WASHINGTON—Rather than looking toward a recovery, Richard Davis, chairman, president and CEO of U.S. Bancorp, is “looking for a new direction.”

The financial crisis, which will be remembered for generations to come, Davis said, inevitably will change the way both the banking and the mutual fund industries do business. “Our customers are making adjustments,” Davis said, giving the keynote address at the Investment Company Institute’s General Membership Meeting last week.

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