Key Stats
- Total Assets: $531 billion as of December 2024
- Market Capitalization: $57.6 billion as of November 2025
- Employees: 38,335 as of December 2024
- Branch Network: 1,928 branches across 15 states and Washington D.C.
- Headquarters: Charlotte, North Carolina, United States
Truist Financial Corporation operates as one of the largest bank holding companies in the United States. The company was formed through the December 2019 merger of BB&T Corporation and SunTrust Banks.
Truist provides a wide range of financial services including consumer and small business banking, commercial banking, investment banking, wealth management, and insurance products. The company serves approximately 10 million consumer households across its operating regions.
The bank traces its origins back to 1872 when Alpheus Branch founded the company that would eventually become BB&T. Today, Truist ranks among the top 10 commercial banks in the United States by total assets, similar to how JPMorgan Chase dominates the banking sector through decades of strategic growth.
Truist Financial Corporation History
Truist Financial Corporation Co-founders
Truist Financial Corporation Competitors
Truist competes with national and regional banks across consumer banking, commercial lending, and wealth management sectors. The company faces competition from money center banks with global reach and regional institutions focused on specific geographic markets.
| Company | Headquarters | Total Assets |
|---|---|---|
| JPMorgan Chase | New York, NY | $3.9 trillion |
| Bank of America | Charlotte, NC | $3.3 trillion |
| Wells Fargo | San Francisco, CA | $1.9 trillion |
| Citibank | New York, NY | $2.4 trillion |
| U.S. Bancorp | Minneapolis, MN | $680 billion |
| PNC Financial Services | Pittsburgh, PA | $562 billion |
| Capital One | McLean, VA | $479 billion |
| Fifth Third Bancorp | Cincinnati, OH | $214 billion |
| Regions Financial | Birmingham, AL | $155 billion |
| M&T Bank | Buffalo, NY | $211 billion |
Truist Financial Corporation Revenue
Truist generates revenue through net interest income from loans, fee-based services, and investment banking activities. The company’s diversified business model includes consumer banking, commercial banking, and wealth management operations. Major financial institutions like Wells Fargo similarly rely on these diverse revenue streams.
Truist Financial Corporation Market Cap
Truist trades on the New York Stock Exchange under the ticker symbol TFC. The company’s market capitalization peaked at $77 billion in 2021 before declining during the 2023 banking sector turbulence. Companies like US Bancorp experienced similar valuation fluctuations during this period.
Truist Financial Corporation Acquisitions
Truist and its predecessor companies have completed more than 100 mergers and acquisitions throughout their combined history. The BB&T-SunTrust merger in 2019 represented the largest bank deal since the 2008 financial crisis, creating the sixth-largest U.S. commercial bank at that time.
BB&T built its regional presence through strategic acquisitions including Susquehanna Bank for $2.5 billion in 2015 and National Penn for $1.8 billion in 2016. These deals expanded the bank’s footprint into Pennsylvania, New Jersey, and Maryland. The insurance division also grew through multiple purchases, acquiring Regions Insurance Group in 2018 and adding 60,000 new clients.
SunTrust pursued acquisitions focused on investment banking and wealth management capabilities, following the approach that Ally Financial and other institutions use to diversify revenue. The bank acquired Robinson-Humphrey in 2001 to strengthen its capital markets business. Combined as Truist Securities, these operations now compete with major investment banks across the Southeast.
In 2022, Truist Insurance Holdings acquired BankDirect Capital Finance for $3.4 billion, doubling the company’s premium finance business. This marked the largest acquisition for the former BB&T outside of the merger itself. The company also purchased Long Game Savings, a fintech startup, to enhance its digital banking capabilities.
Truist made a significant strategic shift in 2024 by selling Truist Insurance Holdings to an investor group led by Clayton, Dubilier & Rice and Stone Point Capital. The $15.5 billion deal allowed Truist to refocus on core banking operations. This divestiture strategy mirrors how Capital One has periodically streamlined its business to concentrate on key segments.
FAQs
When was Truist Financial Corporation founded?
Truist was formed on December 6, 2019, through the merger of BB&T Corporation and SunTrust Banks. BB&T’s origins trace back to 1872 when Alpheus Branch founded the predecessor company.
Where is Truist Financial Corporation headquartered?
Truist is headquartered in Charlotte, North Carolina. The company operates from the Truist Center, a 47-story tower in downtown Charlotte that was formerly known as Hearst Tower.
How many employees does Truist have?
Truist employed 38,335 people as of December 2024. The workforce decreased from over 50,000 employees following post-merger consolidation and branch optimization efforts.
What services does Truist Financial Corporation provide?
Truist offers consumer and commercial banking, investment banking, wealth management, mortgage services, and payment solutions. The company serves individuals, small businesses, and corporate clients across 15 states.
Is Truist one of the largest banks in the United States?
Yes, Truist ranks among the top 10 U.S. commercial banks with $531 billion in total assets. The company serves approximately 10 million consumer households through its branch network and digital platforms.