U.S. Bank has named its 20-year veteran John Stern as president of the global corporate trust and custody business.
Stern, who currently services as U.S. Bancorp corporate treasurer, will assume the role from 17 May.
During his 20-year tenure with U.S. Bank, Stern has steadily risen through the ranks in its corporate treasury business. He currently leads the team that executes all of U.S. Bank’s treasury functions, including liquidity, capital, interest rate risk, investment portfolio, derivatives, wholesale debt issuance, operations, internal funds transfer pricing, net interest income forecasting and quantitative balance sheet and capital markets modelling.
“As corporate treasurer, John has helped strengthen our reputation and solidify our position as one of the highest-rated financial services companies in the world,” said Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services.
“He brings extraordinary intelligence, judgment and acumen to this role through his extensive knowledge of the financial services industry and insights into global capital markets.”
Stern succeeds Joseph Giordano, who announced his retirement last year. Giordano has been with U.S. Bank since 2010 and has played a critical role in building and growing the industry-leading global corporate trust business, including the expansion of the company’s collateralised debt obligation (CDO) business.
At the beginning of the year, U.S. Bank acquired the debt servicing and securities custody services client portfolio of MUFG Union Bank, providing it a significant boost to its Americas custody coverage.
The deal will see U.S. Bank take on 600 client relationships representing around $320 billion in assets under custody and administration.
“Under Joe’s leadership, our Corporate Trust business grew rapidly, gained impressive market shares, executed multiple acquisitions, and became a leader in this industry,” said Kedia. “As Joe delivered these business results, he also developed an outstanding team and a culture of sales and service excellence. We thank Joe for his enormous contributions to the business and wish him all the best in his retirement.”