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Truist Financial SWOT & PESTLE Analysis

ID : 52703453| Apr 2022| 21 pages

COMPANY PROFILE -Truist Financial

Business Sector :Banking & Financial Services, Regional Banks

Operating Geography :United States, North America

About Truist Financial :

Truist Financial Corporation is an American bank holding financial services company formed in December 2019 with the merger of SunTrust banks and BB&T. The bank has $506 billion in assets and 2957 branches throughout America. The bank is headquartered in Charlotte, North Carolina and is headed by Kelly King, Chairman and CEO. The merger was the biggest since the financial crisis of 2008 and was reportedly worth $66 billion. Post the merger, it has become the 6th largest bank in the USA and serves almost 12 million households. It is also 2nd in weighted average deposits in America. The main agenda was two companies with shared values and a deep commitment coming together to building a better future for our clients and communities.
With this merger, Truist has a combined history of more than 275 years, since both SunTrust and BB&T have a rich heritage and have served the American customers for ages. This merger was also termed as the ‘merger of equals’ because both the entities were equally strong and spread out in similar businesses. To provide an unparalleled client service through innovation in technology and establishment of a premier financial institute were the core reasons for this merger. Truist has 54,982 employees on it rolls as of May 13, 2021.
Truist’s mission towards its clients is to “Provide distinctive, secure and successful client experiences through touch and technology.” Truist’s mission towards its stakeholders is to “Optimize long-term value for stakeholders through safe, sound and ethical practices.”

Truist Financial Revenue :


US$ 22,404 million – FY ending 31st December 2021 (y-o-y growth -1.9%)
US$ 22,830 million – FY ending 31st December 2020

Competitive Analysis of Truist Financial

SWOT
PESTLE
The SWOT analysis for Truist Financial Corporation is presented below:
Strengths
Weaknesses
1. Vast network of Branches throughout the United States
2. Strong Brand portfolio with diverse business mixes
3. Strategic merger of two equals SunTrust and BB&T to create a Premier Financial Institution
4. High level of customer satisfaction
5. Truist starting from a position of financial strength
1. Negative perception of new brand name – Truist; from analysts and consumers
2. Limited global presence when compared with its competitors
Opportunities
Threats
1. Leveraging combined strengths of both entities
2. Increasing the online presence using established platforms
3. Focused Forward on transformational digital innovation
1. Global economic slowdown and recession due to COVID-19 crisis
2. High degree of regional competition
3. Threat from emerging fintech players and NBFIs
4. Inability to achieve cost saving goals
SWOT & PESTLE (combined)
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Detailed SWOT Analysis of Truist Financial

Strength

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Weakness

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Opportunity

1. Leveraging combined strengths of both entities: Both entities (SunTrust and BB&T) have their strongholds in the banking sector and combined strength of these institutions can help in leveraging a stronger brand that is more stable in the times of crisis, has expanded reach and provides a better customer experience. Retail banking, commercial banking among others can be further scaled in operations with combines resources. The community bank model followed by BB&T can be leveraged for banking operations of SunTrust Bank. Also, products such as insurance brokerage provided by BB&T can be pitched to the new customers of SunTrust bank, increasing the market size and reach of the product.

2. Increasing the online presence using established platforms: SunTrust has already invested huge sums of money in the online platform over the past few years to facilitate digital lending. This investment has opened new sales channel for BB&T and Truist as a whole. The company will be able to take advantage of this opportunity in the next few years by better knowledge of its customers and by using big data analytics to meet their needs. With the advent of technology in commercial banking, their online expertise will help them expand their online presence and reach out to young customers. Recently, for Paycheck Protection Program, Truist has used digital platforms to provide $10 billion worth of loans to small businesses in the USA in response to COVID-19 crisis. More such programs can be taken online and can help gather more income. As of February 2022, Truist has appointed Stellar Kim Tucker, as group head of technology investment banking to oversea teams that work on cloud technology, fintech, software and internet, martech and IT services to further strengthen its technology and online presence.

The remaining section under "Opportunity" is available only in the 'Complete Report' on purchase.

Threat

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References used in Truist Financial SWOT & PESTLE Analysis Report

1. Truist Annual Report 2021 - https://filecache.investorroom.com/mr5ir_truist/576/Truist%202021%20Annual%20Report.pdf
2. Truist Earnings 2020 - https://ir.truist.com/earnings
3. Truist cuts 800 jobs. More cutbacks expected in BB&T, SunTrust merger: https://www.charlotteobserver.com/news/business/banking/article242131711.html
4. Truist company profile - https://money.cnn.com/quote/profile/profile.html?symb=TFC

The detailed complete set of references are available on request in the 'Complete report' on purchase.

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SWOT & PESTLE.com (2022). Truist Financial SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/truist-financial/ [Accessed 07 Dec, 2022].

In-text: (SWOT & PESTLE.com, 2022)

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Truist Financial SWOT and PESTLE analysis has been conducted by Riti Bhattacharyya and reviewed by senior analysts from Barakaat Consulting.

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