The bank projects over $1 billion in new revenue from BTIG acquisition and Amazon partnership, with BTIG contributing $98 million in June alone.
U.S. Bancorp reported a $98 million revenue surge from its June 1 acquisition of investment bank BTIG, marking the subsidiary’s strongest monthly performance. The deal, valued at approximately $1 billion, is expected to generate over $1 billion in annual revenue alongside a new Amazon card partnership.
The bank targets a $200 million quarterly revenue contribution from BTIG, aiming to lift capital markets revenue to 10% of total revenue from 7%. CEO Gunjan Kedia noted no additional acquisitions or staff expansions are needed to meet the goal.
CFO John Stern cautioned that problem loans may not have bottomed yet, though the bank remains optimistic about long-term integration benefits.