CITIZENS FINANCIAL GROUP INC/RI (CFG)

Citizens Financial Group, Inc., headquartered in Providence, Rhode Island, is a bank holding company incorporated in Delaware in 1984, operating primarily through its banking subsidiary Citizens Bank, N.A. (CBNA). As of December 31, 2023, the company reported total assets of $222.0 billion, total deposits of $177.3 billion, and total stockholders' equity of $24.3 billion. Citizens serves individuals, small businesses, middle-market companies, large corporations, and institutions through more than 1,100 branches across 14 states and the District of Columbia, along with 105 retail and commercial non-branch offices, while certain business lines operate nationally.

The company is organized into two primary segments: Consumer Banking, which offers deposits, mortgage and home equity lending, credit cards, small business loans, wealth management, and the newly launched Citizens Private Bank for high-net-worth clients; and Commercial Banking, which provides lending, treasury management, capital markets, corporate finance, and advisory services to companies ranging from $25 million to over $3 billion in annual revenue through units including Corporate Banking, Commercial Real Estate, Capital Markets and Advisory, and Treasury Solutions. Additional activities are categorized as Non-Core (including discontinued indirect auto and certain purchased consumer loan portfolios) or Other (treasury activities, wholesale funding, securities portfolio, and unallocated items). The company's strategy emphasizes customer-centric growth, differentiated value propositions for targeted segments, digital transformation, operational efficiency through its "Tapping our Potential" (TOP) initiatives, prudent balance sheet management, technology modernization, and strong risk management.

Citizens operates in a highly competitive financial services landscape, facing pressure from community banks, regional and national institutions, credit unions, FinTech companies, and digital-only banking models, with competition intensifying around interest rates, fees, technology-driven services, and customer experience. As of December 31, 2023, the company employed 17,570 full-time equivalent employees, primarily in New England and the Mid-Atlantic, and maintains initiatives focused on talent development, diversity, equity and inclusion, employee well-being, and fair compensation. Citizens has also set sustainability goals, including a $50 billion Sustainable Finance Target by 2030 and a commitment to carbon neutrality by 2035.

As a bank holding company and financial holding company, Citizens is subject to extensive regulation and supervision by the Federal Reserve, OCC, CFPB, SEC, and FINRA, including compliance with Basel III capital requirements, Category IV enhanced prudential standards under the Tailoring Rules, biennial supervisory stress testing, and Community Reinvestment Act obligations.