Gunjan Kedia seems positioned to develop into U.S. Financial institution’s subsequent CEO

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Gunjan Kedia joined U.S. Bancorp in 2016 after 4 years at Financial institution of New York Mellon and eight years at State Avenue.

Gunjan Kedia, considered one of U.S. Bancorp’s most senior leaders, has been promoted to firm president, a step that some analysts say positions her to sometime develop into the Minneapolis-based financial institution’s CEO.

In her new position, Kedia succeeds Chairman and CEO Andy Cecere, who has additionally held the president title since 2016. As president, Kedia will retain her present obligations as the top of wealth, company, business and funding banking, and she’s going to tackle the agency’s different two enterprise traces, fee companies and shopper and enterprise banking, an organization spokesperson stated Monday.

Cecere, who’s 63, has made no bulletins about any impending retirement plans. However U.S. Bancorp’s two most up-to-date CEOs — Cecere, who acquired the highest job in 2017, and his predecessor, Richard Davis — had been promoted from the president position.

U.S. Bancorp stated that Kedia will proceed to report back to Cecere, however the firm declined to remark Monday about its CEO succession plans. Within the eyes of some analysts, Kedia’s promotion sends a robust sign about what’s forward.

“My impression is that she’s the more than likely candidate to succeed Andy,” stated Scott Siefers, an analyst at Piper Sandler who lined U.S. Bancorp throughout its two most up-to-date CEO transitions.

There isn’t any indication that any kind of management change is imminent, Siefers added.

Traditionally, “U.S. Bancorp has been very methodical and clear” about its CEO adjustments, he stated. “So Gunjan will get the title immediately, and he or she’ll see how properly that fits her over the following few years, and when everyone seems to be snug, it is fairly attainable she’s the successor to Andy.”

Kedia, 53, has been one of many highest rating executives at U.S. Bancorp since she joined the $654 billion-asset firm in 2016 as vice chair of wealth administration and funding companies. Somewhat greater than a yr in the past, her position was expanded to incorporate management of the financial institution’s company and business banking division as a part of a collection of management adjustments on the time.

Kedia is considered one of 16 folks — and considered one of three ladies — on U.S. Bancorp’s managing committee.

Citigroup CEO Jane Fraser is at the moment the one girl on the helm of a top-50 U.S. financial institution. The ranks of ladies financial institution CEOs had been thinned final yr when BMO Monetary Group purchased Financial institution of the West, ending Nandita Bakhshi’s tenure because the San Francisco financial institution’s CEO, and when Kelly Coffey misplaced the highest job at Royal Financial institution of Canada-owned Metropolis Nationwide Financial institution.

Kedia is a six-time American Banker Most Highly effective Ladies in Finance honoree, most lately in 2023 when she secured the No. 15 spot on the record. In her most up-to-date position, she oversaw about 11,100 direct and oblique stories. As president, that quantity has now greater than tripled to 37,000, the corporate stated.

Previous to switching over to U.S. Bancorp, Kedia labored at Financial institution of New York Mellon for 4 years and at Avenue Avenue for eight years. She is a former companion on the consulting agency McKinsey.

Gunjan, who’s from India, got here to the USA to earn an MBA at Carnegie Mellon College. In India, she earned an engineering diploma, considered one of few ladies to take action on the time.

In a press launch asserting the promotion, Cecere referred to as Kedia “a visionary chief” with “an unwavering dedication to serving our shoppers, constructing sturdy groups and residing our values.”

“She’s going to companion with me and our total managing committee as we proceed to chart our course for the long run, and she’s going to construct on her confirmed success to drive additional development throughout all our enterprise traces,” Cecere stated.

Kedia has develop into “pretty seen” to traders lately by attending business conferences and different occasions, in accordance with Siefers.

“My finest guess is that she’s going to develop into much more seen over the following couple of years, in order that there is not any shock to the system ought to something extra official come down the pipeline,” he stated.

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