President, U.S. Bank Global Corporate Trust Services
We are pleased to announce U.S. Bank as the newest member of the Boston Financial Services Leadership Council (BFSLC), strengthening the council’s ability to advance the economic impact of the finance industry in Massachusetts. Banking continues to support the economic vitality of the state as deposits at Massachusetts savings banks increased 22 percent compared to the nationwide increase of 8.5 percent in 2012.
U.S. Bank is the nation’s fifth-largest commercial bank with assets of $364 billion. The Company offers a wide range of financial products with 11 business lines represented in the Boston area and many more located throughout the northeast. Of the bank’s 67,000 employees, more than 300 are located in Massachusetts working in the areas of Global Corporate Trust Services, Corporate Payment Systems, Asset Based Finance, Commercial Real Estate, Corporate Compliance and Technology & Operations Services. In 2002, U.S. Bank acquired State Street’s corporate trust division and maintained the division’s headquarters in Boston.
We asked Bryan Calder, President of Global Corporate Trust Services at U.S. Bank his view on trends in banking, the appeal of doing business in Boston, and how the region is building a pipeline of talent for the financial services sector.
What trends are you seeing in banking and in your business?
Overall, the economy has seen some green shoots, but our view is 2014 will likely look much like 2013, with the economy growing in fits and starts, and a mixed bag in the capital markets. The Federal Reserve has initiated some tapering of the stimulus policies it enacted during the downturn, long term rates will increase though expectations are that the Fed will work to keep short-term rates where they are now. Terry Sandven, Chief Equity Strategist for U.S. Bank Wealth Management, tells us “I think we entered 2014 in a good place. The global economy appears to be in slow-growth mode, interest rates remain low, earnings are rising, and consumer and corporate balance sheets generally are in pretty good shape.”
While the markets were somewhat choppy, U.S. Bank Global Corporate Trust Services was able to achieve market share gains for all of our product offerings, ranking first or a strong second for new business volume for 2013 and we plan to continue growing our market share throughout 2014. These gains are a direct result of the timely investments we have made in our staffing and technology offerings.
What are the advantages/benefits of operating out of Boston/MA?
We are proud of our solid base of operations in Boston. U.S. Bank has 11 business lines represented in the Boston area, with many more located throughout the northeast. Boston is fortunate to have a large number of key financial industry participants located here and it is a significant advantage for us to have that local access to these professionals. With such a solid operational base in Boston an added benefit is the variety of transportation choices we have for commuting options. Additionally, having an international airport enables us to easily travel to our 48 other Global Corporate Trust Services offices across the country as well as our European offices in London, Dublin and in Buenos Aries.
How does the regional financial services ecosystem affect your talent pipeline?
U.S. Bank has more than 300 employees in Massachusetts working across many divisions. We are fortunate to be able to take advantage of the talent pool available throughout Boston. The quality, highly-respected colleges and universities in Boston and the surrounding community, as well as the large number of financial services businesses located here, enable us to find very talented people with the education and the financial experience we need at U.S. Bank. We have found that the quality of life in Boston also enables us to draw talent from other areas of the region. The fact that Boston can boast a recent World Series Championship is an added bonus!