<PAGE>   1

                                                                 EXHIBIT 4.3(e)


This Note is a Global Security within the meaning of the Indenture referred to
herein and is registered in the name of a Depositary or a nominee of a
Depositary. Unless this certificate is presented by an authorized representative
of The Depositary Trust Company (55 Water Street, New York, New York) to the
issuer or its agent for registration of transfer, exchange or payment, and any
certificate issued is registered in the name of Cede & Co. or such other name as
requested by an authorized representative of The Depositary Trust Company and
any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner
hereof, Cede & Co., has an interest herein.



REGISTERED                                             REGISTERED
                                                       Principal Amount:
No. DA-                                                $
                                                       CUSIP
                                                       No.



                                  U.S. BANCORP
                    MEDIUM-TERM NOTE, SERIES O (SUBORDINATED)
                            (GLOBAL FIXED RATE NOTE)




ORIGINAL ISSUE DATE:                                   MATURITY DATE:

INTEREST RATE:                                         REDEMPTION TERMS:
                                                       OTHER TERMS:
SPECIFIED CURRENCY:



         U.S. BANCORP, a corporation duly organized and existing under the laws
of Delaware (herein called the "Company", which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby
promises to pay to _____________ or registered assigns, the principal sum of
_____________ DOLLARS ($_____________)

on the Maturity Date shown above or, together with any premium thereon, upon any
applicable Redemption Date, and to pay interest thereon from the Original Issue
Date shown above or from and including the most recent Interest Payment Date to
which interest has been paid or duly provided for, on (but excluding) each
February 1 and August 1 or such other dates, if any, as are specified under
"Other Terms" above (the "Interest Payment Dates"), commencing with the Interest
Payment Date immediately following the Original Issue Date, at the rate per
annum equal to the Interest Rate shown above, until the principal hereof is paid
or made available for payment; provided, however, that if the Original Issue
Date is between a Regular Record Date and an Interest Payment Date, interest
payments will be made on the Interest Payment Date following the next succeeding
Regular Record Date. The interest so payable and punctually paid or duly
provided for on any Interest Payment Date will as provided in the Indenture be
paid to the Person in whose name this Note (or one




<PAGE>   2


or more predecessor Notes) is registered at the close of business on the
Regular Record Date related to the Interest Payment Date, which shall, unless
otherwise specified under "Other Terms" above, be the day (whether or not a
Business Day) fifteen calendar days preceding each Interest Payment Date;
provided, however, that interest payable on the Maturity Date of this Note or
any applicable Redemption Date shall be payable to the Person to whom principal
shall be payable. Any such interest not so punctually paid or duly provided for
will forthwith cease to be payable to the Holder hereof on such Regular Record
Date and may be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Note not less than 10 days
prior to such Special Record Date. In the event that any Maturity Date or
Redemption Date is not a Business Day, the principal otherwise payable on such
date will be paid on the next day that is a Business Day with the same force and
effect as if made on such Maturity Date or Redemption Date, and no interest will
accrue for the period from and after that Maturity Date or Redemption Date, as
applicable. In the event that any Interest Payment Date is not a Business Day,
such Interest Payment Date shall be postponed to the next day that is a Business
Day, and no interest will accrue with respect to the payment due on such
Interest Payment Date for the period from and after that Interest Payment Date
to the next succeeding Business Day. Payment of the principal of (and premium,
if any) and interest on this Note will be made at the corporate trust office of
the Paying Agent, U.S. Bank Trust National Association, maintained for that
purpose in the Borough of Manhattan, the City of New York, in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, provided, however, that the
Company may, at its option, pay interest on any Certificated Note, other than
interest at maturity or upon redemption, by mailing a check to the address of
the Person entitled to payment as it appears on the Security Register of the
Company at the close of business on the Regular Record Date corresponding to the
relevant Interest Payment Date. A Holder of $10,000,000 (or the equivalent of
$10,000,000 in a currency other than U.S. dollars) or more in aggregate
principal amount of Notes of like tenor and term shall be entitled to receive
payments by wire transfer of immediately available funds, but only if
appropriate wire transfer instructions have been received in writing by the
Trustee or the applicable Paying Agent not later than fifteen calendar days
prior to the applicable Interest Payment Date. Payment of the principal of (and
premium, if any) and interest on this Note due on the Maturity Date or any
applicable Redemption Date will be made in immediately available funds upon
presentation of this Note. Interest on this Note shall be computed on the basis
of a 360-day year of twelve 30-day months.

