U.S. Bancorp (USB) CEO Andy Cecere Presents at Morgan Stanley … – Seeking Alpha

Written by Amanda

U.S. Bancorp (USB) CEO Andy Cecere Presents at Morgan Stanley …  Seeking Alpha

U.S. Bancorp (NYSE:USB) Morgan Stanley Financials Conference Call June 14, 2022 9:30 AM ET

Company Participants

Andy Cecere – Chairman, President and Chief Executive Officer

Terry Dolan – Vice Chair and Chief Financial Officer

Conference Call Participants

Betsy Graseck – Morgan Stanley

Betsy Graseck

Okay. Thanks, everybody, for joining us this morning. Just need to read a disclosure statement. For important disclosures, please see Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your Morgan Stanley sales representative.

Okay. With that, we will kick off. Thank you so much, Andy Cecere, Chairman and CEO and President of U.S. Bank. Thank you so much for joining us today.

Andy Cecere


Betsy Graseck

Terry Dolan, Vice Chair and CFO.

Terry Dolan

Thank you.

Betsy Graseck

Appreciate your time.

Terry Dolan

Yes. Appreciate it.

Question-and-Answer Session

Q – Betsy Graseck

Alright. So Andy, this environment that we are experiencing today, it’s to me it’s just so unusual. I’d love to get your perspective. Have you ever seen anything like it?

Andy Cecere

Short answer is no, Betsy. It’s very unusual, sort of in the here and now, consumers and businesses are in great shape. As we have talked about, our deposit balances are still well above pre-COVID levels. Spend levels are strong. Our credit card spend is up 35% versus pre-COVID, 15% above last year. There is a little bit of a shift from discretionary and non-discretionary spend. And credit is really good. We are not seeing any early indicators of any weaknesses. So there is – if you look at the here and now, it’s very good. But while we all have a base case, I think the range around that base case is pretty wide and we are prepared with those scenarios because of the uncertainty given inflation and the war and COVID and all those things. So good now, but a lot of

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