U.S. Bancorp’s USB — banking division — U.S. Bank entered into a strategic partnership with Edward Jones. The collaboration is intended to offer comprehensive banking and credit card solutions to Edward Jones clients.
Beginning in late 2025, Edward Jones financial advisors will have the chance and resources to introduce co-branded U.S. Bank deposit and credit card products to their U.S. clients.
With the help of U.S. Bank, Edward Jones' U.S. clients will be able to access a wider range of banking products via the company's 19,000+ financial advisors, who currently manage $2 trillion in client assets across 8 million clients in North America.
U.S. Bank and Edward Jones share a mission to enhance clients' financial lives. Working together, the companies hope to assist more clients reach their financial goals with simple and easy-to-use banking solutions.
Since 2012, both companies have worked together to issue cards through U.S. Bank's Elan division. The extended relationship will include new co-branded Edward Jones and U.S. Bank credit card products with increased incentives for consumers and small businesses.
Strategic Efforts
The latest collaboration is in line with the U.S. Bank alliance strategy to broaden the company's regional reach and better serve its customers. With this, clients will have access to improved financial solutions that cater to their diverse needs.
Through alliances, U.S. Bank continued in its goal of reaching customers where they are and providing a streamlined experience concerning its core deposit products.
In 2020, U.S. Bank formed an arrangement with State Farm to take over the insurance company's bank and credit card accounts. The connection currently includes commercial banking, deposit and credit card products offered through State Farm's 19,400 agents in 48 states.
In June 2024, the banking division collaborated with Greenlight to offer an advanced banking solution for families. The collaboration enables families with children and teenagers to receive free access to the Greenlight debit card and money app.
Shares of USB have gained 10.8% in the past six months compared with the industry’s growth of 16.7%.
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At present, USB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Financial Services Firms Taking Similar Steps
In June, Stifel Financial Corp. SF and Lord Abbett, LLC entered into a joint agreement to establish a leveraged lending joint venture — SBLA Private Credit. This new entity will concentrate on the origination and management of existing loans to small and mid-sized portfolio companies of financial sponsors, thus augmenting the existing capabilities of both firms.
SBLA Private Credit integrates two of the industry’s most established brands, offering extensive middle-market coverage and is known for its strategic growth and disciplined risk management. Through the combination of SF’s robust full-service platform and established direct lending proficiency with Lord Abbett’s solid leveraged credit presence and substantial capital base, SBLA Private Credit remains uniquely poised for success in the existing origination market.
In May, T. Rowe Price Group, Inc. TROW announced a partnership with Ascensus to support its 529 business. This collaboration aims to strengthen the company’s commitment to enhancing the education savings journey for 529 account owners.
The partnership between TROW and Ascensus is set to improve the online platform and mobile experience for account holders. This collaboration will also ensure strong investment management while maintaining a high level of security that safeguards customers’ personal information.
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