Citizens’ private bank now employs 500 bankers (up from 150) and is projected to deliver 7% EPS accretion this year and 20–25% ROE, exceeding its initial 5% accretion target.
Wealth management fees have nearly doubled, rising from $50 million quarterly in 2020 to $93.5 million last quarter, driven by targeted advisor hires and RIA acquisitions.
The FastLine HELOC platform, available in 14 states, has led U.S. originations for seven consecutive quarters, with average FICOs in the high 700s and CLTVs below 60%.
“Project Top” aims to generate $400 million in run-rate savings over three years through AI-enabled operations and vendor simplification, with neutral 2026 expense impact and support for medium-term ROTCE of 16–18% and NIM of 3.25–3.50%.
Consumer credit remains strong: net charge-offs have improved to the high-40 bps range, and the top 25% of deposits exceed pre-COVID levels by 25%, underpinning stable credit and liquidity.

Nov 6, 2025, 5:45 PM

Transcript

Citizens Financial highlights consumer transformation and private bank growth

CFG

M&A

New Projects/Investments

Citizens’ consumer segment return on tangible common equity improved from mid/high teens pre-COVID to mid/high 20s, with branch count cut from 1,400 to 1,000 and deposit costs reduced to top-third among peers.
Private banking initiative: hired 150 ex-First Republic bankers, now >500; business is driving 7% EPS accretion in 2025 vs 5% target and generating 20–25% returns.
Reimagine the bank through “Project Top”: aims for $400 million in run-rate savings over three years via AI deployment, vendor consolidation, and facility optimization, with minimal impact on 2026 expenses.
HELOC “FastLine” program leverages data to expedite approvals, achieved #1 U.S. originator status for seven consecutive quarters with average FICO in the 700s and CLTV below 60%.
New York metro expansion: acquired HSBC U.S. and Investors branches, integrated into a 200-branch network, leading to high-single-digit deposit and mid-single-digit customer growth and fastest retail market expansion for two years.

Nov 6, 2025, 5:45 PM

Transcript

Citizens Financial outlines consumer bank transformation and growth strategies at Boston conference

CFG

M&A

Guidance Update

New Projects/Investments

Citizens has shrunk its retail branch network from 1,400 to 1,000 branches, improved segment returns from the mid-teens to the mid-high 20s%, and targets 30%+ ROTCE as deposit franchise strength underpins growth.
The private bank, built with 150 former First Republic bankers, now holds $12.5 billion in deposits; wealth management fees nearly doubled from ~$50 million/qtr in 2020 to $93.5 million last quarter, driven by advisor lift-outs including a $5 billion AUM team.
New York Metro expansion via HSBC and Investors Bank deals added 200 branches, delivering high-single-digit deposit growth and mid-single-digit customer growth in Citizens’ fastest growing market.
Citizens leads the U.S. in home equity lines, ranking #1 in HELOC originations for seven quarters with an average FICO in the high 700s and <60% CLTV, leveraging its FastLine analytics platform.
“Reimagine the Bank” targets $400 million of annualized run-rate savings over three years through AI-driven automation, vendor consolidation and facility optimization, with negligible impact to 2026 guidance (ROTCE 16–18%, NIM 3.25–3.50%).

Nov 6, 2025, 5:45 PM

Transcript

Jefferson Capital upsizes revolving credit facility

CFG

Debt Issuance

Aggregate committed capital increased by $175 million to $1 billion, expanding the senior secured revolving credit facility.
Interest rate margins cut by 50 basis points and non-use fee rate reduced by 5 basis points to a maximum of 35 basis points.
Maturity extended to October 27, 2030, subject to certain note maturities, and the minimum tangible net worth covenant for certain subsidiaries was removed.
Credit spread adjustments eliminated from the interest rate calculation, simplifying the facility’s pricing.

Oct 28, 2025, 12:00 PM

Press Release

Citizens Financial Group reports Q3 2025 results

CFG

Earnings

Dividends

Share Buyback

Diluted EPS of $1.05, up 14% QoQ and 36% YoY, driven by strong revenue growth and positive operating leverage
Net interest income of $1,488 M, rising 4% QoQ, with net interest margin at 2.99% (FTE 3.00%), up 5 bps QoQ
Total revenue of $2,118 M (up 11% YoY) including noninterest income of $630 M (up 18% YoY); efficiency ratio improved to 63.0%
Provision for credit losses declined to $154 M, with net charge-offs at 46 bps, reflecting favorable credit trends
CET1 ratio of 10.7% and tangible book value per share of $36.73, returned $259 M of capital including a quarterly dividend increase to $0.46 and $75 M in share repurchases

