U.S. Bancorp Center
800 Nicollet Mall
MN 55402 – 7014
- #88 Global 2000 2021
- #84 America’s Best Banks 2021
- #426 World’s Best Employers 2019 (Dropped off in 2020)
- #32 America’s Largest Public Companies 2018
- #357 America’s Best Employers 2015
- #18 on DiversityInc Top 50 Companies for Diversity list
- #15 Top Companies for Black Executives
- #14 Top Companies for Board of Directors
- #8 Top Companies for Latino Executives
- #14 Top Companies for LGBTQ
- #9 Top Companies for Native American/Pacific Islander
- #8 Top Companies for Philanthropy
Sustainability Ratings & Scores:
- U.S. Bank received a place on CDP’s “A List” for tackling climate change, making it one of 53 U.S. companies and one of only six U.S. financial institutions honored for 2020.
- #3 Ranked employer on Military Times Best for Vets survey.
- 100% score on the Human Rights Coalition Corporate Equality Index in 2021 for the 14th consecutive year.
- Named one of the World’s Most Ethical Companies 2021 by the Ethisphere Institute.
SUSTAINABILITY AND ENERGY MANAGER
- Employee Resource Group & Council Honors Award.
- Diversity Best Practices Above and Beyond Award.
- Secretary of Defense Employer Support Freedom Award (ESGR).
- Yellow Ribbon Company (State of Minnesota).
- Patriot Awards for many U.S. Bank managers (ESGR).
Report created by Youmna Abdallah
U.S. Bancorp is an American bank holding company based in Minneapolis, Minnesota, and incorporated in Delaware. It is the parent company of the U.S. Bank National Association, and is the fifth largest banking institution in the United States.
The company provides banking, investment, mortgage, trust, and payment services products to individuals, businesses, governmental entities, and other financial institutions. It has 3,106 branches and 4,842 automated teller machines, primarily in the Western and Midwestern United States.
The firm is ranked 117th on the Fortune 500, and it is considered a systemically important bank by the Financial Stability Board. The company also owns Elavon, a processor of credit card transactions for merchants and Elan Financial Services, a credit card issuer that issues credit card products to the U.S. Bank and other financial institutions.
U.S. Bancorp operates under the second-oldest continuous national charter, originally Charter #24, granted in 1863 following the passage of the National Bank Act.
Company Sustainability Activity
Continuing to build a diverse workforce
Beyond meeting mandates of Equal Employment and Affirmative Action laws, U.S. Bancorp believes in the power of diversity. Their Human Resources and the Diversity, Equity and Inclusion office works towards increasing workforce diversity and focuses on attracting, engaging, retaining and developing diverse talent.
They do all they can to foster an inclusive environment that allows employees to demonstrate their talents and contribute in ways that differentiate their people, pushing them forward with innovative, thoughtful solutions for their customers and communities. U.S. Bancorp is committed to creating and sustaining an inclusive workforce that drives business growth and propels accountability for diversity and inclusion at all levels of the organization.
Financial well-being and inclusion
U.S. Bancorp recognizes that financial matters can be intimidating. To help build confidence in managing finances, they take a holistic approach to financial education, meeting their customers when and where it is most convenient for them. U.S. Bancorp provides financial education opportunities, resources and tools, and individualized support through their online programs, mobile app, in-person and virtual workshops and seminars.
Data protection and privacy
U.S. Bancorp aims to earn the trust of their community by protecting the confidentiality, integrity, availability and privacy of customer data. This is not just carried out through their rigorous data protection and privacy policies and dedicated professionals working to protect customer data. Customer data protection and privacy is instilled in their culture, so every employee and partner has it top of mind in their day-to-day work.
Climate change impact
U.S. Bancorp believes that running their business in an environmentally sustainable manner is an important component of corporate responsibility. As society’s understanding of the wide-ranging impacts of climate change has evolved, however, so too has their understanding of the effects a changing climate can have on their business. U.S. Bancorp have taken steps to enhance how they assess the financial and reputational risks climate change poses to their company, and they have also begun to focus more on opportunities presented by a changing economy.
U.S. Bancorp is committed to the following initiatives:
- Charitable Giving & Volunteerism
- Environmental Sustainability
- Diversity, equity and inclusion
- Military Community
- Set a goal to reduce their operational greenhouse gas (GHG) emissions by 40% by 2029 and 60% by 2044.
