U.S. Bancorp, parent company of U.S. Bank, said Tuesday that President Gunjan Kedia will become the company’s chief executive officer, succeeding Andy Cecere, who will remain chairman.

Kedia, also elected to the Minneapolis-based company’s board, will become CEO on April 15, at the conclusion of U.S. Bancorp’s annual shareholders meeting, according to a statement.

Kedia, 54, has been with U.S. Bancorp since 2016, overseeing the company’s revenue lines during her time as president, and has worked in financial services for almost three decades, including roles at State Street Corp. and Bank of New York Mellon Corp.

U.S. Bancorp promoted Kedia to president last year, raising the prospect that she might be a candidate to one day be CEO. The president role was previously held by Cecere, 64, who has spent almost four decades with U.S. Bancorp, serving as chairman since 2018 after assuming the CEO role in 2017.

“We are inspired by Gunjan’s vision for the company, and we are confident in her ability to guide U.S. Bancorp into a vibrant and engaging future,” Roland Hernandez, the company’s lead independent director, said in the statement.

U.S. Bank is Minnesota’s largest bank by deposit market share, according to the FDIC, as of June 2024, reporting total deposits of $114 billion in Minnesota and $413 billion nationwide.

— Bloomberg

X to co-brand with Visa for payment platform

X is teaming up with Visa to soon offer a system for real-time payments on the social media platform — signaling some progress in a yearslong vision from billionaire owner Elon Musk to create an “everything app.”

Visa is the first partner for the platform’s “X Money Account” service, which is set to launch later this year, X CEO Linda Yaccarino said in a Tuesday post announcing the news. The offering, Yaccarino noted, will support an in-platform digital wallet and peer-to-peer payments connected to users’ debit cards, with an option to transfer funds to a bank account.

According to Visa, which also posted about the partnership on X Tuesday, these services will be powered by Visa Direct — the payment giant’s instant money transferring service — and will be available to X Money Account users in the U.S.

Energy companies join to supply big tech

Energy company Chevron is partnering with Engine No. 1 and GE Vernova to create natural gas power plants in the United States that will be linked to data centers in order to support increased demand for electricity at these centers, particularly for the development of artificial intelligence.

The joint venture is looking to create a multi gigawatt-scale co-located power plant and data center.

Chevron, Engine No. 1 and GE Vernova said Tuesday that their first projects, called “power foundries,” are expected to leverage seven American made GE Vernova 7HA natural gas turbines. The projects are expected to serve co-located data centers in the Southeast, Midwest and West regions of the country. The venture has yet to select the sites.

The companies said that power generation is not designed to flow initially through the existing transmission grid, reducing the risk of raising electricity prices for consumers.

The joint development plans to deliver up to four gigawatts, equal to powering 3 million to 3.5 million U.S. homes, with initial in-service targeted by the end of 2027 and the potential for project expansion beyond that.

Consumer index dips for second month

U.S. consumer confidence dipped for the second consecutive month in January, a business research group said Tuesday.

The Conference Board reported that its consumer confidence index retreated this month to 104.1, from 109.5 in December. That is worse than the economist projections for a reading of 105.8.

December’s reading was revised up by 4.8 points but still represented a decline from November.

The consumer confidence index measures both Americans’ assessment of current economic conditions and their outlook for the next six months.

CNN stalwart Acosta to leave over reassignment

CNN anchor Jim Acosta, an irritant to President Donald Trump as a former White House correspondent, says he’s quitting the network rather than accept an offer for a new late-night time slot.

Acosta announced his departure Tuesday at the end of his one-hour morning show on the network, telling viewers: “Don’t give in to the lies. Don’t give in to the fear.”

CNN says its decision to move Acosta out of the daylight and into a time slot to begin at midnight Eastern time had nothing to do with politics.

— From news services