12/11/2023 0 Comments Truist mobile banking loginThe response so far has really been excellent and our outreach efforts have helped drive a 31% increase in net new small business checking accounts during the second quarter alone. Our branch teammates are visiting and connecting with tens of thousands of small business clients to say thank you and have a carrying conversation to assist with their unique needs. Truist has also highlighting small-business owners through a small-business Community Heroes initiative which is all about focusing on the small-business owners who worked tirelessly to serve our neighbors, create jobs and build our communities and help drive our economy. This is also the first product from our Truist Foundry, our very own start-up tasked with creating digital solutions to help meet clients where they are. In May, we announced the launch of Truist Long Game, our mobile app that leverages behavioral economics to reward clients for building financial wellness at a high-level user set goals, save money and earn rewards that are deposited into a Truist account as they make progress towards their savings goals.īased on early data, users tend to play four to five times a week with strong retention and we've seen positive trends towards new client acquisition. I'd like to share some of the ways we brought that purpose to life last quarter. Truist is a purpose-driven company dedicated to inspiring and building better lives and communities. Before we do that, let me start where I always do on slide four on purpose mission and values. We'll provide more details about these topics and our second quarter results throughout the presentation. While these changes will be manifested over time, this is not business as usual and reflects an important and significant pivot for Truist and for our leadership team. Mike will highlight some of these decisions in his comments and I'll close with some of the underlying momentum. These decisions are less incremental and more time-bound than the ones previously made during our shift from integrating to operating. We also have flexibility in strengthening our balance sheet to support our focus on our unique core client base and market opportunity. This environment also challenges us to move faster with greater intensity to tighten our strategic focus and rightsize our expense chassis to reflect the new realities. We're also intensely building future flexibility. Capital and liquidity have taken on an increased focus and although Truist is currently well-positioned. Truist was specifically built to increase our flexibility to respond to any condition to fulfill our purpose and commitment to all stakeholders. I don't think it's a surprise to anybody on this call that the increasing levels of uncertainty in our economy, the impact of interest rates on funding cost, and a new sort of post-March operating environment for our industry are impacting our results and plans. Good morning, everybody, and thank you for joining our call today. With that, I'll now turn it over to Bill. Please review the disclosures on slides two and three of the presentation regarding these statements and measures as well as the appendix for appropriate reconciliations to GAAP. Our presentation today will include forward-looking statements and certain non-GAAP financial measures. The accompanying presentation as well as our earnings release and supplemental financial information are available on the Truist Investor Relations website ir. During this morning's call, they will discuss Truist's second quarter results, share their perspectives on current business conditions and provide an updated outlook for 2023.Ĭlarke Starnes, our Vice Chair and Chief Risk Officer Beau Cummins, our Vice Chair and John Howard, Truist Insurance Holdings ' Chairman and CEO are also in attendance and are available to participate in the Q&A portion of our call. With us today are our Chairman and CEO, Bill Rogers and our CFO, Mike Maguire. Welcome to Truist's second quarter 2023 earnings call. Thank you, Tarren, and good morning, everyone. Brad Milsaps, Head of Investor Relations, Truist Financial Corporation. It is now my pleasure to introduce your host Mr. As a reminder, this event is being recorded. A brief question-and-answer session will follow the formal presentation. Currently, all participants are in a listen-only mode. Greetings, ladies and gentlemen, and welcome to the Truist Financial Corporation's Second Quarter Earnings Call. Truist Financial Corporation ( NYSE: TFC) Q2 2023 Earnings Conference Call J8:00 AM ETīrad Milsaps - Head of Investor Relationsīill Rogers - Chairman and Chief Executive OfficerĬlarke Starnes - Vice Chair and Chief Risk Officer
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