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June 03, 2015 6:38 AM ET


Company Overview of Citizens Financial Group, Inc.

Company Overview

Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide retail and commercial banking products and services in the United States. It operates through two segments, Consumer Banking and Commercial Banking. The Consumer Banking segment focuses on retail customers and small businesses with traditional banking products and services, including checking, savings, home loans, student loans, credit cards, business loans, and financial management services. This segment also provides indirect auto finance for new and used vehicles through automotive dealerships. The Commercial Banking segment provides various financial ...

One Citizens Plaza

Providence, RI 02903

United States

Founded in 1828

17,800 Employees



Key Executives for Citizens Financial Group, Inc.

Chairman and Chief Executive Officer
Age: 56
Total Annual Compensation: $1.5M
Chief Legal Officer, Executive Vice President and General Counsel
Age: 61
Total Annual Compensation: $2.3M
Vice Chairman of Consumer Banking
Age: 52
Total Annual Compensation: $700.0K
Chief Risk Officer and Group Executive Vice President
Age: 60
Total Annual Compensation: $575.0K
Compensation as of Fiscal Year 2014.

Citizens Financial Group, Inc. Key Developments

Citizens Financial Group, Inc. Declares Quarterly Cash Dividend, Payable on May 19, 2015; Announces Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Reports Net Charge Offs for the First Quarter Ended March 31, 2015

Citizens Financial Group, Inc. announced that its board of directors declared a quarterly cash dividend of $0.10 per common share. The dividend is payable on May 19, 2015 to shareholders of record at the close of business on May 5, 2015. The company announced consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net interest income of $836 million against $808 million a year ago. Total revenue was $1,183 million against $1,166 million a year ago. Net income was $209 million against $166 million a year ago. Diluted earnings per share were $0.38 against $0.30 per share a year ago. This was driven by efforts to drive revenue growth, while actively managing expenses as well as by the continued favorable credit environment. Return on average tangible common equity was 6.5% against 6.1% a year ago. Return on average common equity was 4.4% against 4.1% a year ago. Return on average total assets was 0.6% against 0.6% a year ago. Return on average total tangible assets was 0.7% against 0.6% a year ago. Adjusted pretax income was $325 million against $235 million a year ago. Adjusted net income was $215 million against $166 million a year ago. Adjusted net income increased $49 million or 30%, from $166 million in first quarter 2014, driven by a $63 million decrease in provision expense related to continued improvement in credit quality. Net interest income decreased modestly from fourth quarter 2014, largely as the benefit of a $1.9 billion increase in average loans and leases and a reduction in pay-fixed swap costs was more than offset by the impact of two fewer days in the quarter and increased senior debt and deposit costs. Adjusted return on average tangible common equity was 6.7% compared to 6.8% for fourth quarter 2014 and 5.2% in first quarter 2014. Adjusted diluted EPS was $0.39 compared with $0.30 in the first quarter 2014. Non-GAAP tangible book value per common share was $23.96 against 23.08 per share a year ago. For the first quarter, the company reported net charge offs of $54 million against $87 million a year ago.

Citizens Financial Group, Inc. Appoints Donald H. McCree as Vice Chairman and Head of Commercial Banking, Effective Sept. 1, 2015

Citizens Financial Group, Inc. announced the appointment of Donald H. McCree as Vice Chairman and Head of Commercial Banking. He will serve on the company’s Executive Committee and report to Chairman and CEO Bruce Van Saun. McCree will join Citizens effective Sept. 1, 2015. McCree comes to Citizens following his mid-2014 retirement from JPMorgan Chase. Most recently he was Head of Corporate Banking and CEO of Global Treasury Services, with responsibility for providing relationship banking services to commercial clients as well as innovative treasury and trade finance solutions to small businesses, multinational corporations, financial services firms and government entities worldwide.

RBS To Cut Stake In Citizens Bank

The Royal Bank of Scotland Group plc (LSE:RBS) plans to sell around $3 billion worth of shares in the Citizens Financial Group, Inc. (NYSE:CFG), taking its stake in the company below 50%. The bank will sell up to 132.25 million shares in Citizens, which RBS floated last year in the biggest US bank IPO of all time. The bank has to dispose of Citizens entirely by the end of next year as a condition of receiving state aid in 2008. On March 23, 2014, as a 180-day lock-up of Citizens shares expired, RBS said that it planned to sell 115 million shares, or 21% of the bank, in a placing that is expected this week. It plans to sell an additional 17.25 million shares over the following 30 days.

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