Mark Jordahl to Lead Wealth Management Group
MINNEAPOLIS--(BUSINESS WIRE)--Aug. 10, 2007--U.S. Bancorp
(NYSE:USB) announced today the rebranding of its wealth management
division to more clearly define the scope of its business and strategy
going forward. The division's new name will be Wealth Management and
Securities Services Division and will continue to be managed by Diane
Thormodsgard, who was named vice chairman and head of U.S. Bancorp's
wealth management area in April 2007.
The wealth management group will include U.S. Bancorp's private
client group (PCG), which includes private banking and personal trust;
private asset management (PAM), which provides investment advice to
clients; and U.S. Bancorp Investments and Insurance Services (USBII)
which consists of investment brokers across the U.S. Bank branch
footprint. The Securities Services group will consist of corporate
trust services, institutional trust and custody, U.S. Bancorp Fund
Services LLC, and FAF Advisors. FAF Advisors provides investment
management for the First American Funds, a proprietary family of
"The natural evolution of our wealth management structure provides
us with a great opportunity to provide our customers a unified team
approach going forward," noted Thormodsgard. "We have been moving
toward a combined approach in wealth management for some time. Our
clients will be able to invest, borrow and plan for future generations
with the same team. At the same time, our securities services
functions will continue to operate at industry leading levels."
Thormodsgard named Mark Jordahl as president of the wealth
management group. Jordahl will be responsible for bringing together
the wealth management businesses under one umbrella. "Mark's
experience and leadership are perfect for effecting this
consolidation," said Thormodsgard. "Mark will direct this refocus of
our efforts to usher in the next chapter in our future."
Jordahl, who previously was chief investment officer for U.S.
Bancorp's FAF Advisors, remarked, "I am excited to join the wealth
management organization. We have a team that is passionate about
serving its clients, we see this as a growth business, and we are
committed to becoming a much larger player in the wealth management
Jordahl began working in the financial services industry in 1982
and joined FAF Advisors in 2001. Jordahl has a bachelor's degree from
Concordia College and an MBA from the University of Minnesota's
Carlson School of Management.
U.S. Bancorp, with assets of $223 billion, is the 6th largest
commercial bank in the United States. The company operates 2,499
banking offices and 4,867 ATMs, and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S.
Bancorp is the parent company of U.S. Bank. Visit U.S. Bancorp on the
web at www.usbank.com.
CONTACT: U.S. Bancorp
Steve Dale, Media, 612-303-0784
Judy Murphy, Analysts, 612-303-0783
SOURCE: U.S. Bancorp