Truist Financial Corp Q3 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : This first question is for you, Bill. I think just taking a step back and thinking about Slide 16, I think a handful of your investors did think that once you struck the deal with Stone Point, that it was a sort of a one-way exit. That being said that deal was struck in February, right? The world didn't change in until March. And so my question for you is that you have this monetization opportunity for Truist Insurance Holdings. And as you think about the proceeds, again, clearly, the world has changed. So how do you balance essentially the push that some investors are calling for in terms of restructuring your portfolio very meaningfully? And I can see in that middle chart in Slide 16 that portfolio is a very, very slow lead versus if you do that, you're essentially making the same call you did in 4Q '20, which is assume that rates are going to stay where they are versus maybe doing more on the RWA mitigation side, which will cost you more in NII over the near term, but won't trap you into making a rate bet.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : And my second question is far more boring. On the service charges, Mike, it went down to $150 million from like a $240 million handle and $249 million in the previous quarter -- the previous March quarter. Was that a onetime reversal? Or is this a new run rate? I know that there was some offset in other income, but just trying to think about the moving pieces for fees from here.