Truist Financial will sell its $5.5 billion near-prime auto loan portfolio and exit its Regional Acceptance Corporation business. The transaction is expected to generate approximately $950 million in capital and modestly improve earnings, tangible book value and credit metrics. CFO Mike Maguire said the business was roughly break-even despite loan yields of about 12%, as marginal funding costs of around 4% and loss rates of 7% to 8% offset the returns. The sale is under contract and represents substantially all of the unit's assets. The bank reaffirmed its financial outlook, including third-quarter net interest income growth of about 1.5% and full-year growth of 1% to 1.5%. However, the sale is expected to reduce net interest margin by 4 to 5 basis points. CEO Mike Lyons is accelerating a portfolio review, with Truist focusing on relationship banking, deposits and commercial lending.

Truist Financial has introduced AI-generated call summaries across its care centres to streamline client interactions and internal workflows. The bank is using generative AI to automate post-call documentation for service representatives throughout its support network. Additionally, Truist has appointed Tory Sherman as Wealth Brokerage national director to oversee its wealth-focused brokerage operations. The US banking group, with a reported market value of approximately $61.6 billion, operates retail banking, commercial lending, and wealth services across the Southeastern and Mid-Atlantic regions. These initiatives align with Truist's broader strategy to reduce operational costs through digital adoption and technology investments whilst positioning itself for revenue and margin expansion. The moves mirror similar efficiency efforts by competitors including Wells Fargo and Bank of America.

Greylock Federal Credit Union welcomes Sanjay Malhotra. PITTSFIELD - Greylock Federal Credit Union announced the hiring of Sanjay Malhotra as senior vice president, Retail Services. "Sanjay brings more than 20 years of leadership experience with a strong track record of enhancing the member experience; supporting and developing high-performing, member-facing teams; and driving sustainable growth," said Jodi Rathbun-Briggs, chief growth officer. "His collaborative leadership style and commitment to service excellence will help us strengthen member relationships and continue building for the future." Malhotra will be responsible for leading Greylock's branch network, contact center, member-facing technology, and strategic retail initiatives. In this role, he will provide enterprise-level leadership across deposit growth, member retention, direct lending support, and experience optimization. "Throughout my 20-year career, I've been driven by a simple belief - that great banking starts with great relationships," he said. "I'm excited to join the Greylock team, meet employees and members across the region, and work together to build on the credit union's strong commitment to service, community, and helping people achieve their financial goals." Prior to joining Greylock, Malhotra was senior vice president, area retail executive at Truist Bank in Charlotte, N.C. He also served as senior vice president of member experience and regional president at Georgia's Own Credit Union. He holds an MBA in international business from Saint Xavier University. His community work includes serving as chairman for Low Country Orphan Relief, founding nonprofit foundation Adopt a Pet, and participation in the Credit Union Aware Mentor Program. "Greylock is very fortunate to have Sanjay on board, and we're looking forward to his stewardship as we tackle some important initiatives and opportunities for growth," said JamieEllen Moncecchi, senior vice president, chief administrative officer. "Sanjay's leadership experience, passion for the credit union movement, and warmth with people will contribute to our ongoing success during this very busy and exciting time at Greylock."