1st Tuesday Recap: Gunjan Kedia of U.S. Bank

Between tariffs, inflation, and rapidly developing artificial intelligence, Gunjan Kedia, CEO of U.S. Bank, recognizes many reasons why people are concerned about the economy and labor market.

However, she told a crowd at Minnesota Carlson’s 1st Tuesday, she also sees many reasons to stay optimistic.

“If you are an intelligent, functioning, competent human worker, I think you should feel optimistic about your prospects,” Kedia said. “Just stay very optimistic. Cynicism is the worst thing that can happen to anyone.”

In a conversation with Minnesota Public Radio’s Chris Farrell, Kedia discussed today’s economic concerns, starting with the topic of tariffs.

“When the tariffs were first announced … they were much higher than [expected], and you saw the stock markets react with a very sharp decline,” she said. “Since then, the sentiment has stabilized very materially, [partly because] most businesses have figured out mitigating initiatives and strategies.”

Inflation appears to be a different story. “I would say inflation is a real concern, and unlike tariffs that are stabilizing, inflation concerns are becoming more severe, at least to us as we watch it,” Kedia said.

However, there are still reasons to keep a positive outlook. “These inflationary pressures have not shown up and translated into a severe recession, which you would historically have assumed would happen,” she said. “Employment has been remarkably strong and is still being accompanied by real wage growth, though not as strong as it was a few years back. But … sustained wage growth in a high inflation environment is positive.”

On the topic of AI, Kedia shared that she believes the technology will create new kinds of jobs for people, similar to all the internet-oriented jobs that did not exist years ago. “Be agile. Learn the technology,” she said. “You may not be doing the job that you think you will, but you’ll be doing some job because we are a labor-constrained world [that needs workers].”

Near the end of the 1st Tuesday conversation, Farrell asked Kedia about the impact of her role as the first-ever woman to lead U.S. Bank.

“When I was announced as CEO [in April 2025], I heard from a lot of other people who related in some way to my demographic, and I understand the consequence of that appointment through their words and their eyes. I hope I make them proud,” Kedia said. “I hope I do a good job with the bank because that’s what gives boards the courage to appoint another woman to a big job, because there’s a lot of societal influences that hold people back. … So, my personal view is, it’s important. Each appointment matters, and each success in each appointment makes it that much easier. Hopefully in no time at all, this will not be newsworthy.”

1st Tuesday returns in February with Alex Rodriguez and Matt Caldwell of the Minnesota Timberwolves and Lynx. For more details, including registration information, see the Minnesota Carlson 1st Tuesday webpage.