U.S. Bancorp, one of the largest banks in the United States, has issued a statement correcting a typo in its annual report that misstated the value of its loans.
The error was discovered after an internal review by the bank's audit committee found discrepancies between loan amounts listed in different sections of the report. The corrected figures show that U.S. Bancorp's total loans were $1 billion less than previously reported.
"We take our financial reporting obligations very seriously and we regret this error," said Andrew Cecere, CEO of U.S. Bancorp, in a statement released on Tuesday.
The mistake was attributed to a clerical error and was not intentional, according to Cecere. He added that there were no other errors or omissions found during the review.
Investors are closely monitoring any discrepancies or errors in financial reports as they can affect stock prices and investor confidence. However, U.S. Bancorp shares have remained relatively stable following the correction announcement.
In response to the issue, U.S. Bancorp has implemented additional checks and controls within its reporting process to prevent similar mistakes from happening in future reports.
"We remain committed to providing accurate and transparent financial information to all stakeholders," said Cecere.
This incident serves as a reminder for companies to ensure accuracy in their financial reporting processes at all times as even minor errors can have significant consequences for both shareholders and consumers alike.