Truist Financial at Morgan Stanley Conference: Strategic Growth and AI Focus

On Wednesday, 11 June 2025, Truist Financial Corp (NYSE:TFC) participated in the Morgan Stanley US Financials Conference 2025. Chairman and CEO Bill Rogers provided insights into Truist’s strategic initiatives, highlighting both opportunities and challenges. The company is leveraging its strong capital position to drive growth, particularly in the consumer segment, while navigating macroeconomic uncertainties.

Key Takeaways

• Truist is experiencing strong loan and deposit growth, especially in the consumer and middle market sectors.
• The company is focusing on improving operating leverage through strategic investments in AI and digital capabilities.
• Truist maintains a robust capital position with a CET1 ratio of 11.3%, planning to balance growth opportunities with shareholder returns.
• AI is being deployed across various areas to enhance efficiency and client experience.
• A cautious approach to private credit is being adopted, viewing it as both a competitor and potential partner.

Financial Results

• Loan growth is strong, with expectations for low single-digit growth for the full year.
• Deposit growth is primarily on the consumer side, supporting Truist’s strategic focus.
• The CET1 ratio stands at 11.3%, providing a solid foundation for future investments and returns.
• Return on Tangible Common Equity (ROTCE) is targeted in the mid-teens, driven by asset and fee growth.

Operational Updates

• Significant investments in talent and industry specialties are being made in the middle market to capture growth opportunities.
• New product capabilities and technologies are enhancing the payments sector, aiming for improved penetration and relevance.
• Wealth management efforts focus on growing assets within the existing franchise, supporting the premier consumer business.
• Digital infrastructure investments are yielding strong net new client acquisition in both consumer and wholesale channels.
• AI applications include investment banking, customer service, and fraud prevention, with Truist Assist having 3.5 million interactions.

Future Outlook

• Truist expects to maintain a capital advantage position for the next two to three years, subject to market conditions.
• Capital deployment will focus on growth within the existing client base and shareholder returns through dividends and share buybacks.
• The company aims to achieve a mid-teens ROTCE by combining asset and fee growth strategies.

Q&A Highlights

• Despite macroeconomic uncertainty, consumer spending remains strong, showing resilience in the market.
• Truist is exploring private credit as both a competitor and potential partner, considering collaboration opportunities.
• The company is focused on achieving positive operating leverage through top-line growth and efficiency improvements.
• AI is expected to significantly impact growth and returns, although specific contributions are not quantified.
• Truist aims to maintain a neutral position relative to interest rate changes.

For more detailed insights, readers are encouraged to refer to the full transcript.

Full transcript - Morgan Stanley US Financials Conference 2025:

Unidentified speaker: Okay, thanks everybody for joining us this morning. I have to read a disclosure. For important disclosures, please see Morgan Stanley Research disclosure website at morganstanley.com/researchdisclosures. And if you have any questions, please reach out to your sales representative. We are so delighted to have with us today Bill Rogers, Chairman and CEO of Truist.

Thank you, Bill, so much for joining us today.

Bill Rogers, Chairman and CEO, Truist: Great to be here.

Unidentified speaker: And I see you’re in Truist colors as well.

Bill Rogers, Chairman and CEO, Truist: I’m always branded.

Unidentified speaker: That’s fantastic. Love it. So let’s start off with the macro. And Bill, you started off this year with momentum in loans and deposits increasing in the fourth quarter and that continued into 1Q. Given some of the obvious market volatility that we’ve been experiencing since April, Can you tell us what you’re hearing, seeing from clients?

And how are they dealing with the uncertainties out there?

Bill Rogers, Chairman and CEO, Truist: Yes. So just think about in the last since that question, how much that’s changed in the last couple of months. I think most clients are have still a little bit of wait and see, sort of plans to expand, see opportunities to expand, want a little more clarity. But in fairness, probably there’s a little more clarity every day. So that bridge seems to be closing.

