The buyer is an investor group led by private-equity firms Stone Point Capital, Clayton, Dubilier & Rice and Mubadala Investment Co. The firms had previously secured an initial 20% stake in April 2023.

These private-equity firms are making significant investments in Truist, signaling confidence in the company’s future growth potential.

Truist announced that as of Jan. 1, there have been several business activities realigned to reflect updates in the company’s operating structure.

These structural changes are part of Truist’s overall strategy to adapt to evolving market conditions and enhance operational efficiency.

The Consumer Banking and Wealth segment has been renamed Consumer and Small Business Banking, while the Corporate and Commercial Banking segment is now known as Wholesale Banking.

These name changes reflect a shift in focus towards serving specific customer segments and improving service offerings.

The Wealth business has been integrated into the Wholesale Banking segment, creating a new reporting unit within the segment.

By consolidating these business areas, Truist aims to better align its operations and drive synergy across different business functions.

Furthermore, the small business banking client segmentation has been realigned into the Consumer and Small Business Banking segment from the Wholesale Banking segment.

This strategic restructuring aims to enhance customer service and provide tailored solutions to small businesses within the consumer banking segment.