Editors’ Note

Dominica Groom is responsible for leading bank-wide strategic inclusion and diversity initiatives. Groom has more than 15 years of experience driving innovation and leading global DE&I, change management, communications, and marketing platforms. She most recently served as the Chief Culture, Inclusion and Diversity Officer at Guidehouse, a leading consultancy and solutions provider to the public and commercial sectors. Prior to that, she served as the Vice President, Office of Inclusive Engagement at Freddie Mac where she led the company’s DE&I and community engagement platforms. Groom previously was the Senior Director, Global Supplier Diversity and Sustainability, at Marriott International. She has been recognized as a “Top Influential Leader in Diversity” by the National Association for Minority Companies, a “Rising Star” by HousingWire Magazine, and a “Women Worth Watching” by the Profiles in Diversity Journal. Groom is a graduate of the Academy of the Holy Cross and the University of Michigan.

Company Brief

Truist Financial Corporation (truist.com) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $545 billion as of June 30, 2022.

You joined Truist in 2022. What excited you about the opportunity and made you feel it was the right fit?

What initially excited me about Truist was the company’s purpose, mission and values. These foundational principles represent the company’s genuine commitment and pursuit to deliver excellence to clients, teammates, and stakeholders (communities). Additionally, I was very intrigued by Truist’s innovative and robust business platforms that are truly reimagining banking, its longstanding and evolving commitment to diversity, equity, and inclusion (DEI), and the “purple pride,” as I like to call it, across the organization. Everything about Truist beautifully aligns with my personal purpose and professional objectives. I am grateful that Truist chose me, and that I now have the honor of working for a company whose environment cultivates growth across the board to drive meaningful impact from the inside out.

Will you highlight your role and areas of focus?

As EVP and Chief Diversity, Equity, and Inclusion Officer, I oversee core elements of the Truist DEI platform, including governance, strategy, and execution. I employ a comprehensive 360-degree view of how to best optimize our DEI platform to drive favorable business outcomes. I work within a comprehensive framework that guides our efforts year-round. The first element is governance and operations which focuses on establishing a sustainable structure to set clear expectations, create autonomy, and ensure shared accountability for leveraging DEI as a key business strategy that drives outcomes. The second area is strategy development that involves integrating DEI into all aspects of the business and aligning it with the corporate strategy and planning processes. This plan drives deeper integration of DEI across each core area of the business: clients, teammates, and stakeholders (communities). Another key area is measurement and reporting which allows us to be transparent while showcasing not only our successes, but also highlighting areas for growth and opportunities to drive greater impact. I am also responsible for our eight business resource groups that are instrumental in driving further teammate engagement, as well as opportunities for allyship and intersectionality across our workforce.

How important is it for the DEI function to be engaged in business strategy?

DEI as a standalone and siloed effort is not effective. It is imperative for the DEI function to be engaged in business strategy. This strategically positions the platform to further support and drive key business priorities, objectives, and outcomes. A thoughtful and integrated approach is mutually beneficial to both DEI and business opportunities.

Will you discuss Truist’s commitment to build a diverse and inclusive workforce?

I am energized by Truist’s commitment to create an inclusive and energizing workplace that empowers teammates to learn, grow, and have meaningful careers. We know that in order to do this successfully, all teammates must feel valued, respected, connected, and engaged. The path towards inclusivity is driven by many factors, including ensuring we identify opportunities to increase and embrace all forms of diversity across our workforce.

Truist strives to be a magnet for amazing talent to help us become more innovative and competitive. We have a multitude of platforms and programs to successfully drive collective talent recruitment, engagement, development, and retention. As an example, we established a dedicated diversity recruiting team that leverages innovative strategies, recruiting tools, and networks for identifying and engaging diverse talent. Specifically, we have forged strategic partnerships with organizations and networks like Women in Technology and the National Association of Black Accountants, as well as partner with diverse owned/operated recruiting firms to source talent. We also have our Grow, Recruit, and Accelerate Development (GRAD) program which focuses on driving greater career mobility for diverse talent through a thoughtfully crafted development and internal network experience.

How engrained is diversity and inclusion in Truist’s culture and values?

Embracing diversity, equity, and inclusion is fundamental to who we are and what we stand for at Truist. We foster a supportive environment for everyone to be inspired by and celebrate the differences that bring us together. We strive to embed DEI into every aspect of our business and hold ourselves accountable to build lasting change inside our walls and in the communities in which we operate and serve.

Will you provide an overview of Truist’s DEI initiatives?

Truist’s DEI platform is aligned to three core business pillars: teammates, clients and stakeholders (communities). This scope ensures DEI reaches and impacts every area of our business. Our DEI efforts are far reaching, but a few I’d like to highlight include:

• DEI Councils embedded across Truist lines of business and function areas. These councils are led by teammates who support emerging needs and opportunities and drive the development and execution of our enterprise DEI strategy across their respective business units.

• Eight teammate-led Business Resource Groups (BRGs) that help foster an atmosphere of inclusion, play a critical role in helping us deliver on our purpose, and help move Truist from better to best.

• A Multicultural Banking Office with multiple branches that help us build relationships with diverse community partners.

• Efforts via the Truist Foundation that awarded a $10 million grant in 2022 to Connect Humanity, a nonprofit focused on advancing digital equity among historically marginalized communities. The grant will be used to strengthen Connect Humanity’s current efforts in providing financing, tools, training and network builds to eliminate the digital divide.

• The recent development of an inclusive design thinking model that will further enable DEI opportunities and impact across the enterprise.

How important is it to have diverse perspectives and experiences at the table when making business decisions?

Diverse perspectives foster more inclusive business decisions which have proven to maximize opportunity and drive more favorable business outcomes. The multitude of unique backgrounds, skillsets, experiences, learnings, and talent across the organization create an enabling environment for inclusive decision-making. If we all want to move in the same direction to achieve a common goal for our organization, then it’s important that we leverage our differences as a strength. As they say, many hands make light work. The more seats and the larger the table, the better for business.

Do you feel there are strong opportunities for women to grow and lead in the industry?

I am the embodiment of there being strong opportunities for women to grow and lead in the banking industry. I am equally proud to say that at Truist, I am not alone in this journey, as we have many phenomenal women leaders across every level of the organization. At Truist, our aspirations for women are intentional and purpose-driven, and this includes increasing women in leadership by 15 percent by 2025. Furthermore, we are proud that women comprise about one-third of our Board of Directors and several hold key board leadership positions.

With our ongoing pathways to leadership, Truist remains committed to empowering this generation and the next of powerful women in banking. By driving and embracing these strong opportunities for women, we can remain competitive across the industry while simultaneously giving women a sense of belonging that supports them in leveraging their power and value to drive lasting business impact.

What are your priorities for Truist’s DEI efforts as you look to the future?

Success is never final. We are always proactively exploring opportunities to evolve our DEI platform. Continued enhancements across the Truist DEI strategy remain a top priority as we continue to meet the needs of our teammates, clients, and stakeholders (communities). We are steadfast in our belief that this is a marathon, not a sprint. Moving deliberately will help us to better align and intersect our DEI efforts across core business strategies and priorities. In doing so, we can more effectively position DEI as a driver of favorable business outcomes. At Truist, every person, voice, and moment matters. We will continue driving a DEI platform which celebrates that we all come from various walks of life, but we are united through a common purpose – to inspire and build better lives and communities, together.