Davis' tenure as president and CEO of U.S. Bancorp in 2013 was sedate compared with serving on two boards: for the Minnesota Orchestra, in the middle of a year-long lockout of its muscicians, and for Xcel Energy, which faced down the possibility that the City of Minneapolis would start a municipal utility. He also shined in his day job, preserving U.S. Bank's approach to predictable, consistent banking. It emerged post-downturn as the country's fifth-largest bank, with $353 billion in assets and revenue of $4.95 billion.