U.S. BANCORP is a financial service company providing a wider range of financial services to its customer. Among the services that the institution offers include lending and depositing services, financial management, notary markets, trust and investment management, cash advances, wealth management, and mortgage services. With its headquarter in Minneapolis, the bank has branches across the U.S. to easily reach their customers. Furthermore, the banking firm employs more than 69,651 employees across all its branches (Fortune, 2020). The company managed to raise a $ 27,325 million revenue with a total market value of $ 55,492. As a result, the U.S. BANCORP appears in the 113 Fortune 500 rank.
Sustainability
Planet
The U.S. based financial company deeply cares about promoting sustainability practices in its support for economic growth. The company embraces the responsibility to be a good steward of the natural resources within the country. The U.S. BANCORP implements a continuous improvement approach by protecting and conserving the country’s natural resources using the various techniques. For instance, the company develops business practices that help in protecting and conserving natural resources ( U.S. Branch, 2020 ). Besides, the company also embrace opportunities for services and partnership to improve environmental sustainability.
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People
The company takes various initiatives to improve its impact on people. For instance, the bank has an initiative called community possible. That is a corporate giving and volunteering platform focused on people’s working areas, homes, and play. It builds blocks that make the U.S. greater by providing stable jobs, a home, and a community connected through culture, arts, play, and creation. This team energizes the community with their devotion focused on people and passion for discovering unrecognized potential among the individual participants. Through this initiative, people can then find ways to improve their poverty status, thereby enjoying prosperity as it is the main U.N.’s sustainable goal.
Profits
The U.S. BANCORP’s sustainability initiatives contribute much to the economic development of both the communities and the individual people. For instance, the sustainability strategies improve the bank’s business bottom line, improve the built environment, and attract more economic activities into revitalized and more walkable areas. Such efforts encourage residents around the places where these activities occur and other people within the country hence spurring further growth of the economy. As a result, economic growth then improves individuals’ wellbeing within the country, which is the major UN’s sustainability goal.
Circular economy
The banking company operates under a circular economy to a greater extent. For instance, the bank has several sustainable initiatives. Specifically, one of its initiatives is dedicated to the circular economy. With this initiative, the bank aims to finance a billion euros in circular projects to save one million tonnes of carbon dioxide in the next five years. The bank has spotted relevant clients from its operational units and welcomes them to its business innovation workshops to help realize the ambition. The clients then receive an initial circular assessment. Besides, the bank also helps these clients identify circular opportunities.
Reporting
The U.S. BANCORP produces a comprehensive sustainability report that includes the company’s values and model of governance. The report also demonstrates the connection between the company’s strategy and how it is committed to a sustainable global economy (Global reporting, 2020). However, the company’s report does not include the set targets for its commitment each fiscal year.
Awards/certifications
The company was awarded for its environmental sustainability effort in 2011. Besides, according to Business Wire (2020), the company was one of the three banks in the top 100 prestigious polls due to sustainability management policies and environmental reports.
Conclusion
In conclusion, it is evident from the analysis that the U.S. BANCORP does well in its sustainability efforts to comply with the U.N.’s global sustainability goals. However, the company should improve its sustainability reporting. The bank should maintain better sustainability report each year and setting the goals for each report.
References
Business Wire. (2020). U.S. Bank Recognized by Newsweek for Its Environmental Sustainability Efforts . Businesswire.com. Retrieved 17 November 2020, from https://www.businesswire.com/news/home/20111109006367/en/U.S.-Bank-Recognized-by-Newsweek-for-Its-Environmental-Sustainability-Efforts.
Fortune. (2020). U.S. Bancorp | 2020 Fortune 500 . Fortune. Retrieved 17 November 2020, from https://fortune.com/company/u-s-bancorp/fortune500/#:~:text=RANK113&text=The%20bank%20holding%20company%20is,31%2C%202019 .
Global reporting. (2020). Home . Globalreporting.org. Retrieved 17 November 2020, from https://www.globalreporting.org/.
U.S. Branch. (2020). U.S. Bancorp Center Mpls Branch - Minneapolis, MN, 55402-7000 . https://locations.usbank.com. Retrieved 17 November 2020, from https://locations.usbank.com/index/minnesota/minneapolis/us-bancorp-center-mpls-branch.html.
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