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Citizens Financial Group, Inc. (CFG) is a financial services company that operates primarily through two main business segments: Consumer Banking and Commercial Banking, with a third segment classified as Non-Core. CFG provides a range of financial products and services to individuals, small businesses, and large corporations, including deposits, lending, credit cards, and wealth management services . The company serves its customers through a network of branches and ATMs, as well as digital banking platforms nationwide .
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Consumer Banking - Serves individuals and small businesses with annual revenues up to $25 million, offering products such as deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management services. Operates through a network of approximately 1,100 branches and 3,200 ATMs, and provides digital banking services nationwide .
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Commercial Banking - Caters to companies and institutions with annual revenues ranging from $25 million to over $3 billion, providing financial products and solutions including lending, leasing, deposit and treasury management services, foreign exchange, risk management solutions, and capital markets capabilities. Focuses on middle-market companies, large corporations, and institutions, with specialized industry teams in areas such as Aerospace, Defense, and Government Services .
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Non-Core - Includes CFG's indirect auto and certain purchased consumer loan portfolios, which were transferred from the Consumer Banking segment as part of a balance sheet optimization strategy. Reflects CFG's decision to discontinue the origination of certain non-strategic lending portfolios .
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Bruce Van Saun ExecutiveBoard | Chairman and CEO | Director at Moody’s Corporation; Member of Bank Policy Institute, The Clearing House, and Partnership for Rhode Island | Joined CFG in October 2013 as Chairman and CEO. Led strategic initiatives, including balance sheet optimization, digital banking expansion, and sustainability goals. | View Report → |
Christopher J. Schnirel Executive | EVP, Chief Accounting Officer, and Controller | None | Appointed in October 2024. Oversees financial reporting and controls. Previously held senior roles at Huntington Bancshares and HSBC North America. | |
John F. Woods Executive | Vice Chair and CFO | Board member at Prove Identity Inc. | Joined CFG in February 2017. Oversees financial planning, strategy, and treasury. Led expense management initiatives and strategic refresh efforts. | |
Christine M. Cumming Board | Independent Director | Board member at American Family Insurance Mutual Holding Company and MIO Partners, Inc.; Adjunct professor at Columbia University; Trustee of Columbia-Greene Community College Foundation | Joined CFG in October 2015. Former COO of the Federal Reserve Bank of New York. Extensive expertise in risk management and monetary policy. | |
Christopher J. Swift Board | Independent Director | Chairman and CEO of The Hartford Financial Services Group, Inc.; Member of APCIA, The Business Council, CECP, CFR, and The Geneva Association | Joined CFG in February 2021. Extensive experience in insurance and risk management. | |
Claude E. Wade Board | Independent Director | None | Appointed to CFG Board in March 2025. Former EVP and Chief Digital Officer at AIG. Over 30 years of experience in operational, strategy, and innovation roles. | |
Edward J. Kelly III Board | Lead Independent Director (effective April 2024) | Board member at MetLife, Inc. and Dollar Tree, Inc. | Joined CFG in February 2019. Extensive experience in financial services and corporate governance. | |
Wendy A. Watson Board | Independent Director | Director at Independent Order of Foresters Life Insurance Company; Member of Boston Children’s Hospital Community Service Committee, EMpathways Advisory Board, and McGill University Management School Expert Advisory Panel | Joined CFG in October 2010. CPA and Certified Fraud Examiner with extensive experience in audit and risk management. |
- Given that you've terminated $4 billion of swaps in the third quarter and the forward curve now implies fewer rate cuts, how will this decision impact your net interest margin guidance, and can you elaborate on the accounting treatment and its effect on earnings in the coming quarters?
- With your general office commercial real estate exposure still at $3.2 billion and reserves increasing to 12.1%, how confident are you that you've adequately provisioned for potential future losses, especially considering the ongoing challenges in the office sector?
- You anticipate deposit betas nearing 40% by the end of the fourth quarter; given the competitive deposit environment, what strategies are you implementing to manage deposit costs, and how sustainable is it to expect stable or improving deposit costs while maintaining deposit balances?
- Your net interest margin guidance relies on front book/back book dynamics contributing to expansion; can you specify the volumes and yields of loans and securities expected to reprice, and quantify the anticipated impact on NIM given current rate expectations?
- The Private Bank is expected to start contributing to earnings in the fourth quarter; considering the significant investments and rapid expansion, what risks do you foresee in achieving profitability, and how sustainable is the growth in deposits and loans in this segment?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Regions | Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. | |
Peers or peer regional banks include this company, which is part of a group of regional banks that Citizens Financial Group, Inc. considers as its peers. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
DH Capital | 2022 | Completed on June 8, 2022, this acquisition bolstered Citizens’ corporate advisory capabilities in the internet infrastructure, software, IT services, and communications sectors, with assets acquired having no material impact on the balance sheet and goodwill allocated to the Commercial Banking segment. |
Investors Bancorp, Inc. | 2022 | Completed on April 6, 2022, the deal involved converting Investors Bancorp shares into Citizens common stock (0.297 shares per share) plus a cash payment of $1.46 per share (totaling $355 million), and added 154 branches to Citizens’ Mid-Atlantic presence with a planned systems conversion in Q1 2023. |
HSBC's East Coast Branches and National Online Deposit Business Acquisition | 2022 | Completed on February 18, 2022, this acquisition involved 80 HSBC branches (rebranded to Citizens), over 800,000 new customer accounts, and expanded the bank’s physical presence in key markets including New York City, Mid-Atlantic, and Southeast Florida. |
Recent developments and announcements about CFG.
Earnings
New Earnings (Q4 2024)
·Jan 24, 2025, 12:13 AMView full earnings summary →CFG lifts NIM outlook to 3.05-3.10% by 2025 (3.5% by 2027) on asset sensitivity, fueling ~1.5% positive operating leverage. Private Bank drives ~$1B in quarterly loan growth, targeting 20% ROTCE by end of '24. CRE office exposure remains a key credit risk.
8-K Filings
8-K Filing
·Mar 5, 2025, 10:21 PMFinancial ExhibitsOther EventsView full 8-K filing →Citizens Financial Group completed a $750M senior note offering on March 5, 2025. The Notes carry a fixed 5.253% rate until 2030, then adjust to SOFR plus 1.259%. Proceeds will be used for general corporate purposes.