US Bancorp, the sixth-largest U.S. bank, Wednesday said it will restate third-quarter results to reflect a $115 million charge for its share of Visa's $2.1 billion antitrust settlement with American Express.
Minneapolis-based U.S. Bancorp had on Oct. 16 reported a quarterly profit of $1.18 billion, or 67 cents per share.
Several other U.S. banks have also reduced previously reported third-quarter earnings for Visa's Nov. 7 settlement.
U.S. Bancorp expects its share of proceeds from Visa's planned initial public offering of stock will more than offset the $115 million charge.
Visa last week said it plans to conduct a $10 billion IPO. The offering is expected by the spring of 2008.