The consumer is still in the game. The consumer’s confidence is as exhibited by spending continues to be strong. And then what we’re seeing are the things that we’re investing in are working. So we have continued to see some continued loan growth. We continue to see a little bit of deposit growth.

The consumer side for us has been really strong. The areas that we’ve invested in, particularly the areas like our specialty consumer businesses have been really strong, really relative and responding to consumer needs. The C and I side, particularly in areas where we’ve invested like middle market, we continue to see really, really good growth. So the overall macro environment still has a little more uncertainty. Micro as it relates to Truist specifically, the things that we’re investing in are working and we’re continuing to see success.

Unidentified speaker: And we see in the H8 data roughly 3% loan growth, 3% deposit growth. Is that that’s on a year on year basis. How is it projecting? Does that seem high to you or?

Bill Rogers, Chairman and CEO, Truist: I think the data can be spot confusing in terms of where it is at a one time. So we are seeing good loan growth. Deposit growth, again, a little more on the consumer side, probably a little lag on the wholesale side. I don’t think that’s sort of unnatural in terms of how you see things. So I think the data can sometimes be a little bit confusing.

Unidentified speaker: Okay. So your outlook for loan growth for the full year is low single digit end of period in 2025 is

Bill Rogers, Chairman and CEO, Truist: Continue to be on that track. Feel confident about that. Okay.

Unidentified speaker: And the areas where you’re most optimistic for loan growth?

Bill Rogers, Chairman and CEO, Truist: Yes, the areas where we’re most optimistic for loan growth, again, those are where we’ve emphasized. Consumer side, we’ve seen really good loan growth and the middle market side, particularly of our C and I side.

Unidentified speaker: That’s interesting on the middle market side. I know you’ve been putting a little more feet on the street there. Can you talk through that strategy and what is coming through so far?

Bill Rogers, Chairman and CEO, Truist: Yes. I mean if we looked at sort of post merger, one of the areas that we had the biggest opportunity for growth. And we looked at some of the commercial side, large corporate side, probably weighted pretty appropriately to our business, so sort of saw normal kind of growth and investment on that side. And the big area of opportunity was for us in middle market. So we’ve as much as a 50% kind of opportunity in terms of growth relative to relative share, relative to our opportunity.

So to your point, we’ve invested a lot. We’ve invested a lot in talent. We’ve invested a lot in capabilities. We’ve invested a lot in the industry specialties that are most relevant to the markets that we serve and then creating that continuum of effectiveness in terms of execution. So I think that’s why we’re seeing momentum on that side.

And we’re seeing the momentum like we wanted. I mean we’re seeing we’re winning in terms of in relevance, so less leads as a percent of the business that we’re doing. And also the payments penetration of that business is really high relative to where we want to go. Our payments penetration relative to our over portfolio is an opportunity. But where we see it on the new side, we’re sort of seeing that gap to goal being filled pretty quickly.

Unidentified speaker: So new clients coming in with a fuller suite?

Bill Rogers, Chairman and CEO, Truist: Full, much fuller suite, much better penetrated, and we see that as an opportunity for the entire book.

Unidentified speaker: Okay. Can you speak a little bit to how you are set up for servicing private credit ecosystem? Yeah, I

Bill Rogers, Chairman and CEO, Truist: think we think of private credit, I think of it sort of in the coopertition kind of model. The lot of locations. Yeah, exactly. So there are places where we’re competing really hard against private credit, sort of the day to day opportunities client to client. But there are also opportunities where we’re partnering with private credit.

There are opportunities that we see where, in some cases, we can be the payment side. In some cases, clients are transitioning. In some cases, we can help private credit with some of their ABS capabilities and the things that they want to do to securitize it. So I think the private credit market is competitive every day, on the street against client to client, but also opportunities to work together.

Unidentified speaker: Okay. And is this something that falls into your non depository financial institution category?

