The $587 billion-asset company said
in its earnings press release that it selected Microsoft Azure as its primary
cloud provider. U.S. Bancorp said cloud computing will handle the majority of
its infrastructure and application portfolio with cloud computing, allowing it rapidly
access and analyze data.
The company also touted its collaboration
with Driveway on real-time payments to car sellers. People who sell a car on
Driveway.com will have the payment deposited instantly into their bank account
after the sale is complete.
Finally, U.S. Bancorp
noted that it will work with Sustainalytics, a Morningstar company, to offer
environmental, social and governance (ESG) data solutions to U.S. Bank Global
Fund Services clients where independent ESG analytics and reporting services
are required.
Overall, the company's earnings fell 32% from a year earlier, to $1.6 billion.
U.S. Bancorp recorded a $112 million loan-loss provision, compared to a $827 million reserve release a year earlier. Noninterest expense rose 4%, to $3.5 billion.
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