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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________
Form 8-K
Current Report
_____________________________

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

September 9, 2024
Date of Report (Date of earliest event reported)

Truist Financial Corporation
(Exact name of registrant as specified in its charter)
_____________________________
North Carolina
1-10853
56-0939887
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
214 North Tryon Street
Charlotte,
North Carolina
28202
(Address of principal executive offices)
(Zip Code)

(336) 733-2000
(Registrant's telephone number, including area code)
_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5 par valueTFCNew York Stock Exchange
Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred StockTFC.PINew York Stock Exchange
5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred StockTFC.PJNew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred StockTFC.PONew York Stock Exchange
Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred StockTFC.PRNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 


ITEM 7.01    Regulation FD Disclosure.

Truist Financial Corporation (“Truist”) is scheduled to present at the Barclays Global Financial Services Conference in New York City on Tuesday, September 10, 2024 at 10:30 a.m. ET. Bill Rogers, Chief Executive Officer, and Mike Maguire, Chief Financial Officer, will make Truist's presentation. A copy of the presentation materials to be used by Truist during its presentation is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. Such materials will also be available on Truist’s website at ir.truist.com.

Information contained on Truist's website is not incorporated by reference into this Current Report on Form 8-K. The information in the preceding paragraph, as well as Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section. Such information may only be incorporated by reference into another filing under the Exchange Act or the Securities Act of 1933 if such subsequent filing specifically references Section 7.01 of this Current Report on Form 8-K. All information in the presentation materials speaks as of the date thereof, and Truist does not assume any obligation to update such information in the future, except to the extent required by applicable law or regulation.

ITEM 9.01    Financial Statements and Exhibits.
(d)    Exhibits.
Exhibit No.Description of Exhibit
Materials to be presented September 10, 2024 (furnished with the Commission as a part of this Form 8-K)
104The cover page from this Current Report on Form 8-K, formatted in Inline XBRL




SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TRUIST FINANCIAL CORPORATION
(Registrant)
By:/s/ Cynthia B. Powell
Cynthia B. Powell
Executive Vice President and Corporate Controller
(Principal Accounting Officer)

Date: September 9, 2024

Barclays Global Financial Services Conference Bill Rogers Chairman & CEO September 10, 2024


