Company
Truist Financial Corporation
Headquarters: Charlotte, NC, United States
Founded: 1872
Employees: 50,283
CEO: Mr. William Henry Rogers Jr.
Market Cap
$52.01 Billion
USD as of July 1, 2024
Truist Financial Corporation Categories
United States Financials Banks—RegionalUnited States Financials United States Banks—Regional
Company Description
Truist Financial is the result of the acquisition of SunTrust Banks, Inc, by BB&T Corporation. The two banks continue to operate as two brands, operating more than 2,000 branches in the US. BB&T provides consumer and commercial banking, securities brokerage, asset management, mortgage, and SunTrust Bank was originally more focused on deposits, lending, credit cards, and trust and investment services. Truist Financial is also engaged in insurance corporate and investment banking, capital market services, mortgage banking, and wealth management through its subsidiaries.
Top Competitors by Market Capitalization
Industry: Banks—Regional
| Company | Market Cap (USD) |
|---|---|
| HDFC Bank | $169.00 B |
| China Merchants Bank | $115.76 B |
| ICICI Bank Limited | $101.49 B |
| Al Rajhi Banking and Investment Corp | $84.87 B |
| DBS Group Holdings Ltd | $79.57 B |
Sector:
| Company | Market Cap (USD) |
|---|---|
| Berkshire Hathaway | $887.16 B |
| JPMorgan | $599.29 B |
| Visa | $550.38 B |
| Mastercard | $416.63 B |
| Bank of America | $316.02 B |
Detailed Description
Truist Financial Corporation, a holding company, provides banking and trust services in the Southeastern and Mid-Atlantic United States. The company operates through three segments: Consumer Banking and Wealth, Corporate and Commercial Banking, and Insurance Holdings. Its deposit products include noninterest-bearing checking, interest-bearing checking, savings, and money market deposit accounts, as well as certificates of deposit and individual retirement accounts. The company also provides funding; asset management; automobile lending; bankcard lending; consumer finance; home equity and mortgage lending; insurance, such as property and casualty, life, health, employee benefits, workers compensation and professional liability, surety coverage, title, and other insurance products; investment brokerage; mobile/online banking; and payment, lease financing, small business lending, and wealth management/private banking services. In addition, it offers association, capital market, institutional trust, insurance premium and commercial finance, international banking, leasing, merchant, commercial deposit and treasury, government finance, commercial middle market lending, small business and student lending, floor plan and commercial mortgage lending, mortgage warehouse lending, private equity investment, real estate lending, and supply chain financing services. Further, the company provides corporate and investment banking, retail and wholesale brokerage, securities underwriting, and investment advisory services. As of December 31, 2021, the company operated through 2,517 banking offices. The company was formerly known as BB&T Corporation and changed its name to Truist Financial Corporation in December 2019. Truist Financial Corporation was founded in 1872 and is headquartered in Charlotte, North Carolina.
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Stocks & Indices
Truist Financial Corporation has the following listings and related stock indices.
Stock: NYSE: TFC wb_incandescent
Stock: BMV: TFC wb_incandescent
Stock: Bovespa: B1BT34 wb_incandescent
Stock: FSX: BBK wb_incandescent
Stock: NYSE: TFC.PR.R wb_incandescent
Stock: NYSE: TFC-I wb_incandescent
Stock: XETR: BBK wb_incandescent
Product & Services
Commercial and Consumer bankingInvestment bankingInsuranceMortgage
Key People
Founder(s): Alpheus Branch Thomas Jefferson Hadley
Kelly King, Chairman William H. Rogers Jr., President & CEO Daryl N. Bible, CFO
Financials
Revenue: US$20.370 billion (2020)
Net income: US$4.492 billion (2020)
Total assets: US$509.228 billion (2020)
Total equity: US$70.912 billion (2020)