The US Bancorp has appointed Tim Welsh as its new Vice Chairman of Consumer Banking Sales and Support. He replaces Kent Stone who retired earlier this year. Welsh will be in charge of the overall consumer strategy at the bank. According to the company, he will report to CEO Richard Cecere.
At McKinsey, Welsh was a partner. His work has focused on understanding how people behave and how organizations can adapt to meet their needs. In particular, he focused on financial services, consumer experience, and learning and development. He has also served on the firm’s Shareholders Council, which is the firm’s Board of Directors. After more than a decade of serving as a partner, Welsh left McKinsey to join U.S. Bank, which is the fifth largest retail bank in the U.S., in July.
The bank’s consumer and business banking group is composed of consumer products, mortgages, auto, and other elements of digital and physical transactions. It accounts for nearly half of the bank’s loans. Throughout his career, Tim has been focused on helping organizations adapt to the changing consumer experience.
Before joining the bank, Welsh served as a Partner at McKinsey & Company from 1999 to 2006. Prior to that, he was a member of the firm’s executive committee. He holds a BA in Social Studies from Harvard University and an MBA from Harvard Business School. During his time at McKinsey, he served as co-leader of the firm’s North American life insurance practice and the global strategy/corporate finance practice. Welsh was one of the 30 senior partners elected to the firm’s Shareholders Council.
As vice chairman of consumer and business banking, Welsh will be responsible for all aspects of the company’s consumer and small business strategy. Specifically, he will oversee consumer lending, product management functions, and the company’s branch network. This includes 24-hour banking, deposit, and small business strategies.
Welsh is a graduate of the Harvard Business School and the McKinsey & Company Global Learning and Development program. Previously, he has held various board roles at charities in Minneapolis. He is a founding member of the Itasca Project, which focuses on improving the quality of life in the city of Minneapolis. The project also helps to improve the economic and social conditions of minority communities in the area.
Welsh will bring a wealth of experience and expertise to his role at the bank. He will also bring a strong commitment to people and innovation. In particular, he will be in charge of the company’s branch network, small business strategy, and mortgages. By merging human and digital experiences, he hopes to create more value for customers.
With more than four decades of experience in the financial industry, Tim brings a depth of knowledge about the market, consumer behavior, and innovation. Moreover, he is dedicated to the community. Having grown up in the Midwest, he is a firm believer in social justice issues. Whether he is working with a bank or a nonprofit, he is committed to creating a culture where people can thrive.