Company and Industry Overview * **Company**: Truist Financial Corporation (NYSE:TFC) * **Industry**: Banking and Financial Services * **Event**: Barclays 22nd Annual Global Financial Services Conference * **Date**: September 10, 2024 * **Participants**: * Bill Rogers - Chairman and CEO * Mike Maguire - CFO * Jason Goldberg - Barclays Capital Key Points 1. Strategic Objectives and Growth * Truist's purpose is to inspire and build better lives and communities. * The company has a strong local presence in high-growth markets and a comprehensive platform that competes with the largest banks. * Truist aims to maximize its potential by leveraging its scale, density, and expertise in key markets and segments. 2. Organizational Realignment and Simplification * Truist has implemented an organizational realignment and simplification plan to improve efficiency, reduce costs, and better position the company for growth. * This plan includes: * Holding expenses flat in 2024 * Streamlining the board of directors * Appointing new executive leadership * Selling its remaining stake in Truist Insurance Holdings (TIH) * Repurchasing up to $5 billion in shares of common stock through 2026 3. Capital Position and Return on Equity * The sale of TIH significantly improved Truist's capital position and accelerated its ability to comply with proposed Basel III capital rules. * Truist expects to improve its Return on Tangible Common Equity (ROTCE) ratio to the mid-teens over the medium term through a combination of client and business growth and a more efficient balance sheet. 4. Growth Initiatives * Truist plans to focus on growing its existing business within certain verticals, including: * Middle-market banking * Treasury management * Consumer and wealth businesses * Payments and treasury management * The company will leverage its corporate investment banking expertise and existing client relationships to drive growth in these areas. 5. Financial Performance * Truist reaffirmed its guidance for the third quarter and full year, expecting to achieve flat expenses and positive operating leverage. * The company expects to continue investing in its franchise and growth initiatives while maintaining a strong risk discipline. 6. Credit Quality * Truist's credit quality remains strong, with no secular or geographic issues brewing. * The company is proactive in managing its credit risk, particularly in the commercial real estate sector. 7. Capital Deployment * Truist plans to prioritize investing in its franchise and growth initiatives over share repurchases and other capital deployment options. * The company will evaluate the use of capital based on economic conditions and growth opportunities. 8. Conclusion * Truist is well-positioned for growth and profitability, with a strong capital position, a simplified organizational structure, and a clear strategy for driving growth in key markets and segments.

Shutthiphong Chandaeng/iStock via Getty Images Shares of super regional bank Truist Financial Corporation (NYSE:TFC) are trading near their 52-week high after posting a strong 2Q24, as expectations for a Fed rate cut in September increase. The bank sold its remaining 80% stake in Truist Insurance Holdings (TIH) in May 2024 and executed a concurrent balance sheet repositioning to boost its capital adequacy ratios. With a 4.7% yield despite an approximate 25% rally since first announcing the TIH sale in Febru ...

Jefferson Rives, managing director and head of healthcare technology, joins from Barclays. Rives has 20 years of experience, including leading roles within the Wells Fargo and Morgan Stanley global healthcare teams. He is a graduate of the University of North Carolina – Chapel Hill and received his MBA from the Kellogg School of Management at Northwestern University. Max Riso, managing director, biotech, joins from Citi's healthcare investment banking group. Riso has 11 years of healthcare investment bankin ...

CHARLOTTE, N.C., Aug. 8, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC) today announced that Steve Hagerman will be its new chief information officer. Hagerman will join Truist on Oct. 28, reporting to Chairman & CEO Bill Rogers. Based at Truist headquarters in Charlotte, Hagerman will lead the enterprise technology team, shaping and executing a strategic vision for the bank's technology future, including key areas like data and analytics, AI, information security, technology transformation, ...

Group 1 - Truist Foundation announced an additional $100,000 grant to support relief and recovery efforts in South Carolina and North Carolina due to anticipated flooding from storm Debby [1] - This new grant is in addition to a previously announced $100,000 grant for Florida and Georgia, totaling $200,000 in recent disaster relief funding [2] - The funds will be allocated to the Center for Disaster Philanthropy's Atlantic Hurricane Season Recovery Fund and the American Red Cross, focusing on immediate community needs such as food, shelter, and medical services [3][4] Group 2 - Earlier in the year, Truist Foundation contributed $1 million to the American Red Cross Annual Disaster Giving Program to provide rapid assistance to communities affected by disasters [4] - The foundation aims to inspire and build better lives and communities, focusing on economic mobility and strengthening small businesses [5] - Truist Foundation operates independently of Truist Financial Corporation and was established in 2020, emphasizing strategic investments in nonprofit organizations [5]

With Quail Hollow Club set to host the PGA Championship in 2025, Truist Championship to be played at The Philadelphia Cricket Club next year and return to Charlotte in 2026 CHARLOTTE, N.C. and PONTE VEDRA BEACH, Fla., Aug. 6, 2024 /PRNewswire/ -- Truist Financial Corporation (NYSE: TFC), Quail Hollow Club and the PGA TOUR today announced a seven-year agreement for Truist to become title sponsor of the PGA TOUR's Charlotte, North Carolina, event — renamed the Truist Championship. The announcement was held at ...

Funds will help provide immediate relief, support long-term recovery efforts CHARLOTTE, N.C., Aug. 4, 2024 /PRNewswire/ -- As Tropical Storm Debby approaches the Florida coast, Truist Foundation today announced it will donate $100,000 to support relief and recovery efforts in impacted communities across the Southeast. The funds will be distributed to the Center for Disaster Philanthropy's Atlantic Hurricane Season Recovery Fund, the American Red Cross and United Way Worldwide. "Truist Foundation stands read ...

With support from Truist Foundation, Build Better Careers program will create pathways to high-growth jobs in banking and financial services for South Florida residents without a college degree "Too many South Floridians are currently locked out of economic mobility and high-paying roles either because of insufficient access to education or systemic barriers, such as food insecurity, inadequate child care and a lack of affordable housing," said Earl Buford, president of CAEL. "This is about mobilizing educa ...

Another notable valuation metric for TFC is its P/B ratio of 1.04. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, PNC has a P/B of 1.37. Truist Financial Corporation and The PNC Financial Services Group, Inc are both sporting a Zacks Rank of # 2 (Buy) right now. Investors should feel comfortable knowing that both of these stocks have an improving earnings outlook since the Zacks Rank favors companies that have witne ...

AUSTIN, Texas, July 29, 2024 /PRNewswire/ -- AppBrilliance, a pioneer in real-time payment solutions with its cutting-edge Money API™ platform, is leveraging a recent rule change by The Clearing House to expand use-cases for Real Time Payments (RTP) to closed-loop digital wallets in the US. Companies like Starbucks™, CVS™, Dunkin™', Chick-fil-A™ and many other successful businesses have long provided engaging customer payment experiences with their closed-loop wallets, but had to rely on funding those accou ...