A regional Bank of America.

Wells Fargo for the Southeastern and Mid-Atlantic U.S.

• Deposit Accounts: Truist offers a variety of checking, savings, money market, certificate of deposit, and individual retirement accounts.
• Lending Services: The company provides a broad range of loans including consumer, auto, credit card, home equity, mortgage, small business, student, commercial, real estate, and lease financing.
• Insurance Products: Truist offers property and casualty, life, health, employee benefits, workers compensation, professional liability, and other specialty insurance products.
• Wealth Management & Investment Services: These services encompass asset management, investment brokerage, private banking, institutional trust, and investment advisory for individuals and institutions.
• Commercial & Treasury Solutions: Truist provides businesses with commercial deposit products, treasury management, payment processing, international banking, and supply chain financing.
• Corporate & Investment Banking: The company delivers corporate and investment banking, capital markets services, securities underwriting, and private equity investment.

Truist Financial (TFC) serves a highly diversified customer base, encompassing individuals, businesses of all sizes, and institutional clients. As a universal bank, it does not have a few "major customers" in the traditional sense, but rather a vast number of clients across various segments. Its services are not primarily sold to a handful of other companies, nor exclusively to individuals. Therefore, the most appropriate way to identify its customers is by describing categories.

The major customer categories for Truist Financial are:

1. Individual Consumers & Households: This category includes individuals utilizing a wide array of retail banking services such as checking, savings, money market accounts, certificates of deposit, individual retirement accounts, automobile lending, bankcard lending, consumer finance, home equity and mortgage lending, and student lending. It also covers clients seeking investment brokerage, mobile/online banking, and comprehensive wealth management/private banking services.

2. Small to Mid-Market Businesses & Commercial Clients: This segment comprises small businesses and middle-market companies that leverage Truist for services like small business lending, commercial middle market lending, commercial deposit and treasury management, lease financing, merchant services, floor plan lending, real estate lending, and various business insurance products (e.g., workers' compensation, professional liability, property & casualty).

3. Large Corporations, Institutional Clients, & Governmental Entities: This category includes larger corporations, financial institutions, and government agencies. They access Truist's corporate and investment banking, capital markets services (e.g., securities underwriting, investment advisory), institutional trust services, international banking, government finance, mortgage warehouse lending, private equity investment services, and specialized commercial finance solutions.

Alphabet Inc. (GOOGL)

Amazon.com, Inc. (AMZN)

Salesforce, Inc. (CRM)

1. Credit Risk and Economic Downturn: The company's profitability is highly susceptible to the credit quality of its loan portfolio and broader economic conditions. A recession or significant economic slowdown could lead to increased loan defaults, higher provision for credit losses, and reduced lending activity across its diverse lending segments, including consumer, commercial, home equity, and mortgage.
2. Interest Rate Fluctuations: As a large financial institution offering various deposit and lending products, Truist's net interest income is significantly sensitive to changes in interest rates. Adverse shifts in the interest rate environment can compress net interest margins (the difference between interest earned on assets and interest paid on liabilities), thereby impacting overall profitability.
3. Digital Transformation and Competition / Legacy Branch Network: Truist operates a substantial network of 2,517 banking offices as of December 31, 2021. In an evolving banking landscape increasingly driven by digital channels and fintech innovation, this extensive physical footprint could represent a significant operational cost burden and a potential competitive disadvantage against more agile, digitally-native financial service providers and other large banks investing heavily in technology. This could lead to challenges in attracting and retaining customers who prefer digital banking and pressure on efficiency and market share.

Neobanks and Fintech Platforms: These digital-first financial institutions and technology companies are increasingly offering banking services (deposits, lending, payments) without the overhead of physical branches. They attract customers with superior digital experiences, lower fees, and specialized products, directly competing with Truist's Consumer Banking and Wealth segment.

Big Tech Companies Entering Financial Services: Major technology companies like Apple, Google, and Amazon leverage their vast user bases, data analytics, and technological infrastructure to offer financial products (e.g., payment services, credit cards, savings accounts, small business lending). This threatens Truist by disintermediating relationships with consumers and small businesses, often with greater digital convenience and brand loyalty.

Truist Financial (TFC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Net Interest Income (NII) Growth: Truist projects a 3% to 4% growth in net interest income for 2026. This growth is anticipated to be fueled by continued loan growth, declining deposit costs, and the benefits of fixed-rate asset repricing. Management expects full-year 2026 average net interest margin to exceed the 2025 average due to these factors.
2. Expansion of Noninterest Income: The company forecasts mid-to-high single-digit growth in noninterest income for 2026. This is expected to be driven by a stronger emphasis on wealth management services, a recovery in investment banking and trading activities, and growth in treasury management and payment fees.
3. Investments in Technology and Digital Capabilities: Truist is strategically investing in technology and enhancing its digital capabilities. These investments are aimed at improving operational efficiency, reducing costs, and expanding revenue and margin. The company has seen increased digital client acquisition and production, indicating success in these initiatives.
4. Branch Expansion and Focus on High-Growth Markets: Truist is expanding its physical branch network and strategically investing in high-growth markets. This geographic expansion is intended to accelerate revenue growth and foster deeper client relationships.
5. Growth in Commercial and Other Consumer Loans: The company anticipates average loan growth of 3% to 4% in 2026, primarily driven by increases in commercial loans and other consumer loans, including specialty lending businesses. This sustained loan demand is a key component supporting the projected net interest income growth.

Share Repurchases

• In December 2025, Truist authorized a new share repurchase program of up to $10 billion of its common stock, effective immediately and without an expiration date. This program replaced a prior authorization that had approximately $1.5 billion remaining.
• During 2024, Truist repurchased $1.0 billion of common stock, contributing to a total of $3.8 billion returned to common shareholders, which also included common dividends.
• In the first quarter of 2025, Truist executed $500 million in share buybacks and planned to repurchase an additional $750 million in shares during the second quarter of 2025.

Share Issuance

• Truist's basic shares outstanding have shown a general decline over the past few years, reflecting net share repurchases rather than significant new share issuances.
• For the twelve months ending December 31, 2025, basic shares outstanding were 1.287 billion, representing a 3.33% decline year-over-year from 2024.
• As of March 13, 2026, the company's shares outstanding were approximately 1.25 billion.

Outbound Investments

• In May 2024, Truist divested Sterling Capital Management LLC and completed the sale of its remaining 80% stake in Truist Insurance Holdings for $15.5 billion, which significantly enhanced its financial profile and created capacity for other capital allocations, including shareholder returns.
• In August 2025, Truist announced a multi-year strategic growth investment over the next five years to expand its presence in high-growth markets.
• Truist acquired Service Finance Company in 2024 to enhance its point-of-sale lending platform.

Capital Expenditures

• As part of a multi-year strategic growth investment announced in August 2025, Truist plans to build 100 new insights-driven branches and renovate more than 300 existing branches in high-growth markets over the next five years.
• The company has been making significant investments in technology upgrades and related initiatives, which contributed to elevated operating expenses in 2025 and are expected to continue in the near term.