Truist Financial Corp. (NYSE:TFC) has expanded its investment banking roster with three senior appointments aimed at strengthening its advisory coverage in insurance, healthcare and financial institutions debt markets, according to a company memo reviewed by Bloomberg News.
Cem Altuntas has joined Truist Securities as head of insurance brokers and services. Altuntas comes from Guy Carpenter’s capital and advisory team and has previously held roles at UBS Group AG (NYSE:UBS) and Moelis & Co. (NYSE:MC).
In the healthcare area, Truist added Jeffrey Davis as a managing director focused on that sector. Davis spent 11 years at Jefferies Financial Services Group Inc. (NYSE:JEF) and earlier worked at Duff & Phelps.
The bank also recruited Ken Thompson to serve as managing director and head of FIG investment grade debt capital markets. Thompson’s most recent prior employer was Citigroup Inc. (NYSE:C).
Strategic context
These hires are presented by company leadership as part of Truist’s broader effort to build out its advisory franchise. The bank has concentrated on serving middle-market clients and is positioning senior bankers with specialized industry experience to deepen coverage in targeted verticals.
What is known
- The appointments include three senior bankers: Cem Altuntas, Jeffrey Davis and Ken Thompson.
- Altuntas will lead insurance brokers and services; Davis will focus on healthcare advisory; Thompson will head FIG investment grade debt capital markets.
- All three hires have prior experience at major financial firms: Guy Carpenter, UBS, Moelis, Jefferies, Duff & Phelps and Citigroup.
Limitations in available information
The memo reviewed by Bloomberg News provides the hires and prior affiliations but does not quantify expected changes to deal flow, revenue, or headcount beyond the named appointments. The scope and timeline for integrating these bankers into broader advisory operations were not detailed in the material cited.
This reporting is based on the details contained in the internal memo and public company tickers referenced in that memo.