Andrew Cecere

Andrew Cecere
Born	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 (commonly known as Andy Cecere) is an American banking executive who served as the chairman, president, and chief executive officer of U.S. Bancorp, the parent company of U.S. Bank and the fifth-largest banking institution in the United States. Cecere's career at U.S. Bancorp spanned decades, during which he rose through a series of senior leadership roles — from vice chairman and chief financial officer to chief operating officer, president, and ultimately the top executive position at the company. Under his leadership, U.S. Bancorp maintained its position as one of the largest and most prominent financial services holding companies in the country, with assets exceeding $678 billion and more than 70,000 employees across thousands of branches. In early 2025, U.S. Bancorp announced that Cecere would retire from his role as board chairman in April 2026, with CEO Gunjan Kedia succeeding him as chair, marking the conclusion of an extensive tenure at the helm of one of America's largest banks.

Career

Early Career at U.S. Bancorp

Andrew Cecere built his career within the U.S. Bancorp organization over the course of several decades, ascending through multiple senior financial and operational roles. He served in key positions including vice chairman and chief financial officer (CFO), where he oversaw the company's financial strategy, reporting, and capital management. His tenure as CFO provided him with an in-depth understanding of the company's balance sheet, risk management practices, and overall financial health.

Cecere subsequently took on the role of vice chairman and chief operating officer (COO), a position that broadened his responsibilities beyond finance to encompass the operational management of the company's diverse business lines. In this capacity, he was involved in overseeing U.S. Bancorp's wide-ranging operations, which included banking, investment, mortgage, trust, and payment services products provided to individuals, businesses, governmental entities, and other financial institutions.

Promotion to President

On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere from vice chairman and chief operating officer to president of the company. The promotion represented a significant step in the leadership succession planning at one of the nation's largest financial institutions. In his new role as president, Cecere assumed expanded oversight of the company's operations and strategic direction while continuing to report within the executive leadership structure of U.S. Bancorp.

The promotion to president was viewed as part of the broader leadership transition at U.S. Bancorp, positioning Cecere as a central figure in the company's future direction. At the time of his promotion, U.S. Bancorp was already one of the largest banking institutions in the United States, operating thousands of branches and ATMs across the country.

Chairman, President and Chief Executive Officer

Cecere eventually assumed the combined roles of chairman, president, and chief executive officer of U.S. Bancorp, placing him at the apex of the company's governance and management structures. As chairman and CEO, he led a financial services holding company that was ranked on the Fortune 500 and whose stock was traded within both the S&P 500 and S&P 100 indexes.

During his tenure as CEO, U.S. Bancorp maintained its status as the largest bank headquartered in the Midwestern United States. The company was designated as systemically important by the Financial Stability Board, reflecting the scale and significance of its operations within the broader financial system. Under Cecere's leadership, U.S. Bancorp's asset base grew to $678.32 billion as of 2024, with total equity of $58.9 billion and net income of $6.33 billion that same year.

The company under Cecere's stewardship operated 3,661 branches and 4,771 ATMs as of 2024, serving customers across a broad geographic footprint. U.S. Bank, the primary operating entity of U.S. Bancorp, became one of the largest asset custodians in the country. The firm also expanded its operations through multiple subsidiary acquisitions beginning in the late 2010s, diversifying its holdings as part of a broader strategic vision for the company.

U.S. Bancorp's retail credit card offerings were provided via the Visa network in the United States and abroad, representing one of several business lines under Cecere's oversight. The company's diversified business model encompassed consumer and business banking, wealth management and investment services, payment services, and corporate and commercial banking.

Cecere also represented U.S. Bancorp in industry leadership capacities. He was affiliated with the Bank Policy Institute, a nonpartisan public policy group representing the nation's leading banks, where he was identified among its leadership.

