As U.S. Bank joins merger wave, it vows to keep front-line employees in $8B purchase of MUFG Union

Wednesday, September 22, 2021

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U.S. Bancorp on Tuesday at last joined the banking industry's latest merger wave by agreeing to an $8 billion deal for MUFG Union Bank's consumer business, the main segment of the U.S. operations of Japan's largest bank.

The purchase will increase U.S. Bank's loans and deposits by about 20% and give it a much larger presence on the West Coast, especially in California where it will rise to fifth place from 10th in market share.

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Category: Investors