Truist Financial : 2024 Corporate Responsibility and Sustainability Report
TFC
Truist 2024
Corporate Responsibility
& Sustainability Report
Published April 2025
02 Responsible business Community Environment and sustainability Teammates
Purpose
Inspire and build better lives and communities
About Truist
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Headquartered in Charlotte, North Carolina, Truist has leading market share in many of the high-growth markets in the U.S. and offers a wide range of products and services through wholesale and consumer businesses, including consumer and small business banking, commercial and corporate banking, investment banking and capital markets, wealth management, payments, and specialized lending businesses.
Truist Bank, the largest subsidiary of Truist Financial Corporation, was chartered in 1872 and is the oldest bank headquartered in North Carolina. Truist Bank is one of the 10 largest commercial banks in the U.S. and provides banking and trust services for clients through 1,928 offices as of December 31, 2024, and its digital platform.
Mission
Clients
Provide distinctive, secure, and successful client experiences through touch and technology
Teammates
Create an inclusive and energizing environment that empowers teammates to learn, grow, and have meaningful careers
Stakeholders
Optimize long-term value for stakeholders through safe, sound, and ethical practices
Truist at a glance1
15 million clients we serve across the U.S.
17 states + D.C. our footprint includes seven of the top 10 fastest- growing markets in the U.S.
14 community banking regions,
with certain lines of business operating nationally across the U.S.
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.
1,900+
branches
2,900+
ATMs
$531B
total assets
$308B
loans
$391B
deposits
1. All numbers as of December 31, 2024
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03 Responsible business Community Environment and sustainability Teammates
Contents
04 About this report
05 Disclosure statement
06 Stakeholder engagement
08 A letter from our Chairman & CEO
09 Responsible business
10 Governance
12 Risk management
14 Compliance and ethics
16 Cybersecurity
16 Consumer privacy
16 Business continuity
17 Strategic sourcing
18 Clients
21 Financial inclusion and education
24 Community
25 Caring for communities
26 Truist Foundation
29 Truist Charitable Fund
31 Community Reinvestment Act
34 Truist Community Capital
36 Truist Leadership Institute
37 Teammate volunteerism and workplace giving
39 Community support and engagement
41 Disaster response
45 Environment and sustainability
46 Our approach
46 Sustainable operations
47 Sustainable finance
49 Sustainability in the community
50 Teammates
51 Teammates and culture
51 Recruiting teammates
52 Retaining and developing teammates
54 Teammate benefits
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04 Responsible business Community Environment and sustainability Teammates
About this report
Scope
Data in this report primarily reflects the calendar year 2024, which aligns with Truist's fiscal year. This report also contains plans and goals for future reporting and disclosure. Some numbers have been rounded for simplicity.
Reporting frameworks
Truist's approach to reporting and disclosure will generally follow the major reporting frameworks, including:
Additional disclosures may be informed by stakeholder engagement and inquiries, peer disclosures and best practices, and evolving disclosure requirements, including those established by the major reporting frameworks.
External verification
Truist has obtained third-party verification of its 2024 Scope 1, Scope 2, and certain Scope 3 category greenhouse gas emissions. Verification statements can be found in our 2024 TCFD Report.
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05 Responsible business Community Environment and sustainability Teammates
Disclosure statement
This report covers only Truist's business and does not address the performance or operations of our suppliers, contractors, or partners. Statements regarding Truist's objectives, plans, goals, targets, policies, and commitments are aspirational and may also be based on estimates and assumptions under developing standards that may change in the future; as such, no guarantees or promises are made that they will be met or successfully executed, and actual results may differ, possibly materially.
Furthermore, data, statistics, and metrics included in this report are non-audited estimates, are not necessarily prepared in accordance with generally accepted accounting principles (GAAP), continue to evolve, and may be based on assumptions believed to be reasonable at the time of preparation, but may be subject to revision. Except where noted, the information covered in this report highlights Truist's performance and initiatives in fiscal year 2024. This report has not been externally assured or verified by an independent third party unless otherwise noted. This report represents our current policy and intent and is not intended to create legal rights or obligations.
This report uses certain terms, including those that GRI or SASB refer to as "material," "materially," "materiality" and other similar terms, consistent with those standards, to reflect the key issues or priorities of Truist or its stakeholders. We are not using these terms as they are used under the securities or other laws of the United States or any other jurisdiction or as used in the context of financial statements and financial reporting required by laws and regulations.
This report, which speaks only as of its date and is not required to be updated, is not comprehensive, and for that reason, should be read in conjunction with our most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other filings made with the Securities and Exchange Commission (SEC).
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 report, including any information incorporated by reference in this report, contains forward-looking statements, including statements regarding our corporate responsibility, environmental, and governance targets, goals, objectives, commitments and programs, and other business plans, prospects, initiatives, and objectives. We also may make forward-looking statements in 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 the 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 for the fiscal year ended December 31, 2024 or described in any of Truist's subsequent quarterly or current reports. Such assumptions, risks, and uncertainties also include sustainability targets, objectives, commitments, challenges, assumptions, and circumstances that we are unable to foresee at this time that are outlined in this report or elsewhere.
