Truist Financial Conference Summary Company Overview - Truist Financial is a top 10 U.S. commercial bank headquartered in Charlotte, North Carolina, with over $540 billion in assets [1] - The company operates in seven of the top 10 fastest-growing markets in the U.S. [1] Key Points and Arguments Growth Strategy - Truist aims to achieve a 15% Return on Tangible Common Equity (ROTCE) by 2027, requiring a doubling of revenue growth and enhanced deposit growth [6][35] - The company has identified significant growth opportunities within its existing operations, particularly in the Wholesale and Commercial Banking sectors [5][6] Wholesale Banking - The Wholesale Banking division is described as a complete client coverage business, integrating local and national teams to enhance service delivery [7][8] - A focus on increasing Return on Equity (ROE) and diversifying fee revenue is emphasized [8] Talent Acquisition - Over 300 new hires have been made across various business lines to enhance capabilities and drive growth [11] - Key hires include Carrie Jasani to lead the Commercial and Corporate Bank, aimed at improving connectivity between investment and commercial banking [41] Client Engagement and Service - The company has implemented a sense of urgency in client service, aiming to respond to client requests more rapidly [12] - Monthly business reviews are conducted to track performance and align strategies with growth objectives [10] Financial Performance - The commercial and corporate banking segment holds approximately $100 billion in loans and deposits [14] - Revenue per client is increasing, and the number of new clients has doubled this year [18][19] Investment Banking and Capital Markets - Truist has a full-service investment bank with nine industry groups and a sales and trading platform [20] - The investment banking segment has seen a 20% increase in economics over the last few years, with a focus on growing fee areas like FX and derivatives [22] Wealth Management - The wealth management division has 300,000 clients and $300 billion in client assets, generating approximately $1 billion in revenue [24] - The company has reduced adviser attrition rates and is seeing growth in wealth management income and net flows [26][27] Payments and Deposits - Wholesale payments are identified as a key growth area, with a focus on enhancing product offerings and increasing market penetration [30] - A 15% increase in treasury management fees has been reported, indicating improved client engagement [33] Market Conditions and Loan Growth - The commercial customer base has shown resilience, with higher loan growth driven by new projects rather than increased utilization [38] - Truist is focused on generating deposit momentum to support loan growth, with a strategic pivot made in the third quarter [47] Competitive Landscape - The company is managing its deposit strategy with a focus on maintaining low-cost deposits while attracting new clients [52] - Truist views private credit as both a client and a competitor, with opportunities to generate incremental loans and fees [49] Additional Important Insights - The company is leveraging technology to enhance client engagement, providing bankers with real-time data to identify opportunities [72] - Truist is committed to executing its growth strategy and believes that achieving the ROTCE target is feasible with the current plan and resources [74]