Truist Financial Corporation (TFC) Presents at Barclays 24th Annual Global Financial Services Conference Transcript

SA Transcripts 162.21K Followers Follow Truist Financial Corporation ( TFC ) Barclays 24th Annual Global Financial Services Conference September 15, 2026 10:30 AM EDT Company Participants Michael Maguire - Senior EVP & CFO Conference Call Participants Jason Goldberg - Barclays Bank PLC, Research Division Presentation Jason Goldberg Barclays Bank PLC, Research Division If everyone could take their seats, we'll continue with this morning's strong run of large-cap bank speakers. Next up, very pleased to have Truist Financial. From the company, the Chief Financial Officer, Mike Maguire. Mike, welcome. Michael Maguire Senior EVP & CFO Yes. Thank you, Jason, for having me. Question-and-Answer Session Jason Goldberg Barclays Bank PLC, Research Division For those that may not have seen this morning, Truist posted a slide. And I guess to me, the 2 biggest takeaways were, one, they announced the sale of $5.5 billion of auto loans, representing substantially all the assets of the Regional Acceptance Corp., basically a subprime auto unit. They also mentioned the quarter is tracking as expected. So Mike, is that correct? And maybe just maybe fill us in on some details of the kind of strategic rationale, financial considerations of the transaction and maybe any updates on the quarter? Michael Maguire Senior EVP & CFO Yes, great. So absolutely right. We did affirm this morning with our slide that we are affirming the quarter and the year, so no outlook changed. Now that obviously doesn't take into consideration the transaction impacts related to Regional Acceptance. But just to talk maybe a little bit about RAC. We are under contract to sell the $5.5 billion in near-prime auto loans and essentially exit that business entirely. As we thought about this business and you think about the year so far and some of the decisions that we've made around stopping originations in marine and rec vehicle lending, deemphasizing some of our national prime auto lending businesses. This was, in