U.S. Bank has named John C. Stern as president of its Global Corporate Trust and Custody business, effective May 17. Stern will be succeeding Joseph Giordan, who announced his plans to retire this summer.
“Under Joe’s leadership, our Corporate Trust business grew rapidly, gained impressive market shares, executed multiple acquisitions, and became a leader in this industry,” Gunjan Kedia, vice-chair of U.S. Bank Wealth Management and Investment Services said in a press release. “We thank Joe for his enormous contributions to the business and wish him all the best in his retirement.”
Stern started his career with U.S. Bank in 2000 when he joined as Assistant VP. He then steadily rose through the ranks, becoming VP in 2008 and Corporate Treasurer in 2013. A graduate of the University of St. Thomas, Stern is actively involved with the Alzheimer’s Association.
“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,” Gunjan Kedia said. “John’s background gives him a deep understanding of our client’s needs and products and services in the corporate trust and custody market.”
U.S. Bank is the fifth-largest commercial bank in the United States. Earlier this year, it acquired the Debt Servicing and Securities Custody Services client portfolio of MUFG Union Bank.
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