U.S. Bank Names Dan Son Head of Working Capital Finance Division

U.S. Bank has tapped banking industry veteran Dan Son to lead its working capital finance division.

A press release Thursday (April 24) stated that Son will succeed Sam Philbrick, who is retiring after a 45-year career in banking, including 18 years at U.S. Bank.

Joining U.S. Bank in 2019, Son most recently led the institution’s sales and origination for working capital finance, the release said. He previously served as U.S. Bank’s head of global banking.

“Son played a key role helping U.S. Bank clients navigate supply chain challenges with innovative financing solutions throughout the pandemic,” the release noted.

Before joining U.S. Bank, Son spent nearly 17 years at Wells Fargo, where he worked in transaction banking roles across seven different countries and held leadership roles in global financial institutions, global payments, and trade finance. His tenure included nearly a decade in Hong Kong, the press release said.

Jimmy Whang, head of U.S. Bank’s global capital markets, described Son in a statement as having “deep product expertise, a comprehensive understanding of connecting bank capabilities, and a strong track record of delivering strategic solutions for clients.”

According to the release, the working capital finance division at U.S. Bank comprises several product areas, including asset-based finance, supply chain finance and receivables, and trade services.

Depending on what happens because of new U.S. trade policies, the latter two could draw some interest from businesses looking to adapt their working capital strategies.

According to the release, U.S. Bank supply chain finance and receivables capabilities “improve cash flow for companies and their suppliers by optimizing payment terms for both parties.” In addition, the bank says it has trade finance experts who provide services to importers and exporters, “leveraging a network of partners across six continents.”

But in a recent interview with Global Trade Review, Son said that some U.S. Bank clients that export to China have made tactical adjustments in response to tariffs but emphasized that most are not making significant strategic changes right now.

In other U.S. Bank news, PYMNTS reported that the bank will serve as the qualified cash custodian and treasury management services provider for the soon-to-launch real-time settlement network Lynq.

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