Bill Rogers, Chairman and CEO, Truist: Yes. But we don’t really think about it that way. Mean we don’t have an NDFI department. We don’t have a head of NDFI. So all of the things that I’m talking about would be related to business strategy.

So is this related to an industry specialty? Is it related to geography? Is it related to a middle market strategy? And then sort of where it lays out from an NDFI is just sort of where it lays out. We don’t really manage to that number and we don’t have an NDFI department head.

Unidentified speaker: Got it. Okay. But in middle market, is there more to do in terms of investing to get to where you want to be? Your footprint is really robust for middle market and wondering how much share you think you can take.

Bill Rogers, Chairman and CEO, Truist: Yes, we think about our market as not only our geographic market, but also industry specialties and other places that we’re investing. So we do see the continued upside on the middle market. As I said, relative to the penetration of our total portfolio. Middle market is probably the most underpenetrated, but it’s also the place where we have the most skill and capability. So all the work that we’ve invested in investment banking and serving that market, it’s just bringing that down to the middle market and being effective.

And we’ve been really successful in attracting talent to the platform. So people get the growth story. They get the fact that we have a lot of capital deployed. They see the product and capability that we have for our clients.

Unidentified speaker: And what about pricing? Is pricing a lever that you can use to gain share?

Bill Rogers, Chairman and CEO, Truist: Yes. I mean, we look at return. I mean, we’re really focused on total return. I mean, we want everything to be accretive to our overall ROTCE mid teens kind of strategy. So that’s everything has got to be deployed against that.

So I would say pricing as it relates to total return always is a tool. But pricing as a standalone tool is not something that we would want to deploy to get that growth.

Unidentified speaker: But maybe you can be more price efficient given the fee related services that you deliver to these clients.

Bill Rogers, Chairman and CEO, Truist: I think, again, total return. As I said before, so what we’re seeing is a left lead. So you’re sort of giving the better return from that standpoint and then better penetration from the payment side. So if we look at sort of the overall return of that portfolio and that investment, it’s highly accretive to where we want to go from our overall company return.

Unidentified speaker: And we talked a little bit about the capital markets investment banking and trading as a way of helping get in these middle market clients. But let’s talk about it as the business itself. You’ve been investing for the past several years. Can you tell us where you are relative to target goals and what specific verticals and industries you’re focused

Bill Rogers, Chairman and CEO, Truist: mean, in fairness, we’ve been investing for over twenty years. So that business for us has been a high single digit CAGR kind of business consistently. When we merged, it was underpenetrated by 50% just by definition. So we continue to see that we can grow with that kind of long term CAGR basis over time. Again, our ability to attract talent into industry specialties, so we’ve got specialties in the consumer and retail and TMT and FIG and in energy.

And those are places that in health care, those are places where we continue to grow and also fit really nicely into our overall platform in terms of bringing that down to the middle market and bringing that down in fairness all the way down to commercial. So that’s the real beauty is to be able to bring that specialty all the way down to the smallest commercial client that’s in that business that’s going to grow, maybe as an acquisition candidate for a middle market company or a larger company, maybe it fits a profile of their expansion. So that’s a business we continue to feel really good about and continue to invest in.

Unidentified speaker: And how has that been trending in this volatile?

Bill Rogers, Chairman and CEO, Truist: Yeah, so I think we’ve been trending consistent. Now our trading business is client centric. So our trading business would follow the investment banking patterns. It’s not going to sort of have an opposite hedge against that. It’s going to follow that pattern.

So investment banking business, as we indicated, was lower coming out of the first quarter. We’ve seen that momentum start to shift. I looked at pretty significantly at sort of what our pipelines look like. Our M and A pipeline looks our M and A pitch pipeline is probably the strongest it’s been in the last several years. The other pipelines are starting to increase.

They’ve got to materialize. So I think we’re again feel confident about where we are in investment banking. It feels like a bit of a pivot point. Last four weeks feel a lot better than the four weeks before that. And we’re seeing that in the pipeline and the pitch activity.

