In the past the Chicago market used to be the crown jewel of US Bank, always on top of all the performance numbers and expanding the company’s market share by acquiring Charter One and Park National. Over the past few years it has kind of fallen flat and lost its luster. What happened?
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What dept is next?
Chicago was never a jewel at USB, ever. MSP/LA maybe.
Chicago was always known to have the worst credit quality, the worst loans. The acquisitions there were failures. Most of those loan portfolios were run off.
Chicago has never been the crown jewel of US Bank. Ever. I don't know what you're talking about. Chicago is/was a growth market for the bank, but like nearly all of the "growth" markets, it hasn't grown organically. For example, the CA market has stood at <4-5% market share since the financial crisis when the bank made several acquisitions. CA markets have NOT grown (in fact, most have lost share) in the past 15 years. The Union acquisition (if it happens) will increase market share by about three times, but outside of that US Bank has demonstrated year after year that it cannot grow its businesses organically. Take a look at the stock performance over the past since 2008. It's traded between high $20's to mid $60's and seems to be stuck in the low $40 range. Not exactly a great growth story in Chicago, CA, or any market, really. USB needs to gut their executive leadership and bring in bankers who actually know what the he-l they're doing. AC and his goons don't have a clue...