U.S. Bank announced Dan Son as the new head of its Working Capital Finance division. Son replaces Sam Philbrick, who is retiring after 45 years in banking, including 18 years at U.S. Bank in which he helped grow the asset-based finance business into a top national franchise.

Son will be responsible for the development, coordination and delivery of working capital solutions from across the bank for clients. The Working Capital Finance division includes several established product verticals, including:

• Asset-Based Finance. The bank’s flexible asset-based financing solutions provide clients – including many midsize firms – a stable financing source through business cycles.
• Supply Chain Finance & Receivables. U.S. Bank supply chain finance & receivables capabilities improve cash flow for companies and their suppliers by optimizing payment terms for both parties.
• Trade Services. Trade finance experts provide robust trade services to importers and exporters, leveraging a network of partners across six continents.

 “Dan has deep product expertise, a comprehensive understanding of connecting bank capabilities and a strong track record of delivering strategic solutions for clients,” said Jimmy Whang, head of U.S. Bank Global Capital Markets. “In his new role, he’ll help us meet the evolving working capital needs of clients.”

Son joined U.S. Bank in 2019 and most recently led sales and origination for Working Capital Finance and was previously head of the bank’s global banking division.  Son played a key role helping U.S. Bank clients navigate supply chain challenges with innovative financing solutions throughout the pandemic. Prior to U.S. Bank, Son held transaction banking roles across seven different countries and held leadership roles in global financial institutions, global payments, and trade finance at Wells Fargo, including nearly a decade in Hong Kong.

“It’s a privilege for me to lead the Working Capital Finance division as we help our clients manage through all external environments,” said Son. “Each company we support has unique challenges and opportunities, which requires us to deliver them interconnected, flexible solutions across the working capital spectrum. We’re going to bring the full capabilities of the bank to do this.”