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Truist Financial said on Tuesday it has struck a deal to sell $5.5 billion of auto loans, as CEO Mike Lyons pushes to overhaul the U.S. bank and exit less profitable, non-core businesses.
Truist Financial, a top 10 commercial bank in the United States in terms of assets, disclosed Tuesday (Sept. 15) that it is selling $5.5 billion worth of auto loans and exiting the near-prime auto lending business.
Truist Financial has inked a deal to sell $5.5 billion of auto loans as part of the regional bank's decision to exit the near-prime auto lending business.
The banking backdrop is becoming more constructive as resilient consumer spending, improving loan demand and a revival in investment banking (IB) activity create growth opportunities. Against this setting, Bank of America BAC and Truist Financial Corporation TFC present two distinctly different ways to play a potential banking-sector upswing.
TFC's fee-income growth, digital investments and capital returns support prospects, but rising costs and credit risks might hurt financials.
Rate whiplash cracked the dividend promises of plenty of regional banks over the last two years, but a handful of super-regionals kept writing checks and even raised them.
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Allen Mooney and Barnes Investment Advisors LLC lowered its holdings in Truist Financial Corporation (NYSE: TFC) by 34.7% during the undefined quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,933 shares of the insurance provider's stock after selling 10,081 shares during the
SEC filings for TFC aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.