Diversity, equity and inclusion
- Establishing a new micro business fund. It will support businesses owned by women of color.
- Introducing a new homeownership program.
- Investing in a financial education startup.
- Commissioning new research.
- Launching a leadership development academy.
- Doubling partnerships with Black-owned suppliers.
Charitable Giving & Volunteerism
- In 2020, the U.S. Bank Foundation provided $37 million in grant funding, matching gifts, and dollars for doing contributions.
- In 2020, U.S. Bank contributed $30 million in corporate contributions and nonprofit sponsorships.
- Between charitable contributions and investments, U.S. Bank has provided more than $125 million to local Habitat for Humanity affiliates, helping build and renovate thousands of homes. Additionally, Habitat is among the top choices for employee volunteerism each year.
- In 2020, employees shared their skills and knowledge with their communities by volunteering 614 hours per day with nonprofit organizations. To encourage volunteering, U.S. Bank provides regular opportunities for involvement and 16 hours of paid time off for eligible employees.
- This year, their employees went above and beyond for their communities and raised a record-breaking $12 million through their campaign for more than 14,000 nonprofits across the country.
- In 2020, U.S. Bank expanded its Employee Assistance Fund program to help employees whose families are navigating financial challenges amid the COVID-19 pandemic. The program, which was established in 2008, helps employees with financial emergencies, such as unexpected medical expenses, natural disasters and more. The company also contributed $1.64 million to support the fund.
- The U.S. Bank Foundation matches qualifying contributions of cash and stock made by their employees to nonprofit organizations or higher education institutions. This program matches donations from a minimum of $50 up to an annual maximum of $1,000 per employee, or $3,000 for employees serving on nonprofit boards.
- The U.S. Bank Foundation Community Possible Grant Program specifically supports causes that create stable jobs, better homes and vibrant communities.
- The Dollars for Doing program is designed to support employee volunteer work in the community with a monetary donation to nonprofits where they volunteer. This program matches employee volunteer time at $5 per hour up to 40 hours per year.
- Each year, they run three company-wide campaigns to give employees additional opportunities to give back to their communities and to each other.
- Employee Giving Campaign: They encourage employees to make charitable donations to community organizations or a cause that aligns with their passions through their Employee Giving Campaign.
- Employee Assistance Fund: Their employees give back to each other through their Employee Assistance Fund. The program is primarily funded by employees and provides one-time grants to help employees facing unexpected hardships and emergency grants to employees who were displaced from their homes due to natural disasters or other catastrophes.
- #GiveTime Campaign: They participate in the international movement called #GivingTuesday, a day focused on the spirit of giving through their #GiveTime campaign that encourages employees and customers alike to give the gift of volunteer time and share their experiences on social media to encourage others to give back in their communities.
- Through their partnership with Habitat for Humanity, a nonprofit in affordable housing. U.S. Bank has supported Habitat’s mission to build or improve places to call home in their communities for more than 30 years including through philanthropic grants, U.S. Bancorp Community Development Corporation investments and volunteerism.
- Since 2008, they have invested more than $39 billion in environmentally beneficial business opportunities.
- As of year-end 2019, they have reduced their emissions by 44%, reaching their 2029 target 10 years early.
- In 2018, they partnered with GRID Alternatives, a nonprofit and national leader in making clean, affordable solar power and solar jobs accessible to disadvantaged communities, in order to help fund the expansion of their Tribal Program.
- In 2017, they joined the Ceres Company Network to engage with more than 50 companies in more than 20 sectors on environmental issues.
- During 2018, U.S. Bank provided $1 billion to help finance the development of over 1.5 gigawatts of solar energy across the country. The construction of these facilities supported 17,000 jobs and created enough renewable energy to power more than 240,000 homes.
- Earned a place on CDP’s 2020 “A List” for tackling climate change. U.S. Bank is one of 53 U.S. companies and one of only six U.S. financial institutions honored for 2020. CDP recognized the U.S. Bank for its actions to cut emissions, mitigate climate risks and develop the low-carbon economy. U.S. Bank previously received a score of A- for the last four years.
- U.S. Bank also achieved its first greenhouse gas (GHG) emissions target to reduce operational greenhouse gas emissions by 40%, 10 years ahead of schedule. In 2016, U.S. Bank set two GHG reduction targets based on guidance provided by CDP: 40% by 2029 and 60% by 2044, using a 2014 baseline. As of the end of 2019, U.S. Bank achieved a 44% reduction.
