CHARLOTTE, N.C. - Truist Financial Corporation (NYSE: NYSE:TFC) announced today the appointment of Kerry Jessani as head of mid-corporate banking, a move poised to enhance the company's commercial banking business. Jessani, with over two decades of experience at JP Morgan, will spearhead a new team dedicated to providing industry-specific expertise and solutions to mid-sized companies across the United States.
The establishment of the mid-corporate banking team is part of Truist's strategic initiative to accelerate growth and improve profitability. This team is expected to work in tandem with Truist Securities, offering a suite of services including investment and corporate banking coverage, research, advisory, and capital markets expertise.
Jessani's professional background includes a recent role as deputy head of specialized industries for JP Morgan's commercial banking unit. Her responsibilities there involved leading a national specialized industries team catering to sectors such as healthcare, higher education, and industrial segments.
She is set to join Truist in February, directly reporting to Kristin Lesher, Chief Wholesale Banking Officer, and will also serve on the Truist Operating Council. Lesher commented on Jessani's proven ability to lead national teams and deliver industry-tailored advice, noting her comprehensive experience in core banking solutions that complements investment banking and wealth management.
Truist Wholesale Banking offers a wide array of services to business owners, management teams, and high net worth individuals, encompassing commercial banking, corporate and investment banking, commercial real estate, wholesale payments, and wealth management solutions.
Truist Financial Corporation, headquartered in Charlotte, North Carolina, stands as a top-10 U.S. commercial bank with total assets of $523 billion as of September 30, 2024. The company's commitment to building better lives and communities is reflected in its extensive range of consumer and business banking services.
This strategic hire is based on a press release statement from Truist Financial Corporation.
In other recent news, Truist Financial Corporation reported strong financial results for the third quarter of 2024, with a GAAP net income of $1.3 billion or $0.99 per share. The adjusted earnings per share stood at $0.97, reflecting a 2.4% increase in adjusted revenue, primarily driven by investment banking and trading. The company has also declared dividends for its common and various series of preferred stock, reflecting its commitment to returning value to shareholders.
RBC Capital Markets has reiterated an Outperform rating on Truist Financial, following these robust results. The company has also launched a substantial stock repurchase program, with $500 million worth of shares already repurchased in the third quarter and plans for an additional $500 million in repurchases in the fourth quarter.
Other recent developments include a $25 million loan loss provision related to Hurricane Helene and a projected 1.5% decrease in revenue for Q4 2024 due to lower commercial loan balances. Analysts from RBC Capital and other firms have noted that Truist is focusing on expanding client relationships post-merger and plans to maintain an elevated level of $500 million in buybacks for the foreseeable future. The company is also increasing investments in risk infrastructure, particularly in cyber and data management.
InvestingPro Insights
Truist Financial's appointment of Kerry Jessani as head of mid-corporate banking aligns with the company's focus on growth and profitability. This strategic move is particularly relevant when considering some key financial metrics and insights from InvestingPro.
According to InvestingPro data, Truist Financial has a market capitalization of $56.84 billion, reflecting its significant presence in the banking sector. The company's price-to-book ratio of 0.96 suggests that it may be undervalued relative to its assets, which could be attractive for investors looking at the long-term potential of the mid-corporate banking initiative.
An InvestingPro Tip highlights that Truist Financial has maintained dividend payments for 52 consecutive years, demonstrating a strong commitment to shareholder returns. This track record of consistent dividends could be appealing to income-focused investors and may indicate the company's financial stability as it expands its commercial banking operations.
Another relevant InvestingPro Tip notes that net income is expected to grow this year. This projection aligns well with Truist's strategic move to enhance its mid-corporate banking segment, which could contribute to future earnings growth.
For readers interested in a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of Truist Financial's prospects in light of this new appointment and strategic direction.
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