Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company headquartered in Charlotte, North Carolina. Formed in December 2019 through the merger of BB&T and SunTrust Banks, Truist is one of the top 10 largest commercial banks in the US, with total assets of USD 535 billion as of December 31, 2023.
Truist offers a wide range of products and services through its wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending. The bank operates over 2,000 branches across 15 states and Washington, DC, primarily serving the Southeast region. Truist also provides access to approximately 3,000 ATMs and highly-rated mobile banking apps for customers.
Recent developments at Truist include a USD 750 million cost-cutting initiative announced in 2023, involving consolidation of business lines and a reduction in branch footprint. The bank has also made strategic moves in the fintech space, such as acquiring the gamified savings app Long Game in 2022 to attract younger customers. Additionally, Truist announced an agreement in February 2023 to sell a 20% stake in its insurance holdings subsidiary to Stone Point Capital for USD 1.95 billion, valuing the business at USD 14.75 billion.
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