T

Truist

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Company Research Report: Truist Financial Corporation



Company Overview



Name


Truist Financial Corporation

Mission


To inspire and build better lives and communities. This is achieved through a real care for making things better, meeting client needs, empowering teammates, and lifting up communities.

Year of Formation


2019

Founders


Truist was formed by the merger of BB&T and SunTrust.

Key People


No specific names provided.

Headquarters


Charlotte, North Carolina, USA

Number of Employees


No information is available.

Revenue


No information is available.

Known For


Truist is known for being a top 10 U.S. commercial bank, offering a wide range of financial services in high-growth markets across the country.

Products



Overview


Truist provides a comprehensive range of products and services across various financial sectors.

Products Offered


1. Checking and Savings Accounts
  • High yield savings accounts, checking accounts with no overdraft fees, and automatic upgrades.


2. Credit Cards
  • Truist Enjoy Cash Credit Card: Offers 3-2-1% cash back and 1.5% cash back options.

  • Key Features:

  • Cash rewards on grocery runs, fuel stops, and more.


3. Loans
  • Home Mortgages: Various loan options for first-time homebuyers and refinancing.

  • Key Features:

  • Super-fast access to mortgage professionals and resources.


4. Wealth Management
  • Investment and retirement products.


5. Insurance
  • Comprehensive insurance options including life, health, and auto insurance.


6. Commercial Real Estate
  • Loans and financing for commercial properties.


7. Payments Solutions
  • Integrated solutions for small business and corporate transactions.


8. Small Business & Commercial Banking
  • Specialized solutions for small businesses and larger corporates.


9. Corporate and Institutional Banking
  • Investment banking, corporate financing, and strategic advisory services.


Key Features Overview


  • Digitalization: Transforming legacy banking processes to fully digital solutions.

  • Data Intelligence: Analyzing data to provide proactive insights and predictions.

  • Automation and Self-Service Tools: Cloud-based solutions that improve speed and reduce errors.

  • Embedded Finance: Contextual digital experiences embedded at the point of need.


Recent Developments



New Products


  • Truist One Checking: A new checking account product offering $400 for new customers who meet qualifying activities.


Partnerships and Collaboration


  • Truist Foundation: $100 million committed to Sterling Capital Diverse Multi-Manager Active ETF to manage equity ETF with diverse-owned sub-advisers.

  • Community Engagement: Partnerships with the Atlanta Braves for the Homers for Hank program, supporting HBCU students and career development programs.

  • Truist Ventures: Investments in disruptive financial services to bring better experiences to clients.


Community and Sustainability Efforts


  • Grant Support: $500,000 grant for Hurricane Helene relief and recovery efforts.

  • Diversity and Inclusion: Various initiatives including a $22 million "Where It Starts" program and substantial support for diverse suppliers, recognized by multiple awards.


Financial Highlights


  • Top Tier Position: Recognized as a top 10 U.S. commercial bank with $520 billion in total assets as of June 30, 2024.


Conclusion



Truist Financial Corporation stands as a prominent financial institution marked by its substantial merger heritage, comprehensive product offerings, commitment to community development, and ongoing ventures into innovative and inclusive financial solutions. The company continues to hold a significant presence in the U.S. financial landscape, driving forward with a mission to inspire and uplift communities and lives with strategic investments and services.

Contact Information


For further details or inquiries:
  • Client Service Support: 844-487-8478