U.S. Bank buys investment firm BTIG in deal worth up to $1B

Minneapolis-based U.S. Bancorp announced Jan. 13 that it plans to buy investment banking firm BTIG for up to $1 billion in a strategic move meant to expand client services.

U.S. Bank counts as customers more than 90% of Fortune 1000 businesses, which will now be exposed to BTIG’s services.

Stephen Philipson, U.S. Bancorp’s head of wealth, corporate, commercial and institutional banking, said the acquisition extends new access to capital markets, equity sales and trades and advisory services for mergers and acquisitions.

“It’s an exciting day here,” Philipson said in an interview. “This is a meaningful new capability for us.”

U.S. Bank executives signed the agreement with BTIG on Jan. 12. Subject to regulatory approval, the deal is expected to close in the second quarter of 2026.

Executives say their middle market and corporate clients will have an important bridge to equity capital markets, such as real estate investment trust clients that tend to issue equity. And wealth management clients will depend on the equity research from BTIG.

Current BTIG leaders, including CEO Anton LeRoy, will continue to lead the business. After the acquisition, those leaders will report to Philipson.

Philipson said U.S. Bank has been building up its business in capital markets since the 2008 financial crisis. It has grown to generate roughly $1.4 billion annually. But the business was largely limited to the fixed-income market, like corporate bonds and commodities hedging.

The acquisition follows more than a decade of partnership between U.S. Bank and BTIG. U.S. Bank has referred clients needing its services and sharing some of the fees. As the firm grew, Philipson said BTIG’s leaders approached U.S. Bank about an acquisition.

The acquisition is a small one, but will add important capabilities for U.S. Bank’s “growing capital markets aspirations,” Piper Sandler analyst Scott Siefers said in an investor update.