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Truist reports 4Q loss on lower revenue, goodwill impairment

Truist Financial in Charlotte, N.C., reported a quarterly loss that reflected lower revenue, a goodwill impairment charge, a special assessment from the Federal Deposit Insurance Corp. and restructuring costs.

The $535 billion-asset company said in a press release that it lost $5.2 billion in the fourth quarter.

Revenue fell by 8% from a year earlier, to $5.8 billion.

The results also included $183 million in charges tied to its plan to cut $750 million of annual expenses.

Truist also paid a $507 million special assessment to help replenish the FDIC’s Deposit Insurance Fund following high-profile bank failures last spring.

Finally, the company recorded a $6.1 billion noncash goodwill charge. About $3.4 billion was tied to consumer banking and wealth, while $2.7 billion was tied to corporate and commercial banking.

Those hits were partially offset by a $204 million discrete tax benefit.

The company also noted that personnel expense fell by $183 million from a quarter earlier.

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