U.S. Bank elevates two executive positions under its newly appointed president
U.S. Bank has announced a new leadership structure for its wealth, corporate, commercial, and institutional banking unit. According to a press release, the new structure aims to drive consistency and excellence in regional and sector coverage across all corporate, commercial, and institutional clients.
The new structure will see Stephen Philipson, who most recently served as head of global markets and specialized finance at U.S. Bank, take on the role of vice chair and head of wealth, corporate, commercial, and institutional banking. Philipson joined U.S. Bank in 2009 and has risen through the ranks with roles in fixed income, capital markets, and commercial products. Before joining U.S. Bank, he held four-year stints at Morgan Stanley and Wachovia.
Philipson will lead all product businesses under U.S. Bank's wealth, corporate, commercial, and institutional banking team. The wealth, corporate, commercial, and institutional banking unit and institutional client group will serve wealth, middle market, large corporate, government, and institutional clients. The unit is responsible for 38% of U.S. Bank's revenue, slightly more than what consumer and business banking bring in, according to U.S. Bank's annual report for 2023.
Felicia La Forgia will lead the bank's institutional client group, a new unit for centralizing client relationship management. La Forgia joined U.S. Bank in 2008 and most recently served as head of U.S. Bank's corporate banking unit. Earlier in her stint at U.S. Bank, she served as group head of the lender's oil and gas, retail and apparel, and utilities divisions. Prior to joining U.S. Bank, La Forgia worked at BNY Mellon and WestLB.
Both Philipson and La Forgia will continue to report to Gunjan Kedia, who has been promoted to the position of president at U.S. Bank. Kedia had served as vice chair of wealth, corporate, commercial, and institutional banking before being promoted to president.
The new structure was implemented to better serve U.S. Bank's clients and to position the bank for continued growth in the future. With Philipson and La Forgia at the helm, U.S. Bank's wealth, corporate, commercial, and institutional banking unit is well-positioned to provide core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment-related services to its clients.
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