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.
Especially with respect to the matters discussed in this report, many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved, and these statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Any of those factors, including the achievement of our targets, goals, objectives, or commitments, could differ materially from our projected results because of changes in circumstances, estimates that turn out to be incorrect, standards of measurement that change over time, assumptions not being realized, or other risks, uncertainties, and factors.
Truist urges you to consider all of the risks, uncertainties, and factors identified above or discussed in such reports carefully in evaluating the forward-looking statements in this report. Truist cannot assure you that the results reflected or implied by any forward-looking statement will be realized or, even if substantially realized, that those results will have the forecasted or expected consequences and effects. We also caution you that the important factors referenced above or in such reports may not include all of the factors that are important to you.
This report may contain links to other internet sites or references to third parties. Such links or references are not incorporated by reference to this report, and we can provide no assurance as to their accuracy. The use or inclusion of such information is also not intended to represent endorsements of any products or services.
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06 Responsible business Community Environment and sustainability Teammates
Stakeholder engagement
Ongoing dialogue with stakeholders helps us understand a broad range of expectations and perspectives that might impact our business. These perspectives help guide our approach to corporate responsibility and sustainability matters including reporting. In addition to interactions during the normal course of business, the list below includes some of the ways Truist may connect with key stakeholder groups throughout the year.
Investors
Teammates
Clients
Suppliers
Community
Government
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07 Responsible business Community Environment and sustainability Teammates
Stakeholder Priority Assessment
Truist periodically partners with an independent consulting firm to assess stakeholder priorities. We invite stakeholders to identify and share thoughts on topics that are important to them and that they believe are most impactful to Truist.
The assessment incorporates stakeholder insights, analysis of industry and market trends, and research on a variety of factors that may impact our work. This research results in a list of stakeholder priorities and insights that help inform our work, especially in the areas of corporate responsibility and sustainability. The most recent assessment was completed in 2025. The list of priorities is presented in alphabetical order:
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08 Responsible business Community Environment and sustainability Teammates
A letter from our Chairman & CEO
In November 2024, we launched Truist Cares for Western North Carolina, a recovery and rebuilding commitment in the aftermath of Hurricane Helene, to support small business, housing, and infrastructure efforts in Western North Carolina, where we have deep roots.
This three-year, $725 million commitment exemplifies the difference that Truist and Truist teammates can make as we fulfill and live our purpose-to inspire and build better lives and communities. On the following pages of our Corporate Responsibility and Sustainability Report, Disclosure Summary, and TCFD Report, we document and measure the purposeful impact we make through metrics important to our shareholders and other stakeholders.
2024 was a year of transformation and growth for Truist. We restructured our businesses, reduced expenses, repositioned our balance sheet, consolidated our operations, and returned capital to our shareholders. Our streamlined company is closer and more responsive to our clients, teammates, investors, and the communities we serve.
We are better positioned to launch new products and initiatives to help meet client and other stakeholder needs. We are also making progress against longer-term goals, where we are continuing a balanced and inclusive approach to stakeholder engagement to inform our go- forward strategy.
In a dynamic economic and risk environment, we are continually adapting our company to meet the needs of our stakeholders. One example is how we care for communities impacted by extreme weather events such as Hurricane Helene. After storms pass, we open branches safely and quickly, and we support our teammates and clients with basic needs such as food, water, critical supplies, and financial resources. We initiate philanthropic giving and teammate volunteer commitments that support recovery.
I want to thank my Truist teammates for their outstanding performance and execution, which resulted in earning the Federal Deposit Insurance Corporation's (FDIC) highest rating-Outstanding-for our most recent Community Reinvestment Act (CRA) examination period. By providing access to capital, financial education programs, and investments consistent with the CRA, our company fulfills its purpose across the communities we serve. We look forward to continuing our purpose-driven progress.
Bill Rogers
Chairman & CEO
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09 Responsible business Community Environment and sustainability Teammates
Responsible business
10 Governance
16 Business continuity
12 Risk management
17 Strategic sourcing
14 Compliance and ethics
18 Clients
16 Cybersecurity
21 Financial inclusion and education
16 Consumer privacy
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10 Responsible businessCommunity Environment and sustainability Teammates
Governance
Corporate governance
Truist's corporate governance structure is described in our 10-Kand 2025 Proxy Statement. Our current corporate governance guidelines and standing committee charters are available on our Board of Directors site. This report highlights the governing bodies that have oversight of corporate responsibility and sustainability matters.
Board of Directors
Level I
Board Audit
Board Compensation
Board Nominating and
and Human Capital
Board Risk Committee
Committees
Committee
Governance Committee
Committee
Employee Benefits Plan
Committee
Corporate
Level II
Disclosure
Responsibility
Enterprise Risk
Committees
Committee
and Sustainability
Committee
Committee
Management
Compensation
Oversight Committee
Disclaimer
Truist Financial Corporation published this content on April 18, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 18, 2025 at 16:32 UTC.