Andrew Cecere

Andrew Cecere
Nationality	American
Occupation	Banking executive
Title	Chairman (retiring April 2026)
Employer	U.S. Bancorp
Known for	Chairman, President and CEO of U.S. Bancorp

Andrew Cecere is an American banking executive who served as chairman, president, and chief executive officer of U.S. Bancorp, the parent company of U.S. Bank and one of the largest financial institutions in the United States. He spent decades climbing the ranks at the Minneapolis-based company, working his way up through finance and operations before reaching the top leadership position. During his time at the helm, U.S. Bancorp held its standing as the fifth-largest bank in the country by assets, managing approximately $678.32 billion and employing more than 70,000 people as of 2024. The Financial Stability Board considers the company systemically important, and it ranks on the Fortune 500 with stock in both the S&P 500 and S&P 100 indexes. Cecere planned to retire from the board chairmanship in April 2026, ending a long executive tenure at the institution, with CEO Gunjan Kedia lined up to become board chair.

Career

Early career at U.S. Bancorp

Cecere built his career entirely within U.S. Bancorp, working his way up through the financial services holding company over several decades. The Bank Policy Institute called U.S. Bancorp under his leadership "a well-respected financial services holding company," a description that fit with the institution's reputation for conservative management and steady financial performance. Headquartered at U.S. Bancorp Center in Minneapolis, Minnesota, the company serves as the parent of U.S. Bank National Association, which operates as U.S. Bank. It provides banking, investment, mortgage, trust, and payment services to individuals, businesses, governmental entities, and other financial institutions.

Before becoming president, Cecere worked as vice chairman and chief operating officer (COO). In those roles, he managed major operational functions and shaped the strategic direction of the company's business lines.

Promotion to President

On January 19, 2016, U.S. Bancorp promoted Cecere from vice chairman and chief operating officer to president. This move signaled confidence in his leadership and positioned him as the likely successor for the CEO role. The investor relations division announced it, underscoring its importance as a governance development.

U.S. Bancorp was already among the nation's largest banks at that point, with extensive operations across the Midwest and West. It had grown through decades of regional mergers and acquisitions, building a business model that included retail banking, commercial banking, wealth management, and payment processing. Cecere's promotion put him in charge of managing this complex financial enterprise.

Chairman, President, and CEO

Cecere then assumed the roles of chairman and chief executive officer on top of the presidency, bringing the top leadership positions together at U.S. Bancorp. As chairman, president, and CEO, he controlled the institution's strategic direction, financial performance, and governance.

Throughout his tenure as top executive, U.S. Bancorp remained one of the largest and most significant banking institutions in the United States. It held its position as the fifth-largest bank in the country and the largest in the Midwest. The Financial Stability Board classified U.S. Bancorp as systemically important, reflecting the bank's size and interconnectedness within the broader financial system.

Under Cecere's leadership, the company maintained a sprawling physical presence, operating 3,661 branches and 4,771 ATMs as of 2024. Headcount exceeded 70,000 employees. The institution's scale was evident in its numbers: approximately $678.32 billion in assets, $58.9 billion in equity, and $6.33 billion in net income during 2024. It posted operating income of $7.84 billion in 2023 and maintained a Tier 1 capital ratio of 10.9% as of 2025.

The stock traded on the New York Stock Exchange under the ticker USB throughout Cecere's time as CEO and chairman. Its place in both the S&P 500 and S&P 100 reflected its standing among America's largest publicly traded companies. U.S. Bancorp also made the 2024 Forbes Global 2000 ranking, recognized for its sales, profitability, assets, and market value among global financial institutions.

The company's business spanned several significant areas during Cecere's leadership. U.S. Bank ranked among the nation's largest asset custodians, with more than $11.7 trillion under administration as of June 2025. Its retail credit card offerings operated through the Visa network both domestically and internationally. Since the late 2010s, U.S. Bancorp acquired multiple subsidiaries as part of its growth strategy as a diversified holding company.

