Dive Brief:
U.S. Bank CEO Andy Cecere pledged Thursday to grow revenues faster than expenses in the coming years, saying the lender has made needed investments and will better leverage its “set of unique businesses” than it has in the past.
During the Minneapolis-based super regional’s investor day in New York City, Cecere said the bank has the right products, services and technology; now, the lender aims to boost revenue in part by expanding relationships with existing customers and improving employee productivity.
U.S. Bank updated medium-term expectations for profitability targets, aiming for a return on tangible common equity in the high-teens and an efficiency ratio in the mid- to high-50% range. Some analysts, however, expressed skepticism of the bank’s ability to achieve what it’s targeting.
https://www.bankingdive.com/news/us-bank-investor-day-targets-ceo-cecere-kedia/726988/
13 replies (most recent on top)
It’s so funny how all of these smug execs (Andy included) are now getting scolded by analysts who know they are lying. There’s so much lying going on at the top of U.S. Bank they can’t even keep their stories straight anymore. I would not be surprised if investors decide to file a class action for some of the untruths they have been fed over the last several years. From every corner of the bank, there are lies that have been told for so long, people take them as the truth internally. The regulators aren’t going to do anything, it will take an action from shareholders.
Correcting the post below, “Andy” won’t have to pay anybody anything. He will be enjoying retirement while the bank he led astray ends up merging with a bank he used to look down his nose on.
Hope the current execs enjoy Pittsburgh!
Andy still has to pay MUCG Billions and has tightened the funding ability for CRE loans because of capital concerns. He is blowing smoke at everyone .
All that's left is for AC to declare victory and hand off the reins to GK.
Probably too late in the game for this leadership team to do much beyond continue to tread water, they've made such a mess of the once highly efficient and extremely profitable fee businesses, there isn't really anything distinguishing about this pile of hot mess other that the sad story about what it used to be.
Cutting their way to profitability.
So why would Andy say something like that knowing full well that anyone with an ounce of common sense would come.back with well you are and have been in charge now for years. Why didn't you do anything the last several years.
He can forget us working like we care anymore after he ki-led the morale with sh---y RTO Hub nonsense. I’m not giving any fu--s.
I am too worried about being layoff to be productive, plus RTO doesn’t help. I am definitely less productive now
Wonder how they plan to “ improving employee productivity” with RTO ki-ling moral and work time
Anybody see that they are doing a $5MM stock buyback
Fool me once, shame on you, fool me twice, don't even think about trying that set of well defined, rehearsed and scripted pitches, the market (as well as Berkshire, the preferred shareholders, the employees and the institutional shareholders) are quite weary from the spin, hype and rank conjectur, Wall Street pays attention to what you do, not what you say.
The linked article, https://www.bankingdive.com/news/us-bank-investor-day-targets-ceo-cecere-kedia/726988/ is well worth reading.
Quoting from the article, "“Andy, I love you, but I don’t love the results,” Wells Fargo analyst Mike Mayo told the CEO during Thursday’s event. While the bank “presented a logical story … it was also a pretty logical story five years ago, and you fell short of those targets,” Mayo said."