UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549



                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(D) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

        Date of Report (Date of earliest event reported): December 15, 2003


                                     1-6880
                            (Commission File Number)


                                  U.S. BANCORP
             (Exact name of registrant as specified in its charter)



                 DELAWARE                               41-0255900
       (State or other jurisdiction                   (I.R.S. Employer
            of incorporation)                       Identification Number)

                                800 Nicollet Mall
                          Minneapolis, Minnesota 55402
              (Address of principal executive offices and zip code)

                                  651-466-3000
              (Registrant's telephone number, including area code)

                                (not applicable)
          (Former name or former address, if changed since last report)







ITEM 5.    OTHER EVENTS AND REQUIRED FD DISCLOSURE.

         On December 15, 2003, U.S. Bancorp (the "Company") issued a press
release announcing the declaration of a special dividend of all of the
outstanding shares of common stock of Piper Jaffray Companies, the capital
markets business being spun off by the Company. The press release is included as
Exhibit 99.1 hereto and is incorporated herein by reference. The press release
contains forward-looking statements regarding the Company and includes a
cautionary statement identifying important factors that could cause actual
results to differ materially from those anticipated.


ITEM 7.     FINANCIAL STATEMENTS. PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

(c)      Exhibits.
         99.1     Press Release issued by U.S. Bancorp on December 15, 2003










                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                            U.S. BANCORP


                                            By: /s/ Terrance R. Dolan
                                               ---------------------------------
                                                Name: Terrance R. Dolan
                                                Title: Executive Vice President



DATE:  December 15, 2003