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U.S. Bancorp Employee Expenses Climb in 4Q

01/19/2022 | 07:38am EDT

By Will Feuer


U.S. Bancorp's employee expenses rose in the fourth quarter, contributing to an overall increase in non-interest costs for the U.S. Bank parent company as Wall Street firms continue to battle for talent.

Compensation costs for the company rose to $1.85 billion in the fourth quarter, up about 13% from $1.64 billion in the year-ago period. The jump in compensation was due to performance-based incentives, revenue related commissions, merit, and hiring to support business growth, the company said Wednesday.

Employee benefits also jumped about 23%, to $372 million over that same period, driven by higher medical claims expense and compensation related payroll taxes, the company said.

Along with an increase in costs tied to professional services as well as marketing and business development, employee costs contributed to a 5% year-over-year increase in non-interest costs, holding back the company's profit for the quarter, which came in below analyst expectations.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

01-19-22 0738ET

Stocks mentioned in the article
ChangeLast1st jan.
S&P 500 2.47% 4158.24 Real-time Quote.-12.76%
US BANCORP 0.69% 52.5 Delayed Quote.-7.17%
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Financials (USD)
Sales 2022 24 885 M - -
Net income 2022 6 002 M - -
Net Debt 2022 - - -
P/E ratio 2022 13,2x
Yield 2022 3,58%
Capitalization 78 001 M 78 001 M -
Capi. / Sales 2022 3,13x
Capi. / Sales 2023 2,74x
Nbr of Employees 68 796
Free-Float 69,8%
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Number of Analysts 24
Last Close Price 52,50 $
Average target price 60,20 $
Spread / Average Target 14,7%
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Managers and Directors
Andrew J. Cecere Chairman, President & Chief Executive Officer
Terrance R. Dolan Chief Financial Officer & Vice Chairman
Jeffry H. von Gillern Vice Chairman-Technology & Operations Services
Katherine B. Quinn Vice Chairman & Chief Administrative Officer
Olivia Faulkner Kirtley Lead Independent Director
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