MINNEAPOLIS — January 13, 2026 — In a move designed to significantly bolster its footprint in the high-stakes world of investment banking and institutional trading, U.S. Bancorp (NYSE: USB) announced today that it has entered into a definitive agreement to acquire BTIG, LLC, a premier financial services firm. The deal, valued at up to $1 billion, represents a transformative “bolt-on” acquisition for the Minneapolis-based banking giant, effectively bridging critical product gaps and supercharging its capital markets momentum.
Under the terms of the agreement, U.S. Bancorp will pay an initial purchase price of $725 million at closing. This consideration consists of $362.5 million in cash and approximately 6.6 million shares of U.S. Bancorp common stock. The deal structure also includes an “earn-out” provision, with up to an additional $275 million in cash payable over the next three years, contingent upon the achievement of specific performance targets.
A Decade in the Making: From Partners to One Powerhouse
The acquisition is less a sudden shift and more the culmination of a decade-long courtship. Since 2014, U.S. Bancorp and BTIG have maintained a close referral partnership, with BTIG serving as the bank’s primary equity capital markets partner. In 2023, the two firms expanded this relationship to include a dedicated M&A advisory referral program.
“BTIG’s top talent, capabilities, and technology will position us for continued capital markets growth and deeper client relationships,” said Gunjan Kedia, who recently stepped into the role of CEO at U.S. Bancorp in April 2025. “This acquisition will enable both organizations to deliver greater value, innovation, and efficiency to the companies and institutions we serve.”
Kedia, a seasoned industry leader with a background at McKinsey & Co. and State Street, has been a vocal advocate for strategic partnerships that combine traditional banking stability with fintech-speed execution. By bringing BTIG in-house, U.S. Bancorp is betting that the “high-touch” service model BTIG is famous for will scale effectively across the bank’s massive corporate client base.
Strategic Integration: Filling the “Product Gaps”
Founded in 2005, BTIG has carved out a prestigious niche as a top-10 U.S. broker by high-touch equity volume. The firm employs over 700 professionals across 20 cities globally, including hubs in London, Hong Kong, and Sydney. Their expertise spans:
- Institutional Sales & Trading: Multi-asset class execution across equities and fixed income.
- Investment Banking: A track record of over 1,275 transactions since 2015.
- Prime Brokerage & Outsource Trading: Tailored solutions for hedge funds and asset managers.
- Differentiated Research: Deep fundamental analysis on over 475 companies.
For U.S. Bancorp—the fifth-largest commercial bank in the United States—the acquisition provides immediate entry into equity electronic trading and a much more robust M&A advisory suite. Currently, the bank’s capital markets business generates approximately $1.4 billion in annual revenue; the addition of BTIG is expected to accelerate this growth significantly by offering a “one-stop shop” for institutional clients.
Leadership and Continuity
A critical component of the deal is the retention of BTIG’s core leadership. Anton LeRoy, the architect of much of BTIG’s global expansion, will remain CEO of the BTIG business unit. He will report directly to Stephen Philipson, Vice Chair and Head of Wealth, Corporate, Commercial, and Institutional Banking at U.S. Bancorp.
“Our clients will continue to enjoy the same level of high-touch service and attention from our committed leadership team,” LeRoy noted in a joint statement. “Meanwhile, our employees will benefit from the vast resources and stability of a leading global financial institution.”
BTIG Co-Founder and Executive Chairman Steven Starker will also continue in his day-to-day role, focusing on business development and maintaining relationships with the firm’s largest institutional partners.
Market Impact and Financial Outlook
From a financial perspective, U.S. Bancorp describes the deal as having a “negligible” impact on its 2026 earnings per share (EPS). The acquisition is expected to reduce the bank’s Common Equity Tier 1 (CET1) capital ratio by approximately 12 basis points upon closing, which is anticipated in the second quarter of 2026.
Analysts see this as a disciplined move. While many regional banks are struggling with high interest rates and regulatory scrutiny, U.S. Bancorp is leveraging its strong balance sheet to play offense. By diversifying its revenue streams toward fee-based capital markets activities, the bank reduces its sensitivity to interest rate fluctuations.
Context: The 2026 M&A Landscape
The acquisition comes amidst a broader resurgence in financial services M&A. Following a cautious 2025, the early weeks of 2026 have seen a spike in deal volume as CEOs seek “dream deals” to acquire new capabilities—particularly in AI-driven trading and global infrastructure.
As central banks begin to stabilize rates, industry leaders like U.S. Bancorp are moving quickly to consolidate market share. For BTIG, the merger provides a massive balance sheet to back their trades and a wider net of corporate clients to advise. For U.S. Bancorp, it marks a definitive step toward competing more directly with the “bulge bracket” firms of Wall Street.