U.S. Bancorps wealth management and securities services business contributed $41 million to the banks bottom line in the fourth quarter of 2012, down $2 million, or 4.7%, from the previous quarter, but unchanged from the same quarter a year earlier, the bank announced Wednesday.
The business, which includes Wealth Management, Corporate Trust Services, U.S. Bancorp Asset Management, Institutional Trust & Custody, and Fund Services generated $385 million in fourth-quarter revenue, up 4.3% from the prior quarter and up 8.1% from 2011. The Wealth Management and Corporate Trust departments were the biggest revenue generators, bringing in $150 million and $135 million, respectively, in the fourth quarter of 2012.
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