The appointments come as U.S. Bank continues to gain momentum in the ETF market
MINNEAPOLIS (Nov. 9, 2026) – U.S. Bank today announced the expansion of its Global ETF leadership team, promoting Josh Jacobs to global head of ETFs and appointing ETF industry veteran Paul DeSalvo as head of ETF Sales, as the bank continues to invest in one of the industry’s fastest-growing segments.
The appointments come as U.S. Bank continues to gain momentum in the ETF market. In 2025, the bank helped launch more than 55% of new U.S. ETF issuers, launched more than 500 ETFs and serviced nearly half of all U.S. ETF issuers. In Europe, U.S. Bank has tripled the number of ETFs it services since 2024.
Jacobs joined U.S. Bank in 2023 after leaving J.P. Morgan and has played a key role in expanding the bank’s ETF platform and client relationships. As global head of ETFs, he is responsible for the overall growth strategy and leadership of the business across the U.S. and Europe.
DeSalvo joins U.S. Bank after 18 years at J.P. Morgan, where he most recently served as executive director and head of ETF Sales. He grew relationships with ETF issuers and advised clients on ETF strategies, including mutual fund-to-ETF conversions and other significant product transitions. Earlier in his career, he held leadership, strategy and relationship management roles spanning global asset management, investment banking, risk management and investment solutions.
“The ETF industry continues to evolve rapidly, creating opportunities for issuers that have the right strategic partners,” said Alan Flanagan, head of Global Investment Services at U.S. Bank. "Paul brings deep ETF expertise, trusted industry relationships and a strong track record of helping issuers grow and innovate. His addition reflects our commitment to investing in talent and capabilities that help our clients succeed.”
“ETF issuers are looking for partners that can support them from fund launch through long-term growth,” added Jacobs. “Paul’s strong industry experience and client-focused approach will help us continue building on our momentum and delivering exceptional service to issuers around the world.”
In his role, DeSalvo will be responsible for growing U.S. Bank’s ETF business by winning new ETF issuer clients, deepening existing client relationships and helping clients bring new ETF products to market. DeSalvo is based in New York City; he has a B.S. from Fordham University and holds FINRA Series 7 and 63 registrations.
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Contact:
Leslie Ingberg, U.S. Bank Public Affairs and Communications
About U.S. Bancorp
Headquartered in Minneapolis, U.S. Bancorp is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. Our three major business lines serve 15 million clients globally, and our team of nearly 70,000 people invest our hearts and minds to power human potential every day. Ranked 110th on the Fortune 500, we are deeply respected for our culture and long-term stewardship and admired for our diversified business mix and product capabilities.
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