McKinsey Senior Partner Tim Welsh joins US Bancorp

Tim Welsh, has been handed the role of Vice Chairman of Consumer Banking Sales and Support at US Bank. The former McKinsey & Company executive committee member left the firm to join the fifth largest bank in the US during a time of increasing volatility for the industry, in the face of changes in consumer behaviour.

Former McKinsey & Company employee Tim Welsh has joined US Bancorp, after more than 25 years at the firm. Most recently, Welsh served as a Senior Partner in McKinsey’s Minneapolis office, where work largely focused on business model adaption strategy, in the face of changing consumer behaviours. His roles at the firm were numerous, Additional roles held by Welsh during his 25 year tenure included sitting as one of the firm’s 30-strong global Shareholders Council, as well as being lead in the firm’s global Learning and Development practice. He also spent time as the co-leader of the firm’s global strategy/corporate finance practice as well as of the North American Life Insurance and Wealth Management practice.

Welsh holds is a Master of Business Administration, and holds a Bachelor of Arts in Social Studies, both from Harvard University. Beyond work, he holds various board roles at charities across Minneapolis, including chair for Greater Twin Cities United Way. He is also the founder of Itasca Project, an organisation focused on improve the quality of life in Minneapolis and St. Paul.

Welsh now joins the US’ fifth largest bank, US Bancorp, which has around $450 billion in assets, and is operative in 25 states. The move sees him take on the role of Vice Chairman of Consumer Banking Sales and Support, a role focused on overall consumer and small business strategy at the bank. Welsh replaces Kent Stone, who announced his retirement earlier in 2017, following 37 years of service with the company.

The rationale behind his appointment according to Andy Cecere, US Bancorp CEO, was, “Tim’s in-depth knowledge of the consumer and the ever-evolving expectations customers have for their experience with a financial institution are directly in line with our vision at U.S. Bank.” The banking industry continues to find itself in transition as customer expectations become increasingly fragmented across a variety of digital and branch bound channels.”

Cecere added, “Tim is a well-known and highly regarded strategic thought leader in the financial services industry. He is a strong fit for our culture, and his appointment to this role will enable us to continue to position the company for ongoing, sustainable growth.”