The head of Minneapolis-based U.S. Bancorp warns that he might have to lay off some of his employees if interest rates don’t start climbing later this year. Chairman and CEO Richard Davis made that comment at a conference this week.
U.S. Bancorp reported a slight rise in third-quarter profit Wednesday versus a year ago, meeting Wall Street expectations. The Minneapolis-based bank posted net income of $1.471 billion, or 78 cents per share, in the quarter, compared with $1.468 billion, or 76 cents per share, in the same quarter a year ago.
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It’s a source of pride for many Minnesotans – the number of Fortune 500 companies that call Minnesota home. “We live in an amazing state, so I thought a big percentage were here,” said Diane Anderson, of Minneapolis.
U.S. Bancorp said Wednesday that its fourth-quarter net income rose 5.2 percent, as the bank reaped more income from loans and deposits.
U.S. Bancorp said Tuesday its first-quarter profit jumped 28 percent, as the bank set aside less money for bad loans and got a boost from jumps in income from both loans and fees.
Twenty Minnesota companies made it into the newest edition of Fortune 500, illustrating the state’s corporate strength.
The Federal Reserve on Friday cleared the way for some major banks to boost stock dividends, prompting announcements from JPMorgan Chase, Wells Fargo and U.S. Bancorp.