SunTrust Bank will soon have a new leader for the Consumer Banking and Private Wealth Management business, the bank announced on Thursday.

Tom Freeman, SunTrust's chief risk officer, will step into his new leadership role on Nov. 1. He will oversee consumer lending, branch banking, private wealth management, investment, consumer product and credit card businesses, which serve nearly five million consumers.

Freeman will assume the position from Brad Dinsmore, who will focus on leading the consumer banking business, a bank spokesperson said.

Joe Thompson, a 20-year veteran of SunTrust, will continue to lead the private wealth management business, a role he's held since August 2014, according to his LinkedIn profile.

Both Dinsmore and Thompson will report to Freeman.

Freeman joined SunTrust in 2006 as executive vice president and chief credit officer. Prior to that, he was a principal at KPMG.

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