other material
confidence high
sentiment positive
materiality 0.60
USB reaffirms FY2024 guidance; OCC terminates MUFG Union Bank consent order
US BANCORP DE
- CFO Stern confirmed no change to FY2024 NII guidance of $16.6B to up slightly, fee revenue up mid-single digits, core expenses flat YoY.
- Q1 2024 NII expected between $4.0B and $4.1B; live audio webcast disrupted by vendor error.
- OCC terminated September 2021 consent order against MUFG Union Bank (acquired Dec 2022) for technology and operational risk deficiencies.
- Termination removes a regulatory condition from the merger approval and reflects improved risk management.