2023 tested the financial services industry with a heightened regulatory environment and increased focus on capital levels, and the stress banks felt was compounded by pressures in the broader economy. Despite the challenges around us and this “new normal,” we achieved solid results – thanks in large part to our strong foundation and financial discipline.

Strength in our financial position

Our debt ratings for both long-term senior debt and bank deposits remained relatively strong, and we grew our CET1 ratio 150 basis points throughout the year to 9.9% as of Dec. 31, 2023 – above what it was shortly before U.S. Bancorp closed on the acquisition of Union Bank.

Results of our Dodd-Frank Act Stress Test demonstrated that we are well-capitalized and remain prepared to withstand an economic downturn. We’ve performed well on each stress test since they were instituted a decade ago.

Strength in our liquidity position

We maintained strong capital and liquidity positions, along with a disciplined asset liability management framework and sound balance sheet actions. Our investment portfolio also remained well-balanced, with what we believe are appropriate levels of liquidity to help us be prepared for unexpected events.

Strength in our diversified business

We maintained strong capital and liquidity positions, along with a disciplined asset liability management framework and sound balance sheet actions. Our investment portfolio also remained well-balanced, with what we believe are appropriate levels of liquidity to help us be prepared for unexpected events.

A strong deposit base

of our deposit base consists of consumer deposits

     

of our deposit base consists of wholesale deposits

Investment portfolio

of our investments are backed by the U.S. government

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