U.S. Bank U.S. Bancorp 2001 Online Annual Report and Form 10-K

Five Star Service Guaranteed
Letter to Shareholders
Changing Banking Forever
Growing Diversified Business
Providing Convenient Access
Building the Best Bank in America
Capitalizing on Growth Opportunities
Market Leadership and Community Support

Financial Information
About U.S. Bancorp

Capital Markets

Key Business Units
Private Advisory Services helps affluent clients meet their financial goals through a network of 123 brokerage offices
Equity Capital Markets provides research, trading, sales and equity investment banking activities, including public offerings and advisory services for mergers and acquisitions, with niches in communications, consumer, health care, financial institutions, industrial growth and technology
Fixed Income Capital Markets provides financing and investment expertise to public finance issuers, corporate debt issuers and institutional investors


Strengths and Successes
Strong retail distribution network
"Middle Market Mergers & Acquisitions Bank of the Year," Mergers & Acquisitions magazine, February 2001
Top-performing equity bookrunner for lead-managed IPOs and follow-on offerings
Record year for Fixed Income Capital Markets
Leading manager of fixed income new issuance, underwriting $11.5 billion in agency securities and $6.3 billion in municipal bonds


Contribution to 2001
U.S. Bancorp Operating Income


1.8%


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