U.S. Bancorp hires McKinsey Senior Partner Tim Welsh
U.S. Bancorp has appointed Tim Welsh to the role of Vice Chairman of Consumer Banking Sales and Support at U.S. Bank. The former McKinsey & Company executive committee member has joined the leadership of the fifth largest bank in the US during a time of increasing industry volatility fueled by disruptive changes in consumer behaviour.
Tim Welsh, formerly of McKinsey & Company, has joined US Bancorp after more than 25 years at the global management consultancy. Most recently, Welsh was a Senior Partner in McKinsey’s Minneapolis office, where his work focused on business model adaption strategy in light of changing consumer behaviour. During Welsh’s 25-year tenure at the firm, he held numerous leadership roles, including sitting on the firm’s 30-person global Shareholders Council. Mr. Welsh was previously a lead in the firm’s global Learning and Development practice; he was also co-leader of the firm’s global strategy/corporate finance practice, as well as co-leader of the firm’s North American life insurance and wealth management practice.
Mr. Welsh holds an MBA and a BA in Social Studies, both from Harvard University. Outside of work, he holds various board roles at charities in Minneapolis, including chair for the Greater Twin Cities United Way. He is also the founder of the Itasca Project, an organisation focused on improving the quality of life in Minneapolis and St. Paul.
Welsh joins the US’ fifth largest bank – US Bancorp – which has assets of $450 billion and operates in 25 states. In his new role as Vice Chairman of Consumer Banking Sales and Support Welsh will be responsible for overall consumer and small business strategy at the bank. Mr. Welsh replaces Kent Stone, who announced his retirement earlier in 2017, after 37 years with US Bancorp.
Commenting on Welsh’s appointment, US Bancorp CEO Andy Cecere remarked, “Tim’s in-depth knowledge of the consumer and the ever-evolving expectations customers have for their experience with a financial institution are directly in line with our vision at U.S. Bank. The banking industry continues to find itself in transition as customer expectations become increasingly fragmented across a variety of digital and branch-bound channels.”
“Tim is a well-known and highly regarded strategic thought leader in the financial services industry,” added Cecere. “He is a strong fit for our culture, and his appointment to this role will enable us to continue to position the company for ongoing, sustainable growth.”
