Minneapolis-based U.S. Bancorp is considering its options for its Piper Jaffray unit, including a possible spin-off, according to a recent Wall Street Journal report.

Citing people familiar with the situation, the paper said U.S. Bancorp is looking into various options for Piper Jaffray, which it bought in 1998. Since the deal, the brokerage business has been hit by the bear market, sluggish economy and a crackdown by regulators.

"At this moment, there's a lot under review," one person familiar with the discussions told the Journal. The article said a U.S. Bancorp spokesman declined to comment, referring to recent remarks by CFO David Moffett, in which he said it isn't for sale. 

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