During this period, the company maintained corporate sponsorships, including naming rights for U.S. Bank Stadium and sponsorships of cultural events and transportation hubs.

Compensation

Cecere's compensation reflected his position running one of America's largest financial institutions. In 2024, his total compensation jumped 14 percent compared to the year before. This increase came from a higher salary, a bigger bonus, and more substantial equity gains.

In February 2025, Cecere sold 102,044 shares of U.S. Bancorp common stock for approximately $4.82 million. The Securities and Exchange Commission requires disclosure of insider trading transactions like this one.

Succession and Retirement

In 2025, U.S. Bancorp announced a leadership transition. Gunjan Kedia was named the new CEO, taking over from Cecere in April 2025. Her appointment made her a prominent figure in American banking as she stepped into leadership of the fifth-largest bank in the country.

Cecere stayed on as chairman of U.S. Bancorp's board after stepping down from the CEO role. The company later announced that he'd retire from the board chairmanship in April 2026, when Kedia would also assume the chair position. This consolidated the CEO and board chair roles under Kedia, following the same model Cecere himself had used for much of his tenure, when he held the titles of chairman, president, and CEO.

The transition happened as the financial industry faced a complex economic environment. Fortune reported that Kedia's agenda included managing risks tied to tariffs and other economic uncertainties.

U.S. Bancorp History and Context

The institution Cecere led traces its roots to 1891, operating under the second-oldest banking charter granted in 1863 after the National Bank Act passed. Over the following decades, dozens of regional mergers and acquisitions throughout the Upper Midwest and West created the modern U.S. Bancorp.

By the time Cecere reached the top leadership positions, U.S. Bancorp had become a major national financial institution with broad geographic reach and diversified revenue streams. Its annual revenue placed it on the Fortune 500, and its market capitalization earned it spots in both the S&P 500 and S&P 100. Growth through mergers and acquisitions gave it especially strong presence in the Midwest and West.

The corporate structure positioned U.S. Bank National Association as the primary operating entity, while the parent holding company provided flexibility for acquiring and managing subsidiaries. This framework enabled the growth and diversification that marked U.S. Bancorp during Cecere's tenure.

Recognition

As chairman, president, and CEO of U.S. Bancorp, Cecere became recognized as a leading banking executive. The Bank Policy Institute profiled him as the head of "a well-respected financial services holding company." Leading the fifth-largest bank in the United States and a systemically important financial institution placed him among the most prominent banking figures in the country.

During his tenure, U.S. Bancorp's consistent performance on major financial indices and rankings reflected the institution's standing. It appeared on the Fortune 500, S&P 500, S&P 100, and Forbes Global 2000 lists. The Financial Stability Board's designation of the company as systemically important underscored the significance of Cecere's role within the broader financial system.

His 2024 compensation increase of 14 percent reflected the board's assessment of his performance leading the institution through a period of substantial scale, with the company holding assets approaching $680 billion and generating net income exceeding $6 billion annually.

Legacy

Cecere's tenure at U.S. Bancorp covered a significant stretch of the institution's history. He rose from vice chairman and chief operating officer to president in 2016, then to the combined roles of chairman, president, and CEO, leading the company as it maintained and strengthened its position as one of America's largest and most important financial institutions.

Under his leadership, U.S. Bancorp preserved its status as the fifth-largest bank in the country by assets and the largest in the Midwest. The company's business spanned retail banking, commercial banking, wealth management, payment services, and asset custody, all producing substantial revenue and earnings throughout his tenure. Asset custody operations grew to exceed $11.7 trillion under administration by mid-2025, making U.S. Bank one of the nation's largest asset custodians.

The succession to Gunjan Kedia represented a structured transition, with Cecere remaining as board chairman before his full retirement from the board in April 2026. The plan allowed for governance continuity while establishing new leadership. Cecere's retirement ended a lengthy leadership period at one of America's largest financial institutions and opened a new chapter in U.S. Bancorp's corporate history.