Diversity, equity and inclusion
- As a result of the partnership, Girls With Impact recruited and trained more than 500 girls from the five boroughs as tomorrow’s leaders, innovators and entrepreneurs.
- Launched an initiative to drive awareness and engagement of both existing and new financial education resources in partnership with Consumer and Business Banking, Human Resources and personalization teams at the U.S. Bank.
- Since they launched the LGBTQ+ community-inspired debit card design three years ago, it has become a point of Pride in the wallets of more than 250,000 customers who have collectively swiped it more than 100 million times.
- In February 2021, they launched the U.S. Bank Access Commitment, a long-term approach led by their Diversity, Equity and Inclusion team bringing together the strengths of the U.S. Bancorp Community Development Corporation, corporate social responsibility and their business lines to help build wealth while redefining how they serve diverse communities and provide more opportunities for diverse employees.
- U.S. Bank Foundation announced a partnership with Girls With Impact, the non-profit NextGen business academy for girls, to help expand the organization’s reach into New York City and provide girls of color and girls from low- to moderate-income families with skills that will transform their future career opportunities.
UN Sustainable Development Goals
UN SDGs Compliance
The Impakter Index team aligns current company-wide sustainability initiatives with the UN Sustainable Development Goals in the following section.
SDG 1: No Poverty
- U.S. Bancorp partnered with Habitat for Humanity, providing the charity with more than $125 million to help build and renovate thousands of homes. In addition, they run three company-wide campaigns to give employees additional opportunities to give back to their communities and to each other, the Employee Giving Campaign, the Employee Assistance Fund, as well as the #GiveTime Campaign.
SDG 4: Quality Education
- U.S. Bancorp provides grants through the U.S. Bank Foundation to support workforce education, job placement, military financial education and affordable housing for military service members and veterans.
SDG 5: Gender Equality
- U.S. Bancorp is a partner of Girls With Impact, the non-profit NextGen business academy for girls, to help expand the organization’s reach into New York City and provide girls of color and girls from low- to moderate-income families with skills that will transform their future career opportunities.
SDG 7: Affordable and Clean Energies
- U.S. Bancorp is a partner of GRID Alternatives, a nonprofit and national leader in making clean, affordable solar power and solar jobs accessible to disadvantaged communities, in order to help fund the expansion of their Tribal Program. They have also reduced their emissions by 44%, reaching their 2029 target 10 years early.
SDG 10: Reduced Inequalities
- U.S. Bancorp launched the U.S. Bank Access Commitment, a long-term approach led by their Diversity, Equity and Inclusion team bringing together the strengths of the U.S. Bancorp Community Development Corporation, corporate social responsibility and their business lines to help build wealth while redefining how they serve diverse communities and provide more opportunities for diverse employees. They also launched the LGBTQ+ community-inspired debit card design three years ago; it has become a point of Pride in the wallets of more than 250,000 customers who have collectively swiped it more than 100 million times.
SDG 17: Partnerships for the Goals
- As stated above, U.S. Bancorp partnered with various institutions and organizations to help mitigate climate change, support people of colors, veterans and people in financial difficulty. Their most notable partnerships include GRID Alternatives, Girls With Impact, and Habitat for Humanity. They have also committed to global initiatives such as the Carbon Disclosure Project (CDP) as well as the Ceres Company Network.
U.S. Bancorp is leading the way in sustainable banking through their holistic approach towards sustainable development.
They partner with various organizations such as GRID Alternatives, Girls With Impact, and Habitat for Humanity to help mitigate climate change, invest in solar energy, support people of color and people in financial difficulty.
Some of their most notable achievements include their reduction of operational greenhouse gas emissions by 40%, 10 years ahead of schedule. They have also been ranked on CDP’s 2020 “A List” for tackling climate change.
U.S Bancorp implicitly complies with six of the UN Sustainable Development Goals. Their efforts towards sustainability are noteworthy, and for these reasons the bank has been rated a B.
Analyst Outlook: Negative
Whilst U.S Bancorp’s efforts towards sustainability are noteworthy, the bank could benefit from explicitly complying with the UN Sustainable Development Goals, as well as earning more certificates and sustainability standards which validates their progress.
The Bank has also been charged with $613 million for money-laundering violations in 2018, and need to implement serious anti-corruption policies to earn their community’s trust.