 
2 From time to time we have made, and in the future will make, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. This presentation, including any information incorporated by reference in this presentation, contains forward-looking statements. We also may make forward-looking statements in other documents that are filed or furnished with the SEC. In addition, we may make forward-looking statements orally or in writing to investors, analysts, members of the media, and others. All forward- looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, and results may differ materially from those set forth in any forward-looking statement. While no list of assumptions, risks, and uncertainties could be complete, some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements include: • evolving political, business, economic, and market conditions at local, regional, national, and international levels; • monetary, fiscal, and trade laws or policies, including as a result of actions by governmental agencies, central banks, or supranational authorities; • the legal, regulatory, and supervisory environment, including changes in financial-services legislation, regulation, policies, or government officials or other personnel; • our ability to address heightened scrutiny and expectations from supervisory or other governmental authorities and to timely and credibly remediate related concerns or deficiencies; • judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, disputes, or rulings that create uncertainty for or are adverse to us or the financial-services industry; • the outcomes of judicial, regulatory, and administrative inquiries, examinations, investigations, proceedings, or disputes to which we are or may be subject and our ability to absorb and address any damages or other remedies that are sought or awarded and any collateral consequences; • evolving accounting standards and policies; • the adequacy of our corporate governance, risk-management framework, compliance programs, and internal controls over financial reporting, including our ability to control lapses or deficiencies in financial reporting, to make appropriate estimates, or to effectively mitigate or manage operational risk; • any instability or breakdown in the financial system, including as a result of the actual or perceived soundness of another financial institution or another participant in the financial system; • disruptions and shifts in investor sentiment or behavior in the securities, capital, or other financial markets, including financial or systemic shocks and volatility or changes in market liquidity, interest or currency rates, or valuations; • our ability to cost-effectively fund our businesses and operations, including by accessing long- and short-term funding and liquidity and by retaining and growing client deposits; • changes in any of our credit ratings; • our ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; • negative market perceptions of our investment portfolio or its value; • adverse publicity or other reputational harm to us, our service providers, or our senior officers; • business and consumer sentiment, preferences, or behavior, including spending, borrowing, or saving by businesses or households; • our ability to execute on strategic and operational plans, including simplifying our businesses, achieving cost-savings targets and lowering expense growth, accelerating franchise momentum, and improving our capital position; • changes in our corporate and business strategies, the composition of our assets, or the way in which we fund those assets; • our ability to successfully make and integrate acquisitions and to effect divestitures, including the ability to successfully deploy the proceeds from the sale of TIH and perform our obligations under the transition services arrangements supporting TIH in a cost-effective and efficient manner; • our ability to develop, maintain, and market our products or services or to absorb unanticipated costs or liabilities associated with those products or services; • our ability to innovate, to anticipate the needs of current or future clients, to successfully compete, to increase or hold market share in changing competitive environments, or to deal with pricing or other competitive pressures; • our ability to maintain secure and functional financial, accounting, technology, data processing, or other operating systems or infrastructure, including those that safeguard personal and other sensitive information; • our ability to appropriately underwrite loans that we originate or purchase and to otherwise manage credit risk; • our ability to satisfactorily and profitably perform loan servicing and similar obligations; • the credit, liquidity, or other financial condition of our clients, counterparties, service providers, or competitors; • our ability to effectively deal with economic, business, or market slowdowns or disruptions; • the efficacy of our methods or models in assessing business strategies or opportunities or in valuing, measuring, estimating, monitoring, or managing positions or risk; • our ability to keep pace with changes in technology that affect us or our clients, counterparties, service providers, or competitors or to maintain rights or interests in associated intellectual property; • our ability to attract, hire, and retain key teammates and to engage in adequate succession planning; • the performance and availability of third-party service providers on whom we rely in delivering products and services to our clients and otherwise in conducting our business and operations; • our ability to detect, prevent, mitigate, and otherwise manage the risk of fraud or misconduct by internal or external parties; our ability to manage and mitigate physical-security and cybersecurity risks, including denial-of-service attacks, hacking, phishing, social-engineering attacks, malware intrusion, data-corruption attempts, system breaches, identity theft, ransomware attacks, environmental conditions, and intentional acts of destruction; • natural or other disasters, calamities, and conflicts, including terrorist events, cyber-warfare, and pandemics; • widespread outages of operational, communication, and other systems; • our ability to maintain appropriate corporate responsibility and sustainability practices, oversight, and disclosures; • policies and other actions of governments to manage and mitigate climate and related environmental risks, and the effects of climate change or the transition to a lower-carbon economy on our business, operations, and reputation; and • other assumptions, risks, or uncertainties described in the Risk Factors (Item 1A), Management’s Discussion and Analysis of Financial Condition and Results of Operations (Item 7), or the Notes to the Consolidated Financial Statements (Item 8) in our Annual Report on Form 10-K or described in any of the Company’s subsequent quarterly or current reports. Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, or Current Report on Form 8-K. Forward-Looking Statements


 
Purpose Inspire and build better lives and communities Mission Provide distinctive, secure, and successful client experiences through touch and technology. Clients Create an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers. Teammates Optimize long-term value for stakeholders through safe, sound, and ethical practices. Stakeholders Values Trustworthy We serve with integrity. Caring Everyone and every moment matters. One Team Together, we can accomplish anything. Success When our clients win, we all win. Happiness Positive energy changes lives. 3


 
3.7% 3.1% 3.0% 2.5% 1.9% 1.6% 1.4% 1.4% 1.3% 1.1% 0.9% TFC Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 An attractive franchise with leading share 4 Assets $520B Deposits $385B Loans $307B Branches 1,900+ Clients ~15MM Headquarters Charlotte, NC 1 Source: S&P Global Market Intelligence As of 6/30/24 Truist has a top 5 market share in 23 of our 25 largest MSAs 21% 20% 19% 18% 17% 16% 16% 15% 13% 12% 11% Peer 1 TFC Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Weighted average deposit market share in respective markets 2024 – 2029 projected population growth Consumer & small business banking 54% Wholesale banking 46% Comprehensive set of wholesale and consumer products and services Wholesale banking Commercial banking, corporate and investment banking, CRE, payments, and wealth management Consumer & small business banking Branch and premier banking, digital banking, small business banking, and national consumer lending businesses Population growth expected to exceed 250,000 over the next five years1 Truist branch footprint (1,930) % of total revenue


 
5 Announced organizational simplification and cost savings initiatives September 2023 Completed sale of TIH and strategic balance sheet repositioning May 2024 Appointed new consumer & small business and wholesale leaders November 2023 Streamlined board of directors October 2023 Announced $5 billion share repurchase authorization through 2026 June 2024 Where we have been Post-merger stabilization Accelerating growth Improving profitability Returning capital Simplified, more efficient organization with capacity to grow and return capital Previously focused on… Now focused on… Appointed new chief information officer August 2024