         The principal of and any premium and interest on this Note are payable
by the Company in the Specified Currency for this Note. If the Specified
Currency for this Note is other than U.S. dollars, the Company will (unless
otherwise specified on the face hereof) arrange to convert all payments in
respect of this Note into U.S. dollars in the manner described in the following
paragraph. If this Note has a Specified Currency other than U.S. dollars, the
Holder may (if so indicated on the face hereof) elect to receive all payments in
respect of this Note in the Specified Currency by delivery of a written notice
to the Trustee or the applicable Paying Agent not later than fifteen days prior
to the applicable payment date. That election will remain in effect until
revoked by written notice to the Trustee or Paying Agent received no later than
fifteen calendar days prior to the applicable payment date.

         In case the Specified Currency on the face hereof is other than U.S.
dollars, the amount of any U.S. dollar payment will be based on the bid quoted
by the Exchange Rate Agent as of 11:00 a.m., London time, on the second day
preceding the applicable payment date on which banks are open for business in
London and New York City, for the purchase of U.S. dollars with the Specified
Currency for settlement on the payment date of the aggregate amount of the
Specified Currency payable to Holders of Notes denominated in other than U.S.
dollars and who are scheduled to receive U.S. dollar payments. If this bid
quotation is not available, the Exchange Rate Agent will obtain a bid quotation
from a leading foreign exchange bank in London or New York City selected by the
Exchange Rate Agent. If the bids are not available, payment of the aggregate
amount due to all Holders on the



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payment date will be in the Specified Currency. All currency exchange costs
will be borne by the Holder of this Note by deductions from such payments due
such Holder.

         Reference is hereby made to the further provisions of this Note set
forth on the reverse side hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

         Unless the certificate of authentication hereon has been executed by or
on behalf of the Trustee identified below, by manual signature, this Note shall
not be entitled to any benefit under the Indenture or be valid or obligatory for
any purpose.




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<PAGE>   4



         IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed under its corporate seal.




                                        U.S. BANCORP


Dated:                                  By
                                        Vice President

                                        Attest
                                        Assistant Secretary

TRUSTEE'S CERTIFICATE OF
AUTHENTICATION

THIS IS ONE OF THE SECURITIES OF THE
SERIES DESIGNATED HEREIN AND ISSUED
PURSUANT TO THE WITHIN-MENTIONED
INDENTURE.


CITIBANK, N.A.,
as Trustee


By

Authorized Signatory

Or by

U.S. BANK TRUST NATIONAL ASSOCIATION,
as Authenticating Agent


By

Authorized Officer





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<PAGE>   5



                             [REVERSE SIDE OF NOTE]
                                  U.S. BANCORP
                    MEDIUM-TERM NOTE, SERIES O (SUBORDINATED)
                            (GLOBAL FIXED RATE NOTE)



         This Note is one of a duly authorized issue of securities of the
Company (herein called the "Notes"), issued or to be issued in one or more
series under an Indenture, dated as of October 1, 1991, as amended by a First
Supplemental Indenture dated as of April 1, 1993 (as so amended, the
"Indenture"), between the Company and Citibank, N.A., as Trustee (herein called
the "Trustee", which term includes any successor trustee under the Indenture),
to which Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee, the Holders of Senior
Indebtedness and the Holders of the Notes and of the terms upon which the Notes
are, and are to be, authenticated and delivered. This Note is one of the series
designated herein. By the terms of the Indenture, additional Notes of this
series and of other separate series, which may vary as to date, amount, Stated
Maturity, interest rate or method of calculating the interest rate and in other
respects as therein provided, may be issued in an unlimited principal amount.

         The indebtedness evidenced by the Notes is, to the extent and in the
manner provided in the Indenture referred to above, subordinate and subject in
right of payment to the prior payment in full of the principal of and premium,
if any, and interest on all Senior Indebtedness and General Obligations of the
Company, as defined in the Indenture, and each Holder of this Note, by accepting
the same, agrees to and shall be bound by the provisions of the Indenture and
authorizes and directs the Trustee on his behalf to take such action as may be
necessary or appropriate to acknowledge or effectuate the subordination of this
Note as provided in the Indenture and appoints the Trustee his attorney-in-fact
for any and all such purposes.

