U.S. Bank promoted two executives Tuesday to take on duties once held by the bank’s newly minted president, Gunjan Kedia.
Stephen Philipson will lead all of the product businesses under the bank’s wealth, corporate, commercial and institutional banking team, U.S. Bank said in a press release.
Felicia La Forgia will lead the bank’s institutional client group, a new unit meant to centralize client relationship management to make the customer experience more uniform.
Both will continue to report to Kedia.
“With strategic vision and consistent execution, Stephen and Felicia have played critical roles in positioning U.S. Bank for long-term success,” Kedia said. “Their close collaboration will bring the full strength of U.S. Bank to the companies and institutions we serve."
Before being elevated to president last month, Kedia had served as vice chair of wealth, corporate, commercial and institutional banking — a side of the bank responsible for 38% of U.S. Bank’s revenue, slightly more than what consumer and business banking bring in, according to U.S. Bank’s annual report for 2023.
Philipson joined U.S. Bank in 2009 and rose through the ranks with roles in fixed income, capital markets and commercial products. Most recently, he served as head of global markets and specialized finance.
Before moving to U.S. Bank, Philipson held four-year stints at Morgan Stanley and Wachovia.
La Forgia, who joined U.S. Bank in 2008, most recently served as head of the bank’s corporate banking unit. She began her career at BNY Mellon and defunct German bank WestLB before coming to the Minneapolis lender. Earlier in her stint at U.S. Bank, she served as group head of the lender’s oil and gas, retail and apparel, and utilities divisions.
“Stephen is known for his deep product knowledge and offering innovative solutions, and now, by elevating our relationship channels into a stronger and more cohesive unit, Felicia will drive consistency and excellence in regional and sector coverage across all our corporate, commercial and institutional clients,” Kedia said.
The wealth, corporate, commercial and institutional banking unit and institutional client group “will work together to provide core banking, specialized lending, transaction and payment processing, capital markets, asset management, and brokerage and investment-related services to wealth, middle market, large corporate, government and institutional clients,” the bank said in its press release.
