Truist expands its wealth-management business into Chicago

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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 $544 billion-asset bank said Monday.

The wealth-management team in Chicago will offer financial planning, investment management, risk management, banking and other services to affluent and high net worth individuals, families and business owners, the Charlotte, North Carolina, company said.

Truist said that its corporate and investment banking unit and its wealth unit in Chicago can together support business owners’ professional and personal financial needs.

“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 expand and win in this market,” Joseph Thompson, chief wealth officer at Truist Financial, said in a press release.

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

Truist described its wealth-management push into Chicago as being complementary to its existing footprint, saying that the corporate and investment banking unit and the wealth unit can together support business owners’ professional and personal financial needs.

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