Jim Chosy Returns to U.S. Bancorp Legal Dept., This Time as GC

Lisa Shuchman

Corporate Counsel

02-08-2013

U.S. Bancorp is counting on Jim Chosy to manage its legal affairs—again.

Chosy, who was general counsel and secretary of investment bank Piper Jaffray Companies, has returned to Minneapolis-based U.S. Bancorp to serve as its new executive vice president and general counsel. Chosy previously worked for U.S. Bancorp as associate general counsel from 1995 until 2001.

“What’s old is new again,” said Chosy, a graduate of the University of Minnesota Law School. “I loved working at the bank during the first go-round, and it feels like home.”

Chosy left the bank in 2001 to join Piper Jaffray, which at the time was owned by U.S. Bancorp. It was spun off as a separate company two years later. Chosy succeeds Lee Mitau, who is retiring after having served as the bank’s general counsel since 1995.

This is not the first time Chosy has followed Mitau, whom he considers a friend and mentor. When Chosy graduated from the University of Minnesota Law School, he went to work at Dorsey & Whitney in Minneapolis. There, he worked with Mitau, who was then a senior partner at the firm. When Mitau left Dorsey to join U.S. Bancorp, he recruited Chosy, who had only recently taken an in-house job at another company. When Chosy left for Jaffray, he and Mitau stayed in touch. And when Mitau started contemplating retirement, Chosy was one of the people he tapped for consideration for the job.

“I’ve basically been following Mitau since 1989,” Chosy told CorpCounsel.com.

While the new GC said he is joining a legal department that is already strong and has an excellent staff in place, he acknowledges that he faces tough challenges. One of his primary tasks will be to help the bank navigate the regulatory environment. Regulators, he notes, are still focused on the financial industry after the banking crisis, and new banking requirements are still being considered. “The banking industry has gone through a lot, but there seems to be no letup in sight,” he said. “I want to take a proactive approach, help the company anticipate what’s coming next and figure out how to succeed in any new landscape.”

Chosy is active in advising the board and helping with fundraising at the University of Minnesota Law School, where he not only received his J.D. but also met his wife. He currently chairs the law school’s board of advisors and works with the dean, administrators, and faculty on strategic planning. He also mentors students seeking to enter the legal profession. Last year the University of Minnesota Board of Regents awarded Chosy the 2012 Alumni Service Award. Chosy is on the board of the Guthrie Theater, currently serving as treasurer.

“The bank has a strong legacy of community service, so this work dovetails nicely,” Chosy said. “I like to be challenged and I like to serve, so I’m confident I’m in the right place.”

U.S. Bancorp is the parent company of U.S. Bank, the fifth largest commercial bank in the United States, with $350 billion in assets.