U.S. Bancorp · NYSE:USB
U.S. Bancorp — BancAnalysts Association of Boston Conference 2026
21 slides from U.S. Bancorp's conference presentation, Nov 6, 2026
Slide 1: BancAnalysts Association of Boston Conference 2026
Exhibit 99.1 NOVEMBER 6, 2026 BancAnalysts Association of Boston Conference 2026 John Stern Vice Chair and Chief Financial Officer Stephen Philipson Vice Chair, Wealth, Corporate, Commercial, and Institutional Banking
Slide 2: Forward-looking Statements and Additional Information
Forward -looking Statements and Additional Information The following information appears in accordance with the Private Securities Litigation Reform Act of 1995 : This presentation contains forward -looking statements about U.S . Bancorp . Statements that are not historical or current facts, includi
Slide 3: An Exceptional Banking Franchise
An Exceptional Banking Franchise 3 4 Fee income represents ~44% of Balance sheet Clients 1 U.S. Bancorp’s total net revenue Assets Consumers $697B ~14M 23% 29% As a % of Earning assets Businesses $631B ~1.4M 1,2 Total Revenue Deposits Wealth clients ■ Payment Services $527B ~495K 48% ■ Consumer & Bu
Slide 4: Focused on Achieving Our Financial Targets
Focused on Achieving Our Financial Targets Key strategic priorities Medium -term 3Q 2025 2Q 2026 3Q 2026 3 target 1 Organic Growth Return on average assets 1.17% 1.26% 1.25% 1.15% to 1.35% Deepening relationships, interconnected product set, and broader reach 1 Return on tangible common equity 18.6%
Slide 5: We have a well-diversified fee complex
We have a well -diversified fee complex 1 Comprised of: % of fees 44% Today’s 1 Fee revenue focus ➢ Capital Markets Fixed Income, Currency and Commodities (FICC), 18% BTIG, Impact Finance ➢ Payments 38% Credit Cards, Merchant Payment Services, Corporate Payments, Treasury Management $8B total 3Q 202
Slide 6: Global Capital Markets evolution competitively positioning us for growth
U.S. Bancorp’s Global Capital Markets evolution competitively positioning us for growth 1 Global Capital Markets revenue $ billions FICC and Other $2.5 13% BTIG $0.9 7 yr CAGR $1.3 $1.1 $1.0 $0.8 $0.8 $0.7 $0.6 $0.5 $1.6 Pre - 2017 2018 2019 2020 2021 2022 2023 2024 2025 Annualized 2 3Q 2026 • Inves
Slide 7: Platforms built for growing market share
Platforms built for growing market share Investment Grade Loan Bookrunner Investment Grade Domestic Bonds Equity Capital Markets 1 2 3 U.S. Bancorp Market Share U.S. Bancorp Market Share BTIG Market Share 3.7% #7 2.5% #14 1.8% #15 0.9% 0.1% 0.1% #13 #24 #41 4 2009 2025 2009 2025 2015 YTD 2026 1 2 3
Slide 8: A broader, integrated platform will expand Capital Markets' contribution
A broader, integrated platform will expand Capital Markets’ contribution to the company 1 Capital Markets Fee Revenue Contribution to U.S. Bancorp + + 90 - 100 bps 10% + 30 - 40 bps + 70 - 80 bps 8% 4% FICC & Other Capital Markets BTIG Investment Banking BTIG Markets Global Capital Markets Expected
Slide 9: Deepening shared client base
Deepening shared client base →→ Corporate and institutional 1 BTIG clients 1 ~47K ~4K+ U.S. Ban corp clients Referral opportunities U.S. Bancorp FICC expansion Outsourced ETF Trading Execution Debt Capital Markets Interest Rate Derivatives Equity Capital Capital Markets Introductions Commodities For
Slide 10: Revenue synergies across our complementary products
Revenue synergies across our complementary products Complementary products Investment Services Referral opportunities Corporate Trust Custody Escrow Equity Sales/ ETF Trading Execution Fund Administration Asset Management Outsourced Capital Trading Introductions Wealth M&A Derivatives Private Bankin
