U.S. Bancorp (USB.N) has announced its acquisition of Wall Street brokerage BTIG for up to $1 billion in cash and stock. This strategic move aims to bolster U.S. Bancorp’s capital markets presence and diversify its offerings beyond traditional banking services. U.S. Bancorp provides a full range of financial services, including lending, investment, and payment services, to individuals, businesses, and institutions. BTIG is a global financial services firm specializing in investment banking, institutional sales and trading, research, and prime brokerage.
The acquisition will enable U.S. Bancorp to leverage BTIG’s strengths in these key areas, filling product gaps and providing a more comprehensive suite of capital markets services to its corporate and institutional clients. Stephen Philipson, head of wealth, corporate, commercial and institutional banking at U.S. Bancorp, highlighted the strategic importance of this addition. BTIG has served as U.S. Bancorp’s equity capital markets referral partner since 2014, establishing a solid foundation for this expanded partnership.
Under the terms of the agreement, U.S. Bancorp will pay $725 million in cash and stock upfront, with an additional $275 million in cash potentially payable over three years, contingent on meeting specific performance targets. Piper Sandler analysts noted that the transaction will enhance U.S. Bancorp’s competitiveness with other large banks by rounding out its capital markets offerings. The acquisition is expected to add approximately $750 million in annual revenue to U.S. Bancorp, primarily through fees.
BTIG’s leadership team, led by CEO Anton LeRoy, will join U.S. Bancorp and continue to manage the business. The transaction, advised by BTIG, Goldman Sachs, and Sheumack GMA, is anticipated to close in the second quarter of 2026. BTIG, founded in 2005, operates across 20 cities in the U.S., Europe, Asia, and Australia, and has been involved in over 1,275 announced investment banking transactions since 2015.
