US Bancorp chief risk officer resigns, interim appointment announced

U.S. Bancorp (NYSE:USB) announced that Jodi L. Richard resigned from her roles as Vice Chair and Chief Risk Officer, effective immediately as of October 23, to take a position at another publicly traded company. According to a statement released in a SEC filing, the resignation was not due to any disagreement with the company regarding its operations, policies, or practices. The $92.9 billion banking giant, currently trading at a P/E ratio of 11.6, appears undervalued according to InvestingPro Fair Value analysis.

The company stated that Troy W. Remington, currently Executive Vice President and Chief Credit Officer, has been appointed as interim Chief Risk Officer while U.S. Bancorp conducts a search for a permanent successor.

This information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.

In other recent news, U.S. Bancorp reported its third-quarter 2026 earnings, slightly surpassing Wall Street’s profit expectations with diluted earnings per share of $1.34, compared to the anticipated $1.32. However, its revenue of $7.97 billion fell just short of the $7.99 billion forecast. The company achieved record net revenue of approximately $8.0 billion, marking an 8.7% increase from the previous year. DA Davidson reiterated a Buy rating on U.S. Bancorp, citing a 10.9% revenue growth excluding securities losses, and set a price target of $73.00. RBC Capital, while maintaining an Outperform rating, adjusted its price target to $65, noting the bank’s historical profitability and recent overcoming of various challenges. These developments underscore U.S. Bancorp’s ongoing efforts to strengthen its financial position and growth trajectory.