US Bancorp is to spin off Piper Jaffray, the investment banking business it bought five years ago, to existing Bancorp shareholders.

US Bancorp plans to offer shares in Piper Jaffray via a special stock dividend - a tax-free way of spinning the entire business off to shareholders. The deal is expected to take place in the third quarter.

Jeremy Adams in New York

US Bancorp

JP Morgan

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Piper Jaffray to split from US Bancorp

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