U.S. Bancorp, the country’s largest regional bank, has agreed to acquire BTIG for up to $1 billion, using a $725 million base price plus earnouts to rapidly deepen its investment banking and trading capabilities rather than relying solely on slower organic growth. The deal fills a clear product gap by pairing U.S. Bancorp’s balance-sheet strength and fixed-income franchise with BTIG’s equity capital markets and advisory engine, where BTIG already generates roughly $750 million in fee-heavy revenue. Under CEO Gunjan Kedia, the acquisition reflects a broader consolidation trend among regional banks seeking to regain competitiveness against Wall Street firms amid a more permissive regulatory environment.

U.S. Bank to Buy BTIG for Up to $1 Billion in Trading Push