Oct 15, 2025, 1:00 PM

Presentation

Citizens Financial Group reports Q3 2025 results

CFG

Earnings

Guidance Update

Share Buyback

EPS grew by $0.13 sequentially (+14%) as net interest income rose 3.5% and net interest margin expanded 5 bps
Non-interest income (fees) increased 5% QoQ, driven by capital markets and wealth fees, while operating leverage turned positive at 3%
CET1 ratio improved to 10.7%, and the bank returned $259 m to shareholders via $184 m in dividends and $75 m in buybacks
Private bank deposits climbed $3.8 bn to $12.5 bn, loans added $1 bn to $5.9 bn, and AUM rose $1.1 bn to $7.6 bn
Q4 guidance: NII up 2.5–3%, NIM +5 bps, stable non-interest income and expenses, CET1 flat at 10.7%, share repurchases of ~$125 m, tax rate 22.5%

Oct 15, 2025, 1:00 PM

Transcript

Citizens Financial Group reports Q3 2025 results

CFG

Earnings

Guidance Update

Management Change

EPS of $1.50, up 14% sequentially; NII rose 3.5% on a 5 bp NIM expansion to 3.00%, and fees grew 5% QoQ.
Private Bank deposits increased by $3.8 B to $12.5 B; period-end loans reached $5.9 B and AUM $7.6 B, with cumulative breakeven achieved since launch.
CET1 ratio improved to 10.7%; returned $259 M to shareholders (dividends $184 M; buybacks $75 M). Q4 guidance calls for NII +2.5–3%, NIM +5 bp, stable revenues/expenses, low-40 bp charge-offs, and CET1 at 10.7% with ~$125 M buybacks.
Leadership changes announced: Don McCree to retire March 2026, Ted Swimmer succeeded as president, and Anoye Banerjee joining as CFO in October 2025.

Oct 15, 2025, 1:00 PM

Transcript

Citizens Financial Group reports Q3 2025 results

CFG

Earnings

Dividends

Guidance Update

Citizens delivered net income of $494 million and EPS of $1.05, up 13% and 14% QoQ, respectively, with pre-provision profit rising 9% and positive operating leverage of 3%.
Total revenue was $2.118 billion, comprising net interest income of $1.488 billion (up 4% QoQ on a 5 bps NIM increase to 3.00%) and noninterest income of $630 million (up 5% QoQ).
Spot loans grew 1% QoQ to $140.9 billion and deposits rose 1% QoQ to $180.0 billion, while the CET1 ratio held at 10.7% and tangible book value per share increased to $36.73.
The board declared a $0.46 dividend, a 9.5% QoQ increase, and repurchased $75 million of common stock in the quarter.
For 4Q25, Citizens expects net interest income to increase 2.5–3%, NIM to rise ~5 bps, noninterest income to be stable, expenses to be flat to slightly up, and a CET1 ratio of ~10.7% with a tax rate of ~22.5%.

Oct 15, 2025, 10:32 AM

8-K

Citizens Financial files restated charter and eliminates Series F preferred stock

CFG

Restated Certificate of Incorporation filed to integrate all prior amendments without further substantive changes to the charter.
Series F Preferred Stock (5.650% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock) fully redeemed and eliminated from the charter by Certificate of Elimination.
Series I Preferred Stock authorized: 400,000 shares of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, dividends payable quarterly beginning January 6, 2026, with rate resetting every five years at Five-Year U.S. Treasury Rate + 2.629%.

Oct 6, 2025, 9:22 PM

8-K

Citizens Financial Group names Aunoy Banerjee as CFO

CFG

CFO Change

Executive Compensation

Citizens Financial Group appointed Aunoy Banerjee as Executive VP & CFO effective October 24, 2025, with Chris Emerson serving as interim CFO until October 24; current CFO John Woods departs August 15, 2025.
Banerjee’s employment agreement provides a $700,000 annual base salary, $3.7 million guaranteed 2025 incentive, and a $5 million buy-out award vesting over four years; severance benefits include two weeks’ salary per year of service (minimum 26 weeks) and enhanced change-of-control payments.
Banerjee, a 25-year financial services veteran, joins from Barclays Bank PLC where he serves as CFO and previously held senior finance and transformation roles at State Street and Citi.

Aug 12, 2025, 12:00 AM

8-K

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