assets as of September 30, 2017, is the parent company of U.S. Bank
National Association, the fifth largest commercial bank in the
United States. The Company operates 3,072 banking offices in 25
states and 4,801 ATMs, and provides a comprehensive line of
banking, investment, mortgage, trust and payment services products
to consumers, businesses and institutions. Visit U.S. Bancorp on
the web at www.usbank.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: Statements in this press release regarding U.S.
Bancorp's business which are not historical facts are
"forward-looking statements" that involve risks and uncertainties.
For a discussion of such risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see "Risk Factors" in the Company's
Annual Report on Form 10-K for the most recently ended fiscal
year.
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version on businesswire.com: http://www.businesswire.com/news/home/20180102005452/en/
U.S. BancorpMedia:Dana E. Ripley,
612-303-3167orInvestors/Analysts:Jen Thompson, 612-303-0778
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