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Truist Financial Corporation is a financial services company that operates primarily through two business segments: Consumer and Small Business Banking (CSBB) and Wholesale Banking (WB), with additional activities in Other, Treasury & Corporate (OT&C) . The company provides a range of financial products and services, including deposits, payment services, credit cards, loans, mortgages, and investment advisory services to consumer and small business clients through various channels . Truist also offers services to commercial, corporate, institutional, real estate, and wealth clients, including core banking, specialized lending, investment banking, capital markets, and wealth management . The company's strategy focuses on deepening client relationships through its Integrated Relationship Management approach, aiming to meet clients' financial needs with a full suite of products .
- Consumer and Small Business Banking (CSBB) - Provides deposits, payment services, credit cards, loans, mortgages, and investment advisory services to consumer and small business clients through branches, ATMs, and digital platforms .
- Wholesale Banking (WB) - Offers a comprehensive suite of services to commercial, corporate, institutional, real estate, and wealth clients, including core banking, specialized lending, investment banking, capital markets, and wealth management services .
- Other, Treasury & Corporate (OT&C) - Includes additional functional activities that support the company's strategic objectives and financial operations .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
William H. Rogers, Jr. ExecutiveBoard | Chairman and Chief Executive Officer | None | CEO since September 2021, led the merger of BB&T and SunTrust to form Truist, focusing on innovation and client experience. | View Report → |
Brad Bender Executive | Chief Risk Officer | None | Appointed CRO in November 2024, with 20 years at Truist, overseeing credit, market, operational, and compliance risks. | |
Cynthia B. Powell Executive | Executive Vice President and Corporate Controller | None | Serves as Principal Accounting Officer, overseeing accounting functions. No additional details available. | |
Dontá L. Wilson Executive | Chief Consumer & Small Business Banking Officer | Board Member at Signet Jewelers, UNC Charlotte, and Samaritan’s Feet | With 25 years at Truist, Wilson oversees consumer and small business banking, digital banking, and innovation. | |
Kristin Lesher Executive | Chief Wholesale Banking Officer | Former Board Chair of Girls on the Run International | Joined Truist in February 2024, previously EVP at Wells Fargo, overseeing corporate and investment banking, commercial banking, and wealth management. | |
Michael B. Maguire Executive | Chief Financial Officer | None | CFO since September 2022, with 21 years at Truist and its predecessor SunTrust, overseeing financial operations and strategic initiatives. | |
Scott A. Stengel Executive | Chief Legal Officer and Head of Government Affairs | None | Joined Truist in December 2023, previously General Counsel at Ally Financial Inc., bringing extensive legal and leadership experience. | |
Agnes Bundy Scanlan Board | Director | Board Member at AppFolio, Inc. and R1 RCM Inc. | Director since 2019, with over 20 years of experience in risk management, regulatory compliance, and governance. | |
Bruce L. Tanner Board | Director | Director at American Tower Corporation | Director since 2015, with extensive financial and operational expertise from his tenure as CFO at Lockheed Martin. | |
Charles A. Patton Board | Director | Managing Member of Patton Holdings, LLC; Director at KLDiscovery Inc. | Director since 2019, with expertise in specialty lending, equity participations, and risk management. | |
Dallas S. Clement Board | Director | President and CFO of Cox Enterprises, Inc. | Director since 2019, with expertise in financial management and operations. | |
Donna S. Morea Board | Director | Chair of SAIC, CEO of Adesso Group, Operating Executive at The Carlyle Group | Director since 2013, with over 40 years of experience in IT, software, and professional services management. | |
Jennifer S. Banner Board | Director | Board Member at Uniti Group Inc. and Elme Communities | Director since 2003, with expertise in corporate governance, financial services, and technology. | |
Linnie M. Haynesworth Board | Director | Board Member at ADP, Micron Technology, and Eastman Chemical Company | Director since 2019, with expertise in cybersecurity, technology integration, and enterprise strategy. | |
Steven C. Voorhees Board | Director | Trustee at UVA Darden School Foundation; Director at 3DE by Junior Achievement | Director since 2019, with significant experience in M&A and corporate leadership as former CEO of WestRock Company. | |
Thomas E. Skains Board | Independent Lead Director | Director at Duke Energy Corporation and National Fuel Gas Company | Independent Lead Director since March 2022, with extensive governance and risk management experience from his tenure as CEO of Piedmont Natural Gas Company. |
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Given your ongoing investments in risk infrastructure, including cyber and data, can you provide more clarity on how these expenditures will impact your expense base and operating leverage, especially considering the elevated expenses expected in the fourth quarter?
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You mentioned a commitment to achieving mid-teens ROTCE in the medium term, but with peers aiming for higher returns, what specific strategies are you implementing to accelerate your ROTCE growth and close the gap with competitors?
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With loan growth remaining muted and line utilizations at a five-quarter low, how do you plan to drive revenue growth, and are you considering adjusting your capital return strategy, including share buybacks, to enhance shareholder value?
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Competitors are aggressively expanding in your markets by hiring and gaining market share; how do you plan to counter this and ensure Truist stops losing market share to these out-of-market competitors?
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Given the focus on digital initiatives and the enhancement of your Truist One View platform, what measurable outcomes have you seen in terms of client acquisition and efficiency improvements, and how do these initiatives translate into tangible financial benefits?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
BenefitMall | 2022 | Acquired on September 1, 2022, BenefitMall is one of the nation’s largest benefits wholesale general insurance agencies, which significantly expands Truist's wholesale employee benefits offerings. The deal generated approximately $510 million in goodwill and $336 million in identifiable intangible assets amortized over 15 years, and is expected to deliver ~$160 million in annual revenue with improved EBITDA margins. |
Kensington Vanguard National Land Services | 2022 | Acquired on March 1, 2022, this deal expanded Truist's presence in the title insurance market by acquiring one of the largest independent full-service national title insurance agencies. The acquisition resulted in approximately $187–199 million of goodwill and $138–148 million of identifiable intangible assets, both amortized over a 15-year term, with specific tax deductibility conditions on portions of the goodwill and intangible assets. |
Recent press releases and 8-K filings for TFC.
- $1.2B GAAP net income and $0.87 EPS driven by stable adjusted PPNR amid declining net interest and noninterest income, with a GAAP efficiency ratio of 59.3% and an adjusted efficiency ratio of 56.4% .
- Capital return efforts include a $500M share repurchase (potential to increase to $750M in Q2 2025) and $1.2B in dividends, supported by robust capital metrics with a CET1 ratio of 11.3% and a 59% dividend payout ratio .
- Loan and deposit growth remained strong across segments with digital account openings up 13% and linked-quarter increases of loans +1.1% and deposits +0.6% .
- Updated full-year guidance now expects revenue growth of 1.5% to 2.5% and a 3% increase in net interest income, while investment banking performance is forecasted to remain flat due to market uncertainty .
- Total noninterest income declined by 5.3%, highlighting mixed performance across revenue streams .