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 the 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. Over the course of a career spanning decades at the Minneapolis-based company, Cecere rose through progressively senior roles in the organization's finance and operations divisions before assuming the top leadership position. Under his tenure, U.S. Bancorp maintained its standing as the fifth-largest bank in the United States by assets, with approximately $678.32 billion in assets and more than 70,000 employees as of 2024. The company is considered a systemically important financial institution by the Financial Stability Board and ranks on the Fortune 500, with its stock included in both the S&P 500 and S&P 100 indexes. Cecere's planned retirement from the board chairmanship in April 2026 marked the conclusion of a long executive tenure at the institution, with CEO Gunjan Kedia designated as his successor as board chair.

Career

Early career at U.S. Bancorp

Andrew Cecere built his career within U.S. Bancorp, rising through the ranks of the financial services holding company over a period of several decades. The Bank Policy Institute described U.S. Bancorp under his leadership as "a well-respected financial services holding company," reflecting the institution's reputation for conservative management and consistent financial performance. U.S. Bancorp, headquartered at U.S. Bancorp Center in Minneapolis, Minnesota, serves as the parent company of U.S. Bank National Association, which operates as U.S. Bank. The institution provides a diversified range of financial services, including banking, investment, mortgage, trust, and payment services to individuals, businesses, governmental entities, and other financial institutions.

Before his appointment as president, Cecere held the titles of vice chairman and chief operating officer (COO) of U.S. Bancorp. In these roles, he oversaw significant operational functions of the company and was closely involved in the strategic direction of the institution's various business lines.

Promotion to President

On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere from vice chairman and chief operating officer to the position of president. The promotion signaled the company's confidence in Cecere's leadership capabilities and positioned him as a leading candidate for eventual succession to the chief executive role. The announcement was made through the company's investor relations division, underscoring its significance as a corporate governance development.

At the time of his promotion, U.S. Bancorp was already one of the largest banking institutions in the United States, with extensive operations across the Midwest and Western United States. The company had grown through decades of regional mergers and acquisitions, and its business model encompassed traditional retail banking, commercial banking, wealth management, and payment processing services. Cecere's elevation to president placed him at the center of managing this diversified financial enterprise.

Chairman, President, and CEO

Cecere subsequently assumed the roles of chairman and chief executive officer in addition to the presidency, consolidating the top leadership positions at U.S. Bancorp. As chairman, president, and CEO, he held responsibility for the overall strategic direction, financial performance, and governance of the institution.

During Cecere's tenure as the top executive, U.S. Bancorp continued to operate as one of the largest and most significant banking institutions in the United States. The company maintained its position as the fifth-largest bank in the country and the largest bank in the Midwestern United States. The Financial Stability Board designated U.S. Bancorp as a systemically important institution, a classification reflecting the bank's size and interconnectedness within the broader financial system.

Under Cecere's leadership, U.S. Bancorp maintained a substantial physical presence across the United States, operating 3,661 branches and 4,771 ATMs as of 2024. The company's workforce numbered more than 70,000 employees. The institution's financial metrics reflected its scale: assets of approximately $678.32 billion, equity of $58.9 billion, and net income of $6.33 billion in 2024. Operating income stood at $7.84 billion in 2023, and the company maintained a Tier 1 capital ratio of 10.9% as of 2025.

U.S. Bancorp's stock continued to trade on the New York Stock Exchange under the ticker symbol USB throughout Cecere's tenure as CEO and chairman. The company's inclusion in both the S&P 500 and S&P 100 indexes reflected its standing among the largest publicly traded companies in the United States. U.S. Bancorp was also included in the 2024 Forbes Global 2000 ranking, recognized for its sales, profitability, asset base, and market value among global financial institutions.

The company's diversified business model encompassed several significant business lines during Cecere's leadership. U.S. Bank served as one of the largest asset custodians in the country, with more than $11.7 trillion under administration as of June 2025. The institution's retail credit card offerings were provided through the Visa network in both domestic and international markets. U.S. Bancorp also acquired multiple subsidiaries since the late 2010s as part of its growth strategy as a diversified holding company.

U.S. Bancorp maintained a corporate sponsorship presence during this period, including its naming rights agreement for U.S. Bank Stadium, as well as sponsorships of various cultural events and transportation hubs.

Compensation

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

In February 2025, Cecere reported the sale of 102,044 shares of U.S. Bancorp common stock, valued at approximately $4.82 million. The transaction was disclosed in accordance with Securities and Exchange Commission insider trading reporting requirements.

Succession and Retirement

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

As part of the transition, Cecere initially continued to serve as chairman of U.S. Bancorp's board of directors after stepping down from the CEO role. In a further governance transition announced subsequently, U.S. Bancorp outlined plans for Cecere to retire from the board chairmanship in April 2026, at which point Kedia would also assume the role of board chair. This planned consolidation of the CEO and board chair roles under Kedia followed the same governance model that Cecere himself had operated under for much of his tenure, where he held the combined titles of chairman, president, and CEO.

The leadership transition occurred at a time when the financial industry was navigating a complex economic environment. According to Fortune, Kedia's agenda upon becoming CEO included managing risks related to tariffs and other economic uncertainties.

U.S. Bancorp History and Context

The institution that Cecere led traces its origins to 1891, operating under the second-oldest banking charter granted in 1863 following the passage of the National Bank Act. Over the subsequent decades, dozens of regional mergers and acquisitions throughout the Upper Midwest and Western United States contributed to the creation of the modern U.S. Bancorp.

By the time Cecere assumed the top leadership positions, U.S. Bancorp had grown into a major national financial institution with a broad geographic footprint and diversified revenue streams. The company's annual revenue placed it on the Fortune 500, and its market capitalization was sufficient for inclusion in both the S&P 500 and S&P 100 indexes. The institution's historical development through mergers and acquisitions gave it a particularly strong presence in the Midwestern and Western regions of the United States.

U.S. Bancorp's corporate structure positioned U.S. Bank National Association as its primary operating entity, while the parent holding company structure allowed for the acquisition and management of additional subsidiaries. This organizational framework provided the flexibility for the growth and diversification initiatives that characterized the company during Cecere's leadership period.

Recognition

As chairman, president, and CEO of U.S. Bancorp, Cecere was recognized as a leading figure in the American banking industry. He was profiled by the Bank Policy Institute, which identified him as the head of "a well-respected financial services holding company." His leadership of the fifth-largest bank in the United States and a systemically important financial institution placed him among the most prominent banking executives in the country.

U.S. Bancorp's consistent performance on major financial indices and rankings during his tenure — including the Fortune 500, S&P 500, S&P 100, and Forbes Global 2000 — reflected the institution's standing under his leadership. The company's designation as a systemically important institution by the Financial Stability Board further underscored the significance of Cecere's role within the broader financial system.

His compensation, including the 14 percent increase in total pay reported for 2024, reflected the board's assessment of his performance in leading the institution through a period of significant scale, with the company maintaining assets approaching $680 billion and generating net income of over $6 billion annually.

Legacy

Andrew Cecere's tenure at U.S. Bancorp spanned a significant period in the institution's history. Rising from vice chairman and chief operating officer to president in 2016, and subsequently to the combined roles of chairman, president, and CEO, he led the company during a period in which it maintained and consolidated its position as one of the largest and most important banking institutions in the United States.

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

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