U.S. Bancorp Employee Expenses Climb in 4Q
19 Janeiro 2022 - 9:53AM
Dow Jones News
By Will Feuer
U.S. Bancorp's employee expenses rose in the fourth quarter,
contributing to an overall increase in non-interest costs for the
U.S. Bank parent company as Wall Street firms continue to battle
for talent.
Compensation costs for the company rose to $1.85 billion in the
fourth quarter, up about 13% from $1.64 billion in the year-ago
period. The jump in compensation was due to performance-based
incentives, revenue related commissions, merit, and hiring to
support business growth, the company said Wednesday.
Employee benefits also jumped about 23%, to $372 million over
that same period, driven by higher medical claims expense and
compensation related payroll taxes, the company said.
Along with an increase in costs tied to professional services as
well as marketing and business development, employee costs
contributed to a 5% year-over-year increase in non-interest costs,
holding back the company's profit for the quarter, which came in
below analyst expectations.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
January 19, 2022 07:38 ET (12:38 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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