On January 19, 2016, U.S. Bancorp announced the promotion of Andrew Cecere, 55, to the position of President and Chief Operating Officer of U.S. Bancorp and U.S. Bank National Association, its principal banking subsidiary, effective as of January 18, 2016. Mr. Cecere had been serving as Vice Chairman and Chief Operating Officer of U.S. Bancorp and U.S. Bank. Mr. Cecere will continue to report to Richard K. Davis, Chairman and Chief Executive Officer of U.S. Bancorp and U.S. Bank.

Mr. Davis had also been serving as President.