Unidentified speaker: Okay, great. And then

Bill Rogers, Chairman and CEO, Truist: on

Unidentified speaker: payments, any work to do there in terms of expanding or getting ready for digital Genius Act, crypto, stablecoin?

Bill Rogers, Chairman and CEO, Truist: Yeah, I’d say a couple of different things. So as it relates to the part of the question, as it relates to getting ready for all the other pieces, I call us in the athletic position, meaning that we’re spending a lot of time with our clients, understanding how do they want to interact, what do they want, what role do they want us to play, what role does this play in the payment system, where do we fit in the payment system ecosystem, where does the industry fit. So again, I’d say we’re in the athletic position. We’re spending a lot of time with clients understanding where we want to be in part of that. Overall payments, so the overall payments business, we feel really, really good about.

We’ve been investing significantly. Again, that was another area where I think we were relatively underpenetrated and saw an opportunity. I mentioned that we’re seeing it some on the news side. So what clients are voting with and telling us that our products are really good, that our capabilities are really strong, it’s relevant to what they want to do. And now we’ve got to create that same momentum for the whole back book as it relates to payments.

And the things that we’ve been able to introduce and new product capabilities, I mean, the whole advent of APIs and technology and leveraging the core and all that has just allowed us to move, get in that left lane and move a lot faster. So the shoulder against the wheel on payments for us is really good timing. And then similar to the middle market discussion, investment banking discussion, we’ve also added a lot of really good talent. And look, people vote where they want to come work for companies that have growth dynamics, have the products and capabilities, and where they can be really successful, and where they can deploy in an environment that they feel comfortable with. So our ability to attract talent there is also, I think, a good validation of the capabilities that we’re building.

Unidentified speaker: Yes. Your digital infrastructure for your consumer and corporate payments sleeve is at where you need and want it to be.

Bill Rogers, Chairman and CEO, Truist: We’re always wanting to invest and improve. Again, back to the things that we look in terms of relevance. So on the consumer side, our net new client acquisition is really strong, and it’s really strong in the digital channel. So that says to us, clients vote in terms of by coming to your company and staying with your company and expanding. So we feel good about the capabilities that we have in that.

Are there always areas that we want to expand? Are there particular enhancements that they want to make? That’s always got be part of the process. But our overall relevance in the digital side for both the consumer and the wholesale side, we feel really good about the investments that we’ve been making and we’re seeing that in the results.

Unidentified speaker: Okay, great. And let’s talk a little bit about wealth, an area that should present some nice opportunities for Could you talk through what you’re doing in wealth?

Bill Rogers, Chairman and CEO, Truist: Yes, similarly to the other parts of the business we’ve been talking about on the wealth side, good investment in product capability. It’s been a really strong business for us, but it’s tied to our business. So we’re not trying to create a separate wealth business. We’re trying to create a wealth business that supports our consumer business, supports our investment in the premier part of what we’re doing in the consumer business. The investments and the momentum that we’re building on the premier side in our consumer channel and how that relates to the wealth channel, really, really good pipelines along with that.

And then centered back on the franchise. So all the commercial wealth that sits in our business that’s going to transition over the next five to ten years, we want to be in the position to capture that. We don’t have to go build a new wealth business. We don’t have to go start a new RIA. It’s all sitting those assets, those opportunities sit within our franchise.

So our wealth business is very much a truest inward business of capturing, accentuated, and growing the assets that sit within our company or sit within our clients.

Unidentified speaker: And your client facing, clearly, digital is one, face to face is one. Is there utilization of the branch network in this or not?

Bill Rogers, Chairman and CEO, Truist: The whole ecosystem is really, really important for us. I mean, we have this concept called T3. And for us, it’s that touch and technology equals trust. We think you actually have to have both of those working together synonymously. And we have great examples across the company of where we have those working together.

