U.S. Bank has promoted John Stern to president of global corporate trust and custody within the bank’s wealth management and investment services.
The promotion comes as the current president of global corporate trust and custody Joseph Giordano announced his plans to retire this summer.
Giordano has been with U.S. Bank since 2010 and the bank says has played a critical role in building and growing the industry-leading global corporate trust business.
Stern, who currently serves as U.S. Bancorp Corporate Treasurer, will assume his role on 17 May.
In his current role, he leads the team that executes all of U.S. Bank’s treasury functions, including liquidity, capital, interest rate risk, investment portfolio, derivatives, and wholesale debt issuance.
This also includes operations, internal funds transfer pricing, net interest income forecasting and quantitative balance sheet and capital markets modelling.
Stern has been with U.S. Bank for 20 years and has risen through the ranks in corporate treasury while building a record of leadership and success.
“As corporate treasurer, John Stern has helped strengthen our reputation and solidify our position as one of the highest-rated financial services companies in the world,” says Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services.
According to Kedia, 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.
Kedia continues: “Sterns background gives him a deep understanding of our clients’ needs and products and services in the corporate trust and custody market. Stern is a relatable and empathetic leader who builds and develops strong teams and epitomises the values of U.S. Bank. I am thrilled he is joining our team.”
