U.S. Bank names leader of wealth management and securities services division
U.S. Bank has tapped a former executive from State Street to lead the wealth management and securities services division into the "next generation of growth," the bank announced on Monday.
Gunjan Kedia takes over the role from Terry Dolan, who was promoted to chief financial officer in August. She reports to Andy Cecere, U.S. Bank's president and chief operating officer.
At State Street, Kedia led the firm's core investment servicing business in the Americas from September 2008 to May 2016, when she left the company, according to her LinkedIn profile.
Prior to that, she held leadership roles at Bank of New York Mellon, where she oversaw the global product management function for its global asset servicing business for almost five years. She was also a partner at McKinsey & Company and an associate at PricewaterhouseCoopers over the course of her 20-plus-year professional career.
Cecere lauded Kedia as "forward-thinking leader with a deep understanding of the banking and asset management industries," adding that the bank was thrilled to add her to the management team.
The bank's wealth management and securities services division posted $538 million in third-quarter revenue, up 17.5% year-over-year, according to the bank's latest earnings release. It earned $95 million in profits, up a notable 58.3% from the same period a year ago.
"We don't measure that. We don't set quotas," Richard Davis told analysts while reporting strong revenue and profit numbers for the bank's wealth management businesses.October 19
The new CIO will direct U.S. Bank Wealth Management's Asset Management Group and lead its investment management business strategy and policies.October 14
"Our wealth management and securities services businesses are important components of our diversified business model," Cecere said in a statement. "Wealth management is steadily growing as Americans focus on retirement readiness. In addition, we have leadership positions in all of our securities services market segments, giving us a competitive stronghold."