Our Truist Assist, we have 3,500,000 interactions with our clients digitally through Truist Assist. Our retention rate solution rate is really high. But we always give the client a chance to opt in to having a human contact. And that’s where that touch and technology sort of always work together. And I think that’s the same thing with the branch network.

Those pieces have to work together. Someone who comes to us digitally has got to feel like they’re with the same company when they deal with us They might want to start a transaction with us digitally, show up in a branch to complete that transaction. They might want to start in a branch and then go to the digital channel. We want all of those to work synonymously. And I think for us, the branch network, we have a strong branch network that represents the complement of what we did through the merger.

But I also think that’s an area you’re going see us lean into a little bit more as we go forward as we think about, Okay, what are the opportunities now from a go forward basis?

Unidentified speaker: And is this increasing branches in new locations?

Bill Rogers, Chairman and CEO, Truist: I think in markets where we see particular opportunity in markets that have really good growth dynamics or markets where we’re just underpenetrated relative to our branch network. And we’ve got sort of an equilibrium, a place where you think you have to sort of hit a certain market share to sort of be relevant from your branch network.

Unidentified speaker: And then just thinking about consumer small business, which are the main users of branch, any incremental products that you’re thinking about for them? I know in the consumer lending space, you’ve got many unique product offerings. Can you walk us through what you’re thinking about doing there?

Bill Rogers, Chairman and CEO, Truist: Yeah, think the way to think about it, let’s say, is to think about those unique consumer products. We try to think about this from the consumer backwards. So what does the consumer want versus what do we have to give to them? And when the consumer wants to put a pool in the backyard, to buy a jet ski, to buy a new car, they don’t think about channels. They don’t think they just think about what’s available to me, what’s the best alternative to me.

If I have a really high credit score, I want to borrow on an unsecured basis, I don’t want to do that quickly. So one example of the things in your question is we’ve taken our LightStream products. Our LightStream product was a digital sort of only offering. And in our term, you referenced my tie, we turned it purple. So we brought it into our ecosystem.

So we said we have this great product, this great capability, it’s really client friendly. The Net Promoter Scores are sort of off the charts in terms of the client experience. But why just offer it in that channel? So now we’re bringing it into the physical channel as well. So someone who interacts with us physically and has a need that we can represent through this unsecured LightStream product, we now can do that sort of seamlessly.

And that’s how we take these consumer products, really respond to consumer needs and build them across all of our channels.

Unidentified speaker: Okay, great. So there’s opportunity there, I would say. There’s really significant opportunity. Let’s talk a little bit about the expenses and operating leverage pulling it to that level. Can you talk a bit about how you found the cost saves to help offset some of the investments that we just discussed?

Yes, let’s start there.

Bill Rogers, Chairman and CEO, Truist: Yes. Back in 2023, we were coming out of the merger and we really had sort of an unsustainable sort of expense level. So that really forced us to have done the merger, brought things together. We took some opportunity to really significantly simplify our businesses. So we went into sort of an overall consumer business, overall wholesale business, Give those leaders and we’ve just talked about a couple of examples give those leaders a chance to look at the total portfolio.

How do I create the most efficiency within this portfolio versus my slice or my business? And that created a lot of opportunity, a lot of momentum for us in terms of the cost saves. So we started that momentum in 2023. We took a lot of cost out sort of immediately, sort of that stair step down. But a lot of those had inertia and momentum with them.

So they had longer lives in terms of the expense optimization. And what we’re doing now is taking that expense optimization and just redeploying it, to the company. So all the things I talked about earlier in terms of payments infrastructure, hiring and talent and investment banking, all those pieces, all that’s funded and fueled by this momentum of expense savings that we created sort of in 2023 and continue to enjoy the momentum for that. And they can be accelerated now by the advent of AI, the advent of other technologies that will help improve that going forward. So ours is sort of like save a dollar, invest a dollar kind of philosophy.

