TFC - Truist Declares SCB Rewards Shareholders With Buyback Plan | Benzinga
Per the Federal Reserve, following the clearance of the 2024 annual stress test, Truist Financial Corporation's (NYSE: TFC) preliminary stress capital buffer (SCB) requirement is 2.8%. This excludes the impact of the sale of Truist Insurance Holdings and the balance sheet repositioning that occurred on May 6.
While the company's final SCB requirement will be determined on or before Aug 31, 2024, the new SCB requirement, once finalized, will be in effect from Oct 1, 2024, to Sep 30, 2025.
TFC's board of directors has authorized a share repurchase program worth $5 billion through 2026, expected to begin in the third quarter of 2024.
Earlier, management had said that share repurchases were not a priority as the company was seeking to maintain higher capital levels. However, now, since the divestiture of the remaining ...