<PAGE>
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
We consent to the reference to our firm under the caption "Experts" in the
Registration Statement (Form S-4) and related Prospectus of U.S. Bancorp for the
registration of 1,002,000,000 shares of its common stock and to the
incorporation by reference therein of our report dated January 18, 2000, with
respect to the consolidated financial statements of U.S. Bancorp included in its
Annual Report (Form 10-K) for the year ended December 31, 1999, filed with the
Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
Minneapolis, Minnesota
October 20, 2000
