U.S. Bank plans to add 60 roles to its middle market banking team nationwide over the coming months, the bank said Thursday (Nov. 12).
The bank plans to hire relationship managers, business development executives and specialists, including in Florida, Texas and California. The hires will join a team organized by region that serves companies with $50 million to $1 billion in annual revenue, according to the release.
Hassan Salem, head of Middle Market for U.S. Bank’s Institutional Client Group, said the bank is looking to gain market share, particularly where it already has a strong presence.
The middle market team provides lending, treasury management, payments, capital markets and foreign exchange services, the bank said. U.S. Bank said its acquisition of BTIG broadened its advisory and equity capabilities. PYMNTS reported in January that the deal would give U.S. Bancorp access to BTIG’s investment banking, institutional sales and trading, research and prime brokerage businesses.
The hiring follows a separate expansion U.S. Bank announced in August for its business banking division, which serves companies with annual sales of $2.5 million to $50 million. The bank said at the time it had added more than 50 customer-facing roles in that division since the start of the year.
Meanwhile, the latest PYMNTS Intelligence Working Capital Index found that 83% of surveyed middle market firms in the U.S. and Canada used external working capital. The July survey covered 120 CFOs and treasurers at companies in the same revenue range as U.S. Bank’s middle market clients.
Use of bank credit lines and corporate cards rose, while use of term loans fell, the report found. Cash flow management and emergencies surpassed growth as the most common reason to borrow for the first time since 2023.
