U.S. Bancorp’s Davis Bores Into Top Rank: Riskless Return
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U.S. Bancorp’s Richard Davis likes to rev up investors by telling them his bank is boring.
Davis, chief executive officer of the fifth-largest U.S. bank by deposits, shuns investment banking and insurance. The result: U.S. Bancorp produced the best risk-adjusted return in the past two years of all 24 banks in the KBW Bank Index, the BLOOMBERG RISKLESS RETURN RANKING shows. Investment banks including JPMorgan Chase & Co., which last month announced a $2 billion trading loss, Citigroup Inc. and Bank of America Corp. ranked near the bottom.