Unidentified speaker: So that expense ratio over the past five years has been running in the 57% to 59% How do you see that trajecting? Where do you think that can go?

Bill Rogers, Chairman and CEO, Truist: You know, it’s interesting because we don’t really think about it in terms of like efficiency ratio. I think about it we have a top whatever it is, quartile efficiency ratio. So I think we’re an efficient company. Now we think about it in terms of operating leverage. So how do we create the top side of that growth?

So how do we create the revenue side, achieve the growth side, and do that in a way that’s effective from an operating leverage standpoint? So the mindset is a little bit shifted to we have an efficient company, let’s create positive operating leverage, which has to be created from the growth part of that pulling it. Being the most efficient company that doesn’t grow isn’t really highly shareholder accretive. So the philosophy is to really grow, grow an efficient platform and create operating leverage.

Unidentified speaker: With the top line?

Bill Rogers, Chairman and CEO, Truist: Yes, the top line has got to be the pull.

Unidentified speaker: Right. And drivers of top line growth, I know we spoke about many of them, but when you think about biggest drivers for that top line growth over the medium term, what’s top of the list for you?

Bill Rogers, Chairman and CEO, Truist: Yes, mean, it’s the areas that we talked about, the areas that we’re going to focus in and the areas that we think are uniquely advantaged for Truist, starting with our overall diversified platform, our overall diversified business in really great markets. So we don’t have a limit in terms of the areas and the ways that we can grow because the business is really diversified and we’re in really great markets. And we’re expanding into markets that can deploy our efficiency and our effectiveness and those tools and the skills and the things that we’ve built. The particular areas of focus that we’ve talked about is our premier side of our consumer business. We made a really conscious decision twelve months ago to say, okay, let’s really focus on this area.

It’s 20% of our business, 80% of our deposits. So this is an area of real strength for us. And we’ve seen really good deployment against deposit generation, against loan generation, against investments, as I mentioned on the wealth side. So really accentuating that premier side, underpenetrated and really significant opportunity for us. And then we talked about the middle market side in terms of that growth and potential.

And then payments is sort of the other component of that too. So we had this really good combination of asset growth and fee growth, all positive contributors to not only the top line growth but the improved return profile. So this mid teen return target, ROTC target, all these things are accretive to that target. So they have higher paybacks because they’re concentrated on our existing businesses, higher ROA. So these are not long term dilutive investments that we’re going to make with long term paybacks.

These are things that have sort of immediate accretive paybacks to that journey.

Unidentified speaker: And AI as it relates to this theme?

Bill Rogers, Chairman and CEO, Truist: Yeah, mean, I think AI is to every theme. So it’s related to the efficiency theme, it’s related to the growth theme. It’s a significant area of opportunity. Mean, we’ve got 100 plus patents in AI, areas that we’ve invested in. We created I think wisely and appropriately a really good risk framework.

So I think we spent a lot of time creating the rails, so to speak. And now we’re putting more things over the rails that can go at speed. So we’ve got a really good internal mechanism to approve AI projects for return profile, quite frankly, for purpose. Do they make a difference to the world? Are they important?

We use the word augmented intelligence in our company. Words are really important to us. The way we refer to things are really important to us. So thinking about augmenting. So you’re augmenting the teammate experience and you’re augmenting the client experience and augmenting the shareholder return.

So AI, I think, is going to be really important for all of these components. And we have projects underway at virtually every element. Think about making our analysts more efficient in investment banking. Big projects underway there. Think about our Truist Assist, which we talked about, so a way that our clients can interact with us on a digital basis.

Then think about all the efficiencies in terms of fraud. Think about the efficiencies in the care center and all the things that we can deploy against. So we have AI deployed against every element of the discussion we’ve been having.

Unidentified speaker: Okay, great. And we are beginning to see that show up in the efficiencies already?

