U.S. Bank Creates New Group Catering to Private Capital Clients

U.S. Bank is launching a new division to provide financial services to private capital firms and global asset managers as it responds to rapid growth in private markets.

The bank promoted Stephen Jeselson to run the team, which was created by reorganizing multiple departments under one roof, according to a statement seen by Bloomberg. Jeselson has been a managing director at the bank for five years, where he helped lead its financing of private equity firms and their portfolio companies.

The decision to set up a new division was prompted by the growth in the portion of U.S. Bank’s client ...