         If possible Redemption Dates or periods within which Redemption Dates
may occur and the related Redemption Prices (expressed as percentages of the
principal amount of this Note) are set forth on the face hereof under
"Redemption Terms", this Note is subject to redemption prior to the Maturity
Date upon not less than 30 nor more than 60 days' notice mailed to the Person in
whose name this Note is registered at such address as shall appear in the
Security Register of the Company, on any Redemption Date so specified or
occurring within any period so specified, as a whole or in part, at the election
of the Company, at the applicable Redemption Price so specified, together in the
case of any such redemption with accrued interest, if any, to the Redemption
Date; provided, however, that installments of interest whose Stated Maturity is
on or prior to such Redemption Date will be payable to the Holder of this Note
(or one or more predecessor Notes) at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.
In the event of redemption of less than all of the principal of this Note, a new
Note of this series and with similar terms, and of an authorized denomination
representing the unredeemed portion of this Note will be issued in the name of
the Holder hereof upon the cancellation hereof. Unless otherwise specified on
the face hereof under "Redemption Terms," this Note is not subject to any
sinking fund.



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<PAGE>   6


         If an Event of Default with respect to Notes of this series shall occur
and be continuing, the principal of all the Notes may (subject to the conditions
set forth in the Indenture) be declared due and payable in the manner and with
the effect provided in the Indenture.

         The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes of each series to be affected
under the Indenture at any time by the Company and the Trustee with the consent
of the Holders of not less than a majority in aggregate principal amount of the
Notes at the time Outstanding of each series to be affected and, for certain
purposes, without the consent of the Holders of any Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in aggregate principal amount of the Notes of each series
at the time Outstanding, on behalf of the Holders of all Notes of such series,
to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this
Note.

         No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of (and premium, if any) and
interest on this Note at the times, place and rate, and in the coin or currency,
herein prescribed.

         As provided in the Indenture and subject to certain limitations therein
set forth, the transfer of this Note is registrable in the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in any place where the principal of (and
premium, if any) and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Notes of this series and of
like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

         Unless otherwise set forth on the face hereof, under "Other Terms", the
Notes of this series are issuable only in fully registered form without coupons
in denominations of $1,000 or any amount in excess of $1,000 which is an
integral multiple of $1,000. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like
aggregate principal amount of Notes of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the
same.

         No service charge will be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

         Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered in




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<PAGE>   7

the Security Register as the owner hereof for all purposes, whether or not this
Note be overdue, and neither the Company, the Trustee nor any such agent shall
be affected by notice to the contrary.

         This Note may have such additional or different terms as are set forth
on the face hereof under "Other Terms." Any terms so set forth shall be deemed
to modify and/or supersede, as necessary, any other terms set forth in this
Note.

         This Note shall be governed by and construed in accordance with the
laws of the State of New York.

         Unless otherwise defined herein, all terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.



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<PAGE>   8

                                  ABBREVIATIONS

         The following abbreviations, when used in this instrument, shall be
construed as though they were written out in full according to applicable laws
or regulations:

         TEN COM--as tenants in common
         TEN ENT--as tenants by the entireties

         JT TEN--as joint tenants with right of survivorship

                           and not as tenants in common
         UNIF GIFT MIN ACT--               Custodian
                            ---------------          ---------------
                    (Cust)                  (Minor)


                        under Uniform Gift to Minors Act


                                     (State)

Additional abbreviations may be used though not in the above list.



                                       8








<PAGE>   9



                                                        FOR           VALUE
            -----------------------------------------
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto:


PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE






(Name and address of assignee, including zip code, must be printed or
typewritten)



the within Note, and all rights thereunder, hereby irrevocably constituting and
appointing


Attorney

to transfer said Note on the books of the within Company, with full power of
substitution in the premises

Dated
      ---------------               -------------------------------------------


                                    -------------------------------------------




         NOTICE: The signature to this assignment must correspond with the name
as written upon the within Note in every particular, without alteration or
enlargement or any change whatever and must be guaranteed by a commercial bank
or trust company having its principal office or a correspondent in the City of
New York or by a member of the New York Stock Exchange.




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