Truist Financial (TFC) Q3 Earnings Recast A Bank In Reset Mode

Truist Financial shares edged up 1.1% to about US$47 in Friday trading, a modest move for a bank that just reported a noisy third quarter. The headline is simple enough. Reported earnings per share came in at US$0.57, but on an adjusted basis the figure is roughly double that, and adjusted return on tangible common equity sits in the mid-teens. Short-term traders may focus on the lighter headline profit. Longer-horizon investors are more likely to focus on what matters most in this release:...