Mergers and acquisitions were largely on ice in 2020, but banks' mounting need to control expenses and invest heavily in technology could spur a comeback this year.
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Truist Financial Corp. may be taking a deliberate approach toward a mid-2022 completion of integrating the BB&T Corp. and SunTrust Banks Inc. branch network and operational systems.
It s also continuing to step on the gas in its churning of jobs, branches and office space amid a pivotal digital transformation.
Truist, the nationâs sixth-largest bank, debuted Dec. 6, 2019, following BB&Tâs $33.5 billion purchase of SunTrust. Truistâs community/retail banking hub is in Winston-Salem, while the headquarters is in Charlotte. 2021 is going to be an intense year of focus on expenses, from the perspective of transforming our structures, so that weâre doing the right things in terms of investments and expense allocations, Kelly King, Truist s chairman and chief executive, told analysts Thursday.
First Horizon Corp. finished fiscal 2020 with another major profit jump, spurred primarily from its $3.9 billion purchase of IberiaBank and a drastic drop in its loan-loss provision.
Truist Financial Corp. finished fiscal 2020 on a solid earnings note, benefiting from a significantly lower loan-loss provision and the combined loan and fee revenue from a merged BB&T and