 
Where we are going 6 12 – 13% Mid-teens Starting point Client and business growth Balance sheet and operational efficiency Medium-term ROATCE target Growing our business and improving our returns How we get there Multiple paths to drive growth and improve profitability Mid-teens medium-term ROATCE target Client and business growth ‒ Capture middle market banking share ‒ Deepen treasury management penetration ‒ Increase deposits and wealth revenue within existing client base Balance sheet and operational efficiency ‒ Positioned to grow and return capital to shareholders ‒ Benefit from fixed rate asset repricing ‒ Committed to expense discipline


 
7 $10-500MM $500MM-2B TFC Peer median Peer top quartile Client type Client deposits at Truist Client deposits off Truist Clients with a wealth solution Premier clients3 ~60% ~40% ~16% Clients with Premier potential4 ~10% ~90% ~2% Multiple paths to drive growth and improve profitability Truist’s commercial banking revenue share1 (Excludes CRE revenue) Treasury management fees / C&I loans2 (FY 2023) 7 Wholesale Capture middle market banking share through increased penetration in select verticals Payments Deepen treasury management penetration within existing client base Consumer & small business Increase deposits and wealth revenue within existing client base Businesses with revenue of 1 Estimates based on market data from BCG Cube database 2 Based on data from 17 banks that are present in Treasury GCI benchmarking database includes fees generated from treasury management services 3 Truist clients that have more than $100K of assets with Truist 4 Truist clients that have more than $100K of assets but less than $100K with Truist Peers include BAC, CFG, FITB, JPM, KEY, MTB, PNC, RF, USB, and WFC ~1.5x ~2.0x Premier potential has 3x the number of clients ~2.0x market share (vs. $500MM – $2B) OpportunityOpportunity11.6% 10.7% 11.3% TFC Peer median Peer top quartile CET1 ratio (2Q24) Capital Well positioned to grow and return capital to shareholders


 
Why Truist? 8 7th largest U.S. commercial bank located in high growth markets with a comprehensive set of wholesale and consumer products and services Relative capital advantage positions us well to pursue growth and return capital to shareholders Significant opportunity to improve profitability over the medium term as we execute our strategic priorities and growth initiatives Focused on delivering positive operating leverage by adhering to expense discipline Strong track record on asset quality and sound risk management discipline and controls


 
To inspire and build better lives and communities


 
v3.24.2.u1
Cover
Sep. 09, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Sep. 09, 2024
Entity Registrant Name Truist Financial Corporation
Entity Address, Address Line One 214 North Tryon Street
Entity Incorporation, State or Country Code NC
Entity File Number 1-10853
City Area Code 336
Local Phone Number 733-2000
Entity Tax Identification Number 56-0939887
Entity Address, City or Town Charlotte,
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28202
Written Communications false
Pre-commencement Tender Offer false
Soliciting Material false
Pre-commencement Issuer Tender Offer false
Entity Central Index Key 0000092230
Amendment Flag false
Entity Emerging Growth Company false
Common Stock [Member]  
Entity Information [Line Items]  
Trading Symbol TFC
Security Exchange Name NYSE
Title of 12(b) Security Common Stock, $5 par value
Series I Preferred Stock [Member]  
Entity Information [Line Items]  
Trading Symbol TFC.PI
Security Exchange Name NYSE
Title of 12(b) Security Depositary Shares each representing 1/4,000th interest in a share of Series I Perpetual Preferred Stock
Series J Preferred Stock [Member]  
Entity Information [Line Items]  
Trading Symbol TFC.PJ
Security Exchange Name NYSE
Title of 12(b) Security 5.853% Fixed-to-Floating Rate Normal Preferred Purchase Securities each representing 1/100th interest in a share of Series J Perpetual Preferred Stock
Series O Preferred Stock [Member]  
Entity Information [Line Items]  
Trading Symbol TFC.PO
Security Exchange Name NYSE
Title of 12(b) Security Depositary Shares each representing 1/1,000th interest in a share of Series O Non-Cumulative Perpetual Preferred Stock
Series R Preferred Stock [Member]  
Entity Information [Line Items]  
Trading Symbol TFC.PR
Security Exchange Name NYSE
Title of 12(b) Security Depositary Shares each representing 1/1,000th interest in a share of Series R Non-Cumulative Perpetual Preferred Stock

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