Ethics at U.S. Bank

Trust.

Relationships are the heart of our business. We build those relationships on trust-the trust each of us earns every day, through every interaction with our customers and the communities we serve.

Our commitment to the highest ethical standards is what makes that trust possible. This commitment is the foundation for our core values and guides every decision we make. It powers our ability to act as one U.S. Bank, no matter what part of the company we work in or where on the globe we sit.

Our Code of Ethics and Business Conduct shows us how to be the most trusted choice. Acting with integrity-and speaking up when we have concerns-is how we protect our customers and help them achieve their financial goals.

Our ethics program is designed to do one thing: give our 73,000 leaders and employees the training, tools and resources they need to do the right thing. Integrity has powered our business success for more than 160 years, and ethical leadership is driving the ways we're innovating to meet our customers' evolving expectations.

We understand our responsibility to earn our customers' trust every day. Our ethical culture powers our ability to do that.

Gunjan Kedia
President and CEO

Note: U.S. Bancorp (the “Company”) periodically updates its Code of Ethics and Business Conduct (the “Code”) applicable to all employees, including its principal executive officer, principal financial officer and principal accounting officer, as those terms are defined under U.S. Securities and Exchange Commission rules.

On April 9, 2025, the Company approved updates to the Code, including updates to reorganize and streamline content. Such updates included:

  • Added requirements for employees to report any arrests, criminal charges or convictions.
  • Clarified restrictions on solicitation of third parties and expectations related to fair dealing and self-dealing.
  • Aligned language related to harassment and discrimination with U.S. Bank’s equal employment opportunity statement and Workplace Respect Policy.
  • Updated language related to gifts to non-U.S. government officials to align with enterprise Gifts and Business Hospitality and Anti-bribery/Anti-corruption Policies.

The above summary of updates to the Code is qualified in its entirety by reference to the full text of the Code.