EXHIBIT 23.1



                         CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in the Post-Effective Amendment No.
1 to the Registration Statement (Form S-8 No. 333-48532) pertaining to the plans
listed on the cover page thereto of our report dated January 18, 2001, except
for Note C, as to which the date is February 27, 2001, 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, 2000, filed with the Securities and
Exchange Commission.


      /s/ Ernst & Young LLP
      Minneapolis, Minnesota
      March 6, 2001