US Bank has announced Daniel Son will lead its working capital finance division, effective immediately.

Son replaces industry veteran Sam Philbrick who is retiring after 18 years at the Minneapolis-headquartered lender, the majority of which was spent as group head for asset-based finance.

In a career spanning nearly five decades, Philbrick also worked at the Bank of New England, Fleet National Bank and Bank of America.

Son joined US Bank six years ago as head of its global banking division. Prior to this, he served at Wells Fargo and held various senior trade and payments roles during a 17-year stint at the bank.

In his latest role, Son will be responsible for developing and delivering working capital solutions for US Bank’s clients, including asset-based finance, supply chain and receivables finance and expert trade advice.

“It’s a privilege for me to lead the working capital finance division as we help our clients manage through all external environments,” says 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.”

Trade finance banks have been facing questions from analysts in recent weeks about the upheaval caused by the US’ tariff regime. Son told GTR earlier this month that US Bank’s trade clients are not making “big strategic shifts right now,” but that some firms exporting to China had employed “tactical plays” to mitigate the impact of retaliatory tariffs levied by Beijing.