Truist wasn't even a word a year ago. Now it's one of America's biggest banks. The $28 billion marriage of SunTrust and BB&T means those brands are getting slowly phased out after a combined 275 years of history.
The $28 billion marriage of SunTrust and BB&T means those brands are getting slowly phased out after a combined 275 years of history. The deal between the nation's largest banking tie-up since 2004 was presented as a merger of equals, forcing the banks to start with a blank slate."The whole essence of Truist is about two great, iconic, old companies coming together to form a new organization that is looking forward," Truist CEO Kelly King told CNN Business.
"King argued these concerns are overblown, noting that Truist's balance sheet is dwarfed by that of the largest Wall Street banks. JPMorgan Chase , for instance, is sitting on $2.8 trillion of assets, roughly six times what Truist has."We are large, but we're still small," King said. And unlike JPMorgan, Bank of America and Citigroup , Truist is not a big player in the kinds of exotic financial securities that fueled the 2008 crisis.
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