Truist Financial
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OVERALL |
|
Owned |
USA |
Rating |
N/A |
Financial services
Formed in December 2019 when BB&T merged with SunTrust Banks.
Truist Financial Corporation | USA | website |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Truist Financial Corporation | ||||
JUST Capital polls Americans every year to identify the issues that matter most in defining just business behaviour. For their 2024 rankings the public identified 20 issues, which are organised under the headings Workers, Communities, Customers, Shareholders and Environment. JUST Capital then define metrics that map to those issues and track and analyse the largest, publicly traded U.S. companies. This analysis powers their rankings, in which this company ranked 14th of 937 companies, and 3rd of 35 Banks.
Source: JUST Capital (2024)
In 2022, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of B.
Source: CDP (2022)
This company is listed as having best practice on a report card on lesbian, gay, bisexual and transgender equality in corporate America.
Source: Human Rights Campaign (2021) |
The 2021 report "Banking on Climate Chaos" analyses the world's 60 largest banks and their financing of tar sands oil, Arctic oil, offshore oil and gas, LNG, coal mining, and coal-fired power between 2016 and 2020. This bank invested US$29.5 billion between 2016 and 2020, making it the world's 37th worst fossil fuel funder.
Source: RAN (2021)
Forest 500 identifies the 350 companies and 150 financial institutions with the greatest exposure to tropical deforestation risk, and annually assesses them on the strength and implementation of their deforestation and human rights commitments. This financial institution received a score of 0%.
Source: Forest 500 (2022)
This company is the parent company of Branch Banking &Trust Company (BB&T). On 29 September 2016, BB&T agreed to pay the U.S. $83 million to resolve allegations that it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the US Dept of Housing and Urban Development's Federal Housing Administration that did not meet applicable requirements. It profited from the program, exposed taxpayers to losses by failing to comply with guidelines and falsely certified that it had complied with guidelines.
Source: US Dept of Justice (2016)
This company is the parent company of SunTrust Banks. On 14 September 2017, the US Securities & Exchange Commission charged the investment services subsidiary of SunTrust Banks with collecting more than $1.1m in avoidable fees from clients by improperly recommending more expensive share classes of various mutual funds when cheaper shares of the same funds were available. SunTrust has agreed to penalty of more than $1.1m to settle the charges.
Source: US SEC (2017)
In December 2018, BB&T agreed to pay $24m to resolve a lawsuit accusing it of loading employees' retirement plans with poorly performing mutual funds that it managed, and collecting millions of dollars in excessive fees. This company is the parent company of Branch Banking &Trust Company (BB&T).
Source: Reuters (2018)
This company is the parent company of Branch Banking &Trust Company (BB&T). The US Securities & Exchange Commission announced in March 2019 that BB&T Securities had agreed to return more than $5m to retail investors and to pay a $500,000 penalty to settle charges that a firm it acquired misled its advisory clients into believing they were receiving full service brokerage services in-house at a discount while significantly less expensive options were available externally.
Source: US SEC (2019)
The 2022 Financial System Benchmark ranks 400 financial institutions across three measurement areas: governance and strategy, respecting planetary boundaries (environment, climate and biodiversity) and adhering to societal conventions (human rights). This company ranked #143/400, with a total score of 15.7/100.
Source: World Benchmarking Alliance (2022) |
As documented by the Project of the American Friends Service Committee (AFSC), this company is involved in the USA prison industry. Truist has been one of the main financial backers of private prisons and immigrant detention companies. In 2019 it announced it would stop providing loans to these companies.
Source: AFSC (2021)
In 2022 the median pay for a worker at this company was US$86,728. The CEO was paid 153 times this amount. Exorbitant CEO pay is a major contributor to rising inequality. CEOs are getting more because of their power to set pay, not because they are increasing productivity or possess specific, high-demand skills. The economy would suffer no harm if CEOs were paid less (or taxed more). In contrast, the CEO-to-typical-worker compensation ratio was 20-to-1 in 1965 and 58-to-1 in 1989.
Source: AFL-CIO (2023)
This company has Corporate Social Responsibility claims on its website under the headings of Community Benefits Plan, the Truist Foundation, investing in communities and funding communities.
Source: company website (2020)
OpenSecrets.org tracks the influence of money on U.S. politics, and how that money affects policy and citizens' lives. Follow link to see this company's record of political donations, lobbying, outside spending and more.
Source: Open Secrets (2020)
This company received an S&P Global ESG Score of 47/100 in the Banks category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 23 Sep 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
Company Details
Type | Public company |
Subsidiaries | SunTrust Banks Inc
Banking |
Contact Details
Address | USA |
Website | truist.com |