Citizens Financial Group, Inc. is a bank holding company headquartered in Providence, Rhode Island. It offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. The company operates through more than 1,100 branches in 14 states and the District of Columbia, as well as 105 retail and commercial non-branch offices. Its primary federal regulator is the FRB. CBNA is its banking subsidiary, whose primary federal regulator is the OCC.

• Employees: 17,570 full-time equivalent employees (as of December 31, 2023)
• Geographic Footprint: 14 states and the District of Columbia
• Headquarters: Providence, Rhode Island
• Founded: 1984
• Number of locations/facilities: More than 1,100 branches and 105 non-branch offices
• Revenue: $8.2 billion (FY2023)
• Market Capitalization: $12.3 billion (based on June 30, 2023 closing price)
• Key Subsidiaries/Brands: Citizens Bank, National Association (CBNA), Citizens Private Bank

• CEO: Bruce Van Saun
• CFO: John F. Woods
• Board Chair: Bruce Van Saun
• Other Key Executives: C. Jack Read (Executive Vice President, Chief Accounting Officer and Controller)

The Board of Directors and its Compensation and Human Resources Committee are responsible for overseeing the human capital management strategy.

• Annual Revenue: $8.2 billion (FY2023)
• Net Income: $1.6 billion
• Market Cap: $12.3 billion (based on June 30, 2023 closing price)
• Total Assets: $222.0 billion (as of December 31, 2023)
• Employees: 17,570 (as of December 31, 2023)
• Key Financial Highlights: Net income decreased $465 million, with earnings per diluted common share down $0.97 to $3.13 compared to 2022. Total revenue increased $203 million to $8.2 billion compared to 2022, driven by an increase of 4% in net interest income.

Citizens offers a range of retail and commercial banking products and services.

• Consumer Banking: Deposits, mortgage and home equity lending, credit cards, small business loans, wealth management and investment services, education and point-of-sale finance loans, and select digital deposit products nationwide.
• Commercial Banking: Lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, syndicated loans, corporate finance, mergers and acquisitions, and debt and equity capital markets capabilities.

The company manages its business through two primary business segments:

• Consumer Banking: Serves consumer customers and small businesses with annual revenues up to $25 million.
• Commercial Banking: Primarily serves companies and institutions with annual revenues of $25 million to more than $3.0 billion.

Activities outside these segments are classified as Non-Core or Other, which includes indirect auto and certain purchased consumer loan portfolios that the company discontinued the origination of as part of its recently announced balance sheet optimization strategy.

The company's business strategy is designed to maximize the full potential of its businesses, drive sustainable growth, and enhance profitability. Key strategic initiatives include:

• Maintaining a high-performing, customer-centric organization.
• Developing differentiated value propositions to acquire, deepen, and retain core customer segments.
• Building excellent capabilities designed to help the company stand out from competitors.
• Operating with financial discipline and a mindset of continuous improvement to self-fund investments.
• Prudently growing and optimizing the balance sheet.
• Modernizing technology and operational models to improve delivery, organizational agility and speed to market.
• Embedding risk management within the culture and operations.

The financial services industry is highly competitive. The company's branch footprint is predominantly in the New England, Mid-Atlantic and Midwest regions, though certain lines of business serve national markets. The company faces competition from community banks, super-regional and national financial institutions, credit unions, savings and loan associations, mortgage banking firms, consumer finance companies, securities brokerage firms, insurance companies, money market funds, hedge funds and private equity firms.

• Market Position: The company strives to be a top-performing bank distinguished by its customer-centric culture, mindset of continuous improvement, product innovation, and excellent capabilities.
• Key Competitors: The company faces competition from a variety of industry participants, including traditional banking institutions, commercial finance companies, leasing companies, other non-bank lenders, and institutional investors.
• Industry Trends: The industry is increasingly dependent on technology-driven delivery systems, with the emergence of digital-only banking models and increased competition from non-banking financial institutions.

• Market Risks: Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy. Changes in interest rates and market liquidity may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products.
• Operational Risks: A failure in or breach of the company's compliance with laws, as well as operational or security systems or infrastructure, or those of third-party vendors or other service providers, including as a result of cyber-attacks. Operational risk and losses can result from internal and external fraud; improper conduct or errors by employees or third parties; failure to document transactions properly or to obtain proper authorization; failure to comply with applicable legal and regulatory requirements and business conduct rules; equipment failures; business continuity and data security system failures.
• Financial Risks: The company's ability to meet its obligations, and the cost of funds to do so, depend on its ability to access identified sources of liquidity at a reasonable cost. Changes in interest rates may have an adverse effect on the company's liquidity and profitability. A reduction in the company's credit ratings could have a material adverse effect on its business, financial condition and results of operations.
• Regulatory Risks: Supervisory requirements and expectations on the company as a financial holding company and a bank holding company and any regulator-imposed limits on the company's activities could adversely affect its ability to implement its strategic plan, expand its business, continue to improve its financial performance and make capital distributions to its stockholders. The company is subject to extensive regulation, supervision and examination by the federal banking regulators, as well as the SEC and CFPB.