Purpose and Change

I’ve long believed in the power of purpose to unlock the potential of people and institutions — to elevate the work we do by making our efforts and relationships more meaningful, more impactful.

And I’m not alone. Successful leaders across industries agree that purpose drives performance and creates greater value. Purpose builds a stronger bond and greater engagement among teammates in the organizations where they work. It also drives deeper connections and partnerships that lead to stronger, healthier communities. And, perhaps most importantly, purpose guides us through times of uncertainty, challenge, and change.

In this first edition of On Purpose, I want to share some thoughts on purpose in times of change.

We’ve all heard the saying that “the only constant in life is change.” It’s so familiar because it’s true. Those of you who follow the financial services industry are likely aware that this year has been extraordinary in terms of the amount of change we have seen. And in fact, change is all around us. Evolving economic conditions have affected the marketplace. War in Ukraine and now the Middle East bring additional uncertainty. Institutions everywhere are taking a fresh look at their operating models.

At Truist, we began a proactive plan late last year to transform and simplify the company, and to become even more client-centric. The events of this year proved how prudent it was that we had begun that work already, but as market conditions have evolved, it became clear we needed to go further to deliver not only the experience our clients deserve but also the performance our shareholders expect. We’re in that process now; it is hard work. And while the opportunities we have to really unleash the potential of our organization are exciting, as a leader, I am very aware that it is a lot of change that impacts our teammates.

During a time like this, teammates naturally worry about what may come next. But I’ve been really inspired by the dedication and care our team continues to show to our clients, communities, and each other. Teammates are focused not only on helping to deliver results, but they’re asking great questions about how to make sure we stay true to who we are as a culture even as change occurs.

A teammate recently asked me, “With so much focus on performance and financial results, how do we continue to live our purpose?”

The question gave me the chance to reflect and reinforce the importance of living our purpose consistently. Living our purpose is exactly how we make sure the changes we’re making help us to improve performance, drive results, and become a better company. Purpose and performance are inextricably linked. Purpose drives performance, and performance enables us to invest more in purpose. I think of it as a flywheel.

We built Truist on the idea of purpose, and that means that in challenging and uncertain times, purpose becomes even more important. We don’t fly from our foundation; we hold true to it. It grounds us so we don’t sway or lose our way no matter how hard the winds might blow. We know exactly who we are, what we’re about, and how to care for our clients, communities, teammates, and stakeholders. At Truist, inspiring and building better lives and communities isn’t just what we do in good times; it’s what we do when we come to work every single day. Every time we help a client achieve a financial goal – when we make a loan, help a client develop a retirement strategy, advise a business owner about taking their company to the next level, provide financial education to students and families – in all those acts of care that we sometimes think of as business as usual, we’re living our purpose.

And now, in a time of change, we want to double down on purpose because that’s what will help us achieve the performance our stakeholders rightly expect from us.

At the same time, purpose is both collective – our company purpose – and individual. Every teammate at Truist has a personal sense of purpose. Some have worked to define it. For others, it’s a bit more internal – something they feel but maybe haven’t yet figured out how to articulate. In either case, both the company purpose and the individual’s personal purpose are incredibly important to the work we’re doing to deliver for those who rely on us and to position Truist for the future.

Frankly, I don’t know how any company – or any individual, for that matter – makes it through challenging times or periods of great change without a real sense of purpose. And I encourage all our teammates to dedicate time to really diving in on what matters most, their personal purpose, and how to lean into that when times are uncertain.

Purpose is a journey. Personally and professionally, we’re all at different points along the path. But recognizing its power – to transform, to empower, to elevate – is the first critical step. It’s the key that unlocks the door to what’s possible. And I’m looking forward to taking a closer look at purpose with you in future editions of my On Purpose newsletter. Thanks for joining me on the journey!