Bill Rogers, Chairman and CEO, Truist: I think you see it show up, as we talked about before, it’s showing up in the ways that we create efficiencies to invest. So it’s one more of those, how do we create the dollar to invest the dollar and how do we use the tools and areas to do that. So you might not say, well, gosh, I haven’t said, well, AI is going to contribute 72 basis points to our efficiency ratio. But I will say that AI will be a really significant contributor to our growth story and our return story of what we’re doing. It might be hard to pull it out to that specificity, but it will be a really important part of what we’re doing.

Unidentified speaker: Super. As you’ve hit on the ROTCE target in the mid teens, right? We’ve talked a lot about the numerator. Let’s talk a little bit about the denominator. Your balance sheet clearly is in great shape from a capital perspective with the gain that you generated from the TIH sale and your CET1 of 11.3 well above your minimums here.

How does the backup in the long end of the curve impact you Q to date? Is there anything there we should be thinking about?

Bill Rogers, Chairman and CEO, Truist: Yeah, mean, I think overall, we try to create sort of a neutral position relative to rates. So we think about the back of long in the curve, sort of the positives and negatives of that. So the positives as we have a lot of fixed asset repricing. So six months ago, that really looks really strong. Two months ago, it didn’t look as good.

Today, it looks pretty strong again. So there’s a lot of positive on that side. Probably the negative side of the long end, it just takes the deposit repricing takes a little bit longer, right? So that deployment, you can see sort of being over long term. So there are positives and negatives and offsets, and that’s the beauty of having a really diversified business strategy and business model as you’re trying understand and take advantage of differences and where the curve goes.

Unidentified speaker: Okay. And with this very robust capital positioning ahead of what looks like is going to be a reframing of regulation with Michelle Bowman in the seat, how are you thinking about ways to utilize this significant amount of capital that you have?

Bill Rogers, Chairman and CEO, Truist: Yes. The significant amount of capital we have is number one, two and three against Truist. I mean, is against the opportunity that we have with our existing client base, the markets that we’re in, the ways to expand our existing client base, the ways to grow from a capital perspective. It’s a great tool to attract talent, in fairness, if you want to come work for a company that’s going to grow and can deploy capital against that. So that deployment is going to be against the opportunity that we have within our existing client base.

Mean that’s one, two and three. Then we’re going to have a we always have a great dividend. We’ve got a great dividend strategy. Quite frankly, we need to grow into our dividend percent. We’re sort of a little high on the dividend side.

And then in the interim, we’ll use share buyback to be the toggle. We’ll use share back to be the toggle. But we won’t be in a position, having raised that capital efficiently as you just noted, to not be able to deploy it against the growth opportunity that we see in the company. So that will be one, two and three.

Unidentified speaker: And I suppose the follow-up question to that is the time frame to be optimized then is a function of macro plus Exactly.

Bill Rogers, Chairman and CEO, Truist: How much growth sits there, what is the macro opportunity. The great advantage we have is we can optimize and we can optimize against the growth dynamic. I think we’ll be I think if you sort of put that scenario together, we’ll be in a relative capital advantage position for the medium term. But all that’s also factored into the ROTCE targets. So that’s just another toggle in terms of how we think about things.

Unidentified speaker: Okay. And medium term means what to you in terms of number of I

Bill Rogers, Chairman and CEO, Truist: don’t know, two to three years, maybe in that kind thing. But medium term can change if markets sort of really, really take off or if we see a market environment that might be slower for a longer period of time.

Unidentified speaker: So I understand it gives you significant optionality. And I do think investors are looking forward to you utilizing that optionality.

Bill Rogers, Chairman and CEO, Truist: And the best way to utilize it is the strategies that I’ve just talked about, again, that are highly accretive, that have really good ROA impacts and deploy that capital in the most efficient way with the highest paybacks, not only for our clients, but most importantly also here for our shareholders.

Unidentified speaker: Super. Well, with that, Bill, thank you so much

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