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MINNEAPOLIS, Oct. 31 /PRNewswire-FirstCall/ -- U.S. Bancorp Piper Jaffray (Piper Jaffray) is pleased to announce the promotion of Peter Swanson to vice president and senior research analyst, covering financial technologies and services companies. His coverage area will include payment technology and service enablers, financial technology infrastructure enablers and brokerage technology and service enablers. Swanson is based in the firm's Minneapolis office.

Swanson has been a member of Piper Jaffray's financial technologies and services research team since May 2000. Prior to joining Piper Jaffray, Swanson served as a Captain in the U.S. Air Force in Fort Walton Beach, Fla., and Tucson, Ariz., working as an acquisition officer.

"Since joining Piper Jaffray's research team in 2000, Peter has more than proven his abilities as a research analyst," said Robert W. Peterson, head of Investment Research at Piper Jaffray. "We are thrilled to be promoting him to senior research analyst and to be affording him the opportunity to lead the firm's coverage of the financial technologies and services sector."

"Piper Jaffray has a long tradition of providing excellent growth company investment research," said Swanson. "I look forward to contributing to the future success of our financial services research platform."

Swanson holds a master's degree in business administration from the University of West Florida in Pensacola, Fla., where he graduated Beta Gamma Sigma. In addition, Swanson has a bachelor's degree in political science from the U.S. Air Force Academy in Colorado Springs, Colo., where he received the Major General Robert Smith Award for Excellence in Political Science. Swanson also holds the Chartered Financial Analyst (CFA(R)) designation.

U.S. Bancorp Piper Jaffray, a subsidiary of the consolidated group of U.S. Bancorp (NYSE: USB), is a focused securities firm comprised of two revenue- generating segments -- Capital Markets and Private Client Services. Clients of both segments are supported by Investment Research, an independent group reporting to the CEO. The firm provides a full range of investment products and services to individuals, institutions and businesses. The firm has over 124 offices in 25 states across the country. U.S. Bancorp offers a comprehensive range of financial solutions through U.S. Bank, U.S. Bancorp Asset Management, U.S. Bancorp Investments and U.S. Bancorp Piper Jaffray. For more information on U.S. Bancorp Piper Jaffray, visit www.piperjaffray.com .

SOURCE  U.S. Bancorp Piper Jaffray
    -0-                             10/31/2003
    /CONTACT:  Dana H. Wade, Public Affairs & Media Relations of U.S. Bancorp
Piper Jaffray, +1-415-277-1556/
    /Web site:  http://www.piperjaffray.com /
    (USB)

CO:  U.S. Bancorp Piper Jaffray; U.S. Bancorp
ST:  Minnesota
IN:  FIN
SU:  PER



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