SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

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

(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%
All news about US BANCORP
05/27U.S. Bancorp to Speak at the Bernstein Annual Strategic Decisions Conference
05/26Wolfe Research Adjusts US Bancorp's Price Target to $54 From $62, Keeps Outperform Rati..
05/24U.S. Bancorp to Speak at the Deutsche Bank Global Financial Services Conference
05/23U.S. Bank Announces Redemption of Senior Notes
05/16Mitsubishi UFJ Financial Group's Fiscal 2022 Earnings Rise, Revenue Falls
05/16US BANCORP DE : Other Events, Financial Statements and Exhibits (form 8-K)
05/16US BANCORP : SEC Filing 8K
05/10Credit Suisse Adjusts Price Target for U.S. Bancorp to $57 From $62, Maintains Neutral ..
05/10U.S. Bank, LiquidX Collaborate to Simplify, Accelerate Supply-Chain Financing
05/09U.S. Bancorp Announces $100 Billion Community Benefits Plan
More news
Analyst Recommendations on US BANCORP
More recommendations
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%
Duration : Period :
US Bancorp Technical Analysis Chart | USB | US9029733048 | MarketScreener
Technical analysis trends US BANCORP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 52,50 $
Average target price 60,20 $
Spread / Average Target 14,7%
EPS Revisions
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
Sector and Competitors