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 .
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| 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?
Research analysts who have asked questions during CITIZENS FINANCIAL GROUP INC/RI earnings calls.
Manan Gosalia
Morgan Stanley
4 questions for CFG
Matthew O'Connor
Deutsche Bank
4 questions for CFG
Erika Najarian
UBS
3 questions for CFG
John Pancari
Evercore ISI
3 questions for CFG
Ebrahim Poonawala
Bank of America Securities
2 questions for CFG
Gerard Cassidy
RBC Capital Markets
2 questions for CFG
Ken Usdin
Autonomous Research
2 questions for CFG
Robert Siefers
Piper Sandler & Co.
2 questions for CFG
Christopher McGratty
Keefe, Bruyette & Woods
1 question for CFG
L. Erika Penala
UBS
1 question for CFG
Peter Winter
D.A. Davidson
1 question for CFG
R. Scott Siefers
Piper Sandler Companies
1 question for CFG
Ryan Nash
Goldman Sachs & Co.
1 question for CFG
Steven Alexopoulos
JPMorgan Chase & Co.
1 question for CFG
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 press releases and 8-K filings for CFG.
- 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
- 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%
- 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.
- 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%.
- 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%.
- 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.
- On July 22, 2025, Citizens Financial Group entered into an underwriting agreement for a $400 million offering of 16 million depositary shares, each representing a 1/40 interest in its 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I, with a $1,000 liquidation preference per preferred share ($25 per depositary share).
- The depositary shares are expected to settle on July 31, 2025 (T+7), with an underwriting commission of 1.00% for institutional investors and 3.15% for retail investors, yielding net proceeds of approximately $394.4 million.
- Dividends, if declared, are payable Jan 6, Apr 6, Jul 6 and Oct 6, at 6.500% per annum until October 6, 2030, then reset every five years to the five-year U.S. Treasury rate plus 2.629%.
- The offering is governed by a deposit agreement with Computershare and includes customary restrictions and rights as detailed in the Series I Certificate of Designations, with legal opinion confirming valid issuance of preferred and depositary shares.
- Series I Preferred Stock is redeemable, in whole or part, on any dividend payment date on or after October 6, 2030, or within 90 days following a regulatory capital treatment event, at a $1,000 per share redemption price plus any declared but unpaid dividends.
- EPS of $0.92, up $0.15 QoQ; total revenue of $2.037 billion and pre-provision profit of $718 million, up 16% QoQ.
- Net interest income of $1.437 billion, net interest margin of 2.95%, with strong fee gains in Card, Wealth and Mortgage.
- Period-end loans of $139.3 billion (+1% QoQ) and deposits of $175.1 billion (+1% QoQ), yielding a loan-to-deposit ratio of 79.6%.
- Asset quality metrics: net charge-offs at 48 bps, allowance for credit losses coverage at 1.59%, and a CET1 ratio of 10.6%.
- Tangible book value per share of $35.23 (+4% QoQ) and a quarterly dividend declared at $0.42 per share payable August 14, 2025.
- Citizens delivered EPS of $0.92, a 19% sequential increase, driven by NII growth of 3.3% and 5 bps NIM expansion, with fees up 10% and 5% operating leverage.
- Net loans grew 1% (≈ 2% ex non-core), including $1.2 B in Private Bank loans; deposit mix improved (noninterest-bearing 22%) and funding costs fell 2 bps, while CET1 stood at 10.6%.
- Private Bank ended Q2 with $4.9 B in loans (+ $1.2 B), $6.5 B in AUM (+ $1.3 B) and contributed $0.06 to EPS, on track for > 5% accretion and 20%+ ROE in 2025.
- Q2 returned $385 M to shareholders (including $200 M buybacks at avg $39); Board increased repurchase capacity to $1.5 B.
- Q3 guidance: NII up 3–4%, NIM + 5 bps, noninterest income up low-single-digit, expenses up 1–1.5%, positive operating leverage and stable CET1; medium-term NIM target 3.25–3.5% by 2027.
- Citizens Financial Group’s board approved boosting its common share repurchase program capacity to $1.5 billion, a $1.2 billion increase over the $300 million remaining under the prior June 2024 authorization.
- Repurchases may be executed in the open market or through privately negotiated and structured transactions (e.g., Rule 10b5-1 plans, accelerated share repurchase), subject to board approval and prevailing financial and regulatory considerations.
- The company reported $220.1 billion in assets as of March 31, 2025, underscoring its capital strength to support the expanded buyback program.