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U.S. Bancorp Piper Jaffray Hires Clinton Morrison as Senior Research Analyst

Within Portfolio Strategy Group

MINNEAPOLIS, May 20 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray is pleased to announce that Clint Morrison has joined the firm's Private Advisory Services division as a senior research analyst covering regional small-cap, growth stocks.  Morrison joins the firm from Miller Johnson Steichen Kinnard in Minneapolis, where he was director of Equity Research.  He will be located in the Minneapolis office of U.S. Bancorp Piper Jaffray.

The Portfolio Strategy Group provides investment advice to U.S. Bancorp Piper Jaffray financial advisors and individual investors, including advice regarding portfolio strategy, market trends and selection of individual equity and fixed income securities.  Regional small-cap growth stocks is a new coverage area for the Group, expanding its existing service.

We are very excited to have Clint on board, said Paul Grangaard, president of the Private Advisory Services division at U.S. Bancorp Piper Jaffray.  The Small-Cap, regional stocks will be a tremendous addition to our existing coverage within the Portfolio Strategy Group, which is focused exclusively on serving individual investors.  Clint's talents and industry experience will be a welcomed addition to the firm.

Morrison holds a bachelor's degree in economics from Claremont McKenna College in Claremont, Calif., and a master of business administration from the University of Minnesota in Minneapolis.  He also holds a Chartered Financial Analyst designation.

U.S. Bancorp Piper Jaffray, a subsidiary of Minneapolis-based

U.S. Bancorp (NYSE: USB), provides a full range of investment products and services to individuals, institutions and businesses.  Approximately
1,060 financial advisors provide investment guidance to clients through more than 120 offices in 19 Midwest, Mountain, Southwest and Pacific states.  The company also has a national reputation for its expertise in debt and equity financing for growth companies.  U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray.  For more information, visit the Web site at http://www.piperjaffray.com  .

Nondeposit investment products are not insured by the FDIC, are not deposits or other obligations of or guaranteed by U.S. Bank National Association or its affiliates, and involve investment risks, including possible loss of the principal amount invested.  Securities products and services are offered through U.S. Bancorp Piper Jaffray Inc., member SIPC and NYSE, Inc., a subsidiary of U.S. Bancorp.   (5/99-0679)

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http://tbutton.prnewswire.com/prn/11690X54360346

SOURCE  U.S. Bancorp Piper Jaffray

    -0-                             05/20/2002

/CONTACT:  Erin Freeman, Director, Public Relations of U.S. Bancorp Piper Jaffray, +1-415-277-1595/

/Web site:  http://www.piperjaffray.com  /

(USB)

CO:  U.S. Bancorp Piper Jaffray; U.S. Bancorp
ST:  Minnesota
IN:  FIN
SU:  PER

ES-KE
-- MNM014 --
4701 05/20/2002 11:08 EDT http://www.prnewswire.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.



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