Magazine article American Banker

U.S. Bancorp Losing Key Growth Exec, but Keeping Credit Reporting Business

Magazine article American Banker

U.S. Bancorp Losing Key Growth Exec, but Keeping Credit Reporting Business

Article excerpt

SAN FRANCISCO -- In a reflection of retrenchment at U.S. Bancorp, the company is losing Richard W. Eichhorn, the key executive in charge of its nationwide growth-oriented businesses.

And in a related matter, according to a person familiar with the matter, the Oregon-based bank has reversed a decision to sell its Credco mortgage credit reporting service, one of the national businesses under Mr. Eichhorn's command.

U.S. Bancorp spokeswoman Mary B. Ruble confirmed the resignation of Mr. Eichhorn, a 43-year-old executive vice president, effective next month. She declined to comment on Credco.

Mr. Eichhorn's departure is a consequence of U.S. Bancorp's weeping program to cut costs and efocus on its core banking francise in its five-state Pacific northwest market, analysts and company insiders said.

Since the appointment of chairnan and chief executive Gerry B. Cameron earlier this year, the nation's 35th largest bank compaay has disposed of underperformng branches and launched a program to trim its work force by 10%.

But the focus on expense control left Mr. Eichhom in the lurch.

Mr. Eichhorn's area was "looking at being starved," said R. Jay Tejera, Seattle-based analyst with Dain Bosworth.

After joining U.S. Bancorp in 1987, he became one of the company's bright young stars, overseeing acquisitions and then taking charge of the national. products group. The unit was touted as a way of generating new sources of revenue outside traditional banking. …

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