Company Directory - Truist Financial Corporation
Company Details - Truist Financial Corporation
Truist Financial Corporation
WebsiteCharlotte, United States
ISIN: US89779P1066
2000 Locations
Truist is a financial services company that provides a range of banking, investment, and insurance services to individuals, businesses, and organizations. It was formed through the merger of BB&T and SunTrust Banks, and focuses on customer satisfaction while offering personalized services in banking and wealth management.
CCI Score
CCI Score: Truist Financial Corporation
-24.56
0.01%
Latest Event
Truist 2023 Political Engagement Statement
Truist Financial Corporation released its 2023 Statement of Political Engagement, outlining its use of in‐house and external lobbyists and the operation of its PACs, with oversight by a dedicated PAC Board to ensure compliance with federal, state, and local laws. The disclosure underscores the company's commitment to transparent and responsible participation in the political process.
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ACCOMPLICE
Truist Financial Corporation is currently rated as an Accomplice.
Latest Events
- APR052024
Truist Financial Corporation released its 2023 Statement of Political Engagement, outlining its use of in‐house and external lobbyists and the operation of its PACs, with oversight by a dedicated PAC Board to ensure compliance with federal, state, and local laws. The disclosure underscores the company's commitment to transparent and responsible participation in the political process.
+15
Political Contributions and Lobbying Efforts
March 31
Truist's detailed disclosure of its political contributions and lobbying efforts—through established and transparent PACs and the employment of registered lobbyists—demonstrates a commitment to responsible corporate political behavior that aligns with democratic accountability. This approach contrasts with opaque political funding that can bolster authoritarian agendas.
+10
Executive Political Engagement
March 31
The approval of the political engagement statement by Truist's senior leadership reflects active executive involvement in guiding the company's political actions. This level of executive oversight ensures that political contributions and lobbying strategies are conducted in a transparent and accountable manner, supporting democratic engagement.
- JAN012024
An OpenSecrets report reveals that Truist Financial contributed approximately $1.8 million in political contributions and spent nearly $2 million on lobbying during the 2024 cycle. The report also highlights significant revolving door activity among its lobbyists, raising concerns about undue political influence and conflicts of interest.
-50
Political Contributions and Lobbying Efforts
March 31
Truist Financial's political contributions of $1,803,521 and lobbying expenditure of $1,990,000 in the 2024 cycle illustrate extensive political spending. Such activity can amplify corporate influence over policy-making, which is concerning from a democratic accountability perspective.
-40
Executive Political Engagement
March 31
The report points out a high revolving door incidence among Truist Financial lobbyists—15 out of 20 in 2023 and 16 out of 22 in 2024 had held previous government positions. This close nexus between government roles and corporate lobbying predisposes the company to undue political influence and potential conflict of interest.
- DEC312023
Truist Financial spent $2,040,000 on lobbying in 2023, as reported by OpenSecrets. This expenditure reflects how the company channels significant resources towards influencing policy decisions, a move that raises concerns regarding corporate sway in the political arena.
-60
Political Contributions and Lobbying Efforts
March 31
The report of Truist Financial spending $2,040,000 on lobbying in 2023 indicates active efforts to influence policymakers. From an anti-fascist perspective, such substantial lobbying expenditures can be interpreted as a means of exerting undue influence on political processes, potentially favoring business-friendly policies over progressive or worker-centered reforms.
- OCT272023
Truist Bank is facing a proposed class action lawsuit over an October 2023 data breach that exposed the personal data of current and former customers as well as data from 65,000 employees. The lawsuit alleges that inadequate cybersecurity measures, including failure to encrypt data properly and incomplete notification of affected individuals, led to the breach.
-40
Business Practices and Ethical Responsibility
March 31
Truist's failure to maintain robust cybersecurity measures resulted in the exposure of sensitive customer and employee data. The inadequate breach notification process further compounded the negligence, reflecting poor business practices and ethical responsibility, which can erode public trust and leave individuals vulnerable to exploitation.
Truist Bank Hit with Class Action Lawsuit Over October 2023 Data Breach
-20
Technology and Services Impact
March 31
The breach highlights significant shortcomings in Truist’s technological infrastructure. Inadequate cybersecurity protocols allowed unauthorized access to critical data, undermining consumer trust in their digital services.
Truist Bank Hit with Class Action Lawsuit Over October 2023 Data Breach
- AUG292023
Truist Bank Inc. settled a lawsuit in the US District Court for the Northern District of Georgia brought by a former employee alleging a hostile work environment and gender discrimination. The filing, which came after claims of supervisory harassment leading to the employee's discharge, highlights issues in the company's workplace practices.
-60
Labor Relations and Human Rights Practices
March 31
The settlement of a lawsuit alleging hostile work environment and gender discrimination signals a serious lapse in Truist's labor relations and human rights practices. This action reflects failure to maintain a safe and inclusive workplace, undermining worker rights and fostering a culture that tolerates discrimination.
- JUN272023
A federal trial court ruled that a former employee, Sherri Foster, can proceed with claims alleging that Truist Bank created a hostile work environment and discriminated on the basis of gender. The case highlights potential labor practices issues within the company following a reported incident at a branch in Lexington, Kentucky.
-60
Labor Relations and Human Rights Practices
March 31
The court ruling allowing the hostile work environment and gender discrimination claims to proceed underscores serious concerns regarding Truist's labor relations and human rights practices. Such allegations, if indicative of broader issues at the company, highlight a failure to protect worker rights and foster an inclusive workplace.
Truist Bank Must Defend Hostile Work Environment, Firing Claims
- JAN122021
Truist Financial Corporation announced that it is carefully reviewing its political engagement practices to ensure that its PAC donations support candidates who promote unity and democratic values in the wake of the January 6 insurrection.
+60
Political Contributions and Lobbying Efforts
March 31
Truist is reevaluating its political contributions by reviewing its donation practices to ensure that funds are not bolstering authoritarian or divisive political figures. This action reflects a commitment to support candidates advancing unity and democratic values, which is a positive anti‐fascist stance.
Major Charlotte companies reevaluating political donations after insurrection
+50
Executive Political Engagement
March 31
A statement from Truist's Director of Media Relations emphasizes the company's commitment to reassessing its PAC funding decisions in light of recent events. This public declaration underscores executive-level engagement in preventing support for candidates whose actions might undermine democratic norms.
Major Charlotte companies reevaluating political donations after insurrection
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Corporate Financials
- Revenue
- 2023
- $20.00B
- Total Assets
- 2023
- $545.00B
- Operating Income
- 2023
- $8.00B
- Total Equity
- 2023
- $55.00B
Employees: 50,000
Industries
- 522110
- Commercial Banking
- 523910
- Miscellaneous Intermediation
- 524126
- Direct Property and Casualty Insurance Carriers
- 524128
- Other Direct Insurance (except Life, Health, and Medical) Carriers
- 523110
- Investment Banking and Securities Dealing
- 523120
- Securities Brokerage
- 523130
- Commodity Contracts Dealing