U.S. Bancorp names Christopher Paulison as new chief audit executive

MINNEAPOLIS - U.S. Bancorp (NYSE:USB), a prominent player in the banking sector with a market capitalization of $76.5 billion and a "GOOD" financial health rating according to InvestingPro, announced Wednesday that Christopher Paulison will succeed Kandace Heck as Senior Executive Vice President and Chief Audit Executive, with Heck planning to retire later this year after eight years with the company.

Paulison, who brings more than 30 years of audit experience, will join U.S. Bank on September 29. He previously served as a managing director of financial services at Protiviti Inc., where he led internal audit engagement teams for financial institutions in New York and London.

The transition was overseen by the Audit Committee of the U.S. Bancorp Board of Directors due to the independent nature of the Corporate Audit Services function. Paulison will report directly to the Audit Committee and administratively to CEO Gunjan Kedia.

Heck joined U.S. Bank in April 2017 after building her career at companies including Northern Trust Corporation, Goldman Sachs, and Deloitte & Touche. During her tenure, she focused on strengthening the bank’s internal audit capabilities.

"Kandace has been an important voice at U.S. Bank, leading our Corporate Audit Services function and working to strengthen our internal audit capabilities," said Kedia in a press release statement.

Paulison, an alumnus of the University of Notre Dame and Northwestern University’s Kellogg School of Management, will be based in Minneapolis. His previous experience includes roles at Grant Thornton and Ernst & Young.

U.S. Bancorp, the parent company of U.S. Bank National Association, has approximately 70,000 employees and $686 billion in assets as of June 30, 2025. The bank has maintained dividend payments for 55 consecutive years and currently offers a 4.2% dividend yield. According to InvestingPro analysis, the stock appears undervalued based on its Fair Value calculations, with 12 additional exclusive insights available to subscribers. The company’s next earnings report is scheduled for October 16, 2025, where analysts expect the company to maintain its profitability streak.

In other recent news, U.S. Bancorp reported its second-quarter 2025 earnings, revealing an earnings per share (EPS) of $1.11 and a net income of $1.8 billion. The company experienced a 13% increase in EPS compared to the previous year, alongside an improved efficiency ratio of 59.2%. Truist Securities raised its price target for U.S. Bancorp to $51.00, citing growth potential, while maintaining a Hold rating on the stock. Additionally, U.S. Bancorp announced a reduction in its prime lending rate to 7.25% from 7.50%, effective September 18, 2025. This decrease will apply across all U.S. Bank locations nationwide. In another development, U.S. Bank launched a new accounts payable solution for small businesses, integrating with business checking accounts. The platform, named "U.S. Bank bill pay for business," offers streamlined cash flow management and bill payment capabilities. These recent developments highlight U.S. Bancorp’s strategic initiatives and financial stability.

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