Leadership Transition and Retirement

In early 2025, U.S. Bancorp disclosed plans for a leadership transition at the top of the organization. The company announced that Cecere would retire from his position as chairman of the board of directors in April 2026. CEO Gunjan Kedia was named as his successor to the chairmanship, a move that consolidated the company's top leadership roles under Kedia following her own appointment as chief executive officer.

The planned transition followed a period in which Cecere had already begun stepping back from day-to-day management responsibilities. Kedia, who had been serving as CEO, was positioned to take on the additional responsibility of board chair upon Cecere's departure, continuing the leadership continuity that had characterized U.S. Bancorp's governance approach.

Fortune reported in March 2025 that Kedia's assumption of the CEO role — taking over from Cecere — came at a time when the financial industry was navigating significant economic uncertainties, including concerns about tariffs and natural disaster impacts on the banking sector.

Compensation

Cecere's compensation as CEO of U.S. Bancorp reflected his position at the head of one of the nation's largest banking institutions. In 2024, his total compensation increased by 14 percent compared to the previous year. The increase was attributed to a salary increase, a larger bonus, and increased equity gains.

In February 2025, regulatory filings revealed that Cecere, in his capacity as chairman and CEO of U.S. Bancorp, sold 102,044 shares of the company's common stock in a transaction valued at approximately $4.82 million. Such insider stock transactions are subject to disclosure requirements by the U.S. Securities and Exchange Commission.

U.S. Bancorp Under Cecere's Leadership

U.S. Bancorp, the entity Cecere led for years as chairman and CEO, traces its origins to 1891 and operates under the second-oldest national banking charter granted in 1863 following the passage of the National Bank Act. The modern company was formed through decades of regional mergers and acquisitions throughout the Upper Midwest and Western United States.

Under Cecere's leadership, U.S. Bancorp maintained its headquarters at the U.S. Bancorp Center in Minneapolis, Minnesota. The company's workforce numbered more than 70,000 employees as of 2024. Its Tier 1 capital ratio stood at 10.9 percent as of 2025, a key measure of financial stability for banking institutions.

The company's financial performance during Cecere's tenure placed it consistently among the largest financial institutions in the country. U.S. Bancorp was included in the 2024 Forbes Global 2000 ranking for its sales, profitability, asset base, and market value. The company's operating income reached $7.84 billion in 2023, and net income was $6.33 billion in 2024.

U.S. Bancorp's community and sponsorship activities during this period included support for cultural events, transportation hubs, and sporting venues. Notably, the company held naming rights to U.S. Bank Stadium in Minneapolis, home of the Minnesota Vikings of the National Football League.

The company's stock traded on the New York Stock Exchange under the ticker symbol USB, and it maintained its status as a component of both the S&P 500 and S&P 100 indexes throughout Cecere's tenure as chairman and CEO.

Legacy

Andrew Cecere's tenure at U.S. Bancorp encompassed a period of significant growth and transformation for the institution. Rising from senior financial roles through the executive ranks to the combined position of chairman, president, and CEO, he oversaw one of America's largest banks during a period that included the post-financial crisis regulatory environment, the expansion of digital banking services, and the economic disruptions associated with the COVID-19 pandemic and its aftermath.

During his time leading U.S. Bancorp, the company maintained its position as the fifth-largest bank in the United States and the largest bank headquartered in the Midwest. The company's designation as systemically important by the Financial Stability Board underscored the scale and significance of the institution he led. The planned and orderly nature of the leadership transition to Gunjan Kedia — first as CEO and then as board chair — reflected the governance approach that characterized Cecere's time at the company's helm.

The Bank Policy Institute described U.S. Bancorp under Cecere as "a well-respected financial services holding company," noting his role in leading the organization through a period of industry change and consolidation.

Cecere's retirement announcement in 2025, with an effective date of April 2026, marked the conclusion of an era at U.S. Bancorp and set the stage for the next chapter of the company's leadership under Kedia, who became one of the most prominent women leading a major U.S. banking institution.