Slide 11: Introducing U.S. Bancorp capabilities to BTIG clients
Introducing U.S. Bancorp capabilities to BTIG clients 1 A TMT client example How it started Where the relationship is going ~$4 million Expected to generate ~4 -5X in annual revenue 2 annual revenue Banking New joint lead arranger credit commitment BTIG - only client • Lead left arranger on acquisit
Slide 12: Bringing our unified capabilities to U.S. Bancorp clients
Bringing our unified capabilities to U.S. Bancorp clients Tech company client example HOW IT STARTED WHERE THE RELATIONSHIP IS GOING U.S. Bancorp U.S. Bancorp & BTIG FICC→ Debt Capital Markets + BTIG Equity Capital Markets Corporate Trust→ Trustee + Additional Debt Capital Markets Banking → Multiple
Slide 13: Elevated access deepens shared relationships
Elevated access deepens shared relationships HOW IT STARTED (Private Capital Manager client example) U.S. Bancorp BTIG Shared relationship today ~$4 Million Committed credit • Custody + Equity trading 1 Escrow • Deposits Equity capital markets combined annual revenue ~1 -2x Expected to generate in f
Slide 14: While continuously improving our capabilities to drive growth
While continuously improving our capabilities to drive growth Recent enhancements driving growth… With further developments underway… Investment Banking Structured Credit Macro sales and trading Ver tical Expansion launched June 2026 Fixed Income Equity Swap Dealing Market share Market Funding 2% Re
Slide 15: In closing: A stronger platform, positioned for growth
In closing A stronger platform, positioned for growth • Successful track record of growing share in markets businesses • Addition of BTIG and continued execution of FICC roadmap both provide scale and runway for meaningful growth • Opportunity to double share of wallet in markets businesses by deepe
Slide 16: Appendix
Appendix ©2025 U.S. Bank | Confidential ©2026 U.S. Bank | Confidential 16
Slide 17: Financial Targets
Financial Targets 1 2 Medium -term Key assumptions Modest GDP growth Return on Average 1.15% to 1.35% Assets Stable unemployment rate Moderating inflation Return on Tangible High teens Common Equity Current tax policy Fee Income Growth Fed Funds rate path consistent with market implied Mid -single d
Slide 18: Non-GAAP Financial Measures
Non -GAAP Financial Measures Three Months Ended ($ in millions) September 30 , 202 6 Line of Business Financial Performance Net Revenue Wealth, Corporate, Commercial and Institutional Banking $ 3,997 Consumer and Business Banking 2,404 Payment Services 1,868 Treasury and Corporate Support (299) Tota
Slide 19: Non-GAAP Financial Measures
Non -GAAP Financial Measures Three Months Ended (Dollars in Millions, Unaudited) September 30, 2026 June 30, 2026 September 30, 2025 Net income applicable to U.S. Bancorp common shareholders $ 2,095 $ 2,098 $ 1,893 Intangibles amortization (net -of-tax) 100 90 99 Net income applicable to U.S. Bancor
Slide 20: Non-GAAP Financial Measures
Non -GAAP Financial Measures Three Months Ended September 30, September 30, June 30, June 30, September 30 , September 30, (Dollars in Millions, Unaudited) 2026 2025 2026 2025 202 5 2024 Net interest income $ 4,468 $ 4,222 $ 4,361 $ 4,051 $ 4,2 22 $ 4,135 Taxable -equivalent adjustment (3) 22 29 26
Slide 21: Notes
Notes 1. Includes goodwill related to certain investments in unconsolidated financial institutions per prescribed regulatory requireme nts. 2. Includes Accumulated Other Comprehensive Income ( AOCI ) related to available for sale securities, pension plans, and available for sale to held to maturity
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