Truist Expands Wealth Management Business in Chicago

The wealth management arm of Truist Financial has moved into the Chicago market.

With the addition of a 10-person team in Chicago, Truist Wealth now operates in nine of the 10 largest U.S. markets, the bank with assets of $544 billion announced Monday.

The Chicago wealth management team will provide financial planning, investment management, risk management, banking and other services to wealthy and affluent individuals, families and business owners, the Charlotte-based company said. , North Carolina.

Truist said its corporate and investment banking unit and its wealth management unit in Chicago can together meet the professional and personal financial needs of business owners.

“Disciplined expansion will help us achieve our strategic goals, and our Chicago team brings a combination of private banking, brokerage and trust experience that will help Truist Wealth grow and win in this market,” said Joseph. Thompson, chief wealth officer at Truist Financial. in a press release.

Truist, which was born from the 2019 merger of BB&T Corp., based in Winston-Salem, North Carolina, and Atlanta-based SunTrust Banks, does not operate any retail branches in Chicago. But Truist Securities, the company’s corporate and investment banking unit, operates in the Windy City.

Truist described its wealth management push in Chicago as complementary to its existing footprint, saying the corporate and investment banking unit and the wealth management unit can together meet the professional and personal financial needs of business owners.

Truist derives about 10% of its revenue and about 15% of its noninterest income from the wealth sector, according to a company presentation Monday.