Citizens Financial Group, Inc. reports banking results and capital actions for a bank holding company serving consumers, small businesses, middle-market companies, large corporations and institutions. Its recurring updates center on Consumer Banking and Commercial Banking activity, including deposits, mortgage and home equity lending, credit cards, small business loans, education loans, point-of-sale finance loans, wealth management and commercial banking services.
Company news also includes quarterly earnings materials, common and preferred stock dividend announcements, investor conference participation and community finance initiatives. Citizens’ public updates frequently connect financial performance with balance sheet trends, credit conditions, private banking activity, financial literacy programs, nonprofit partnerships and small-business support in the markets the bank serves.
Citizens Financial Group (NYSE: CFG) has appointed Polly N. Klane as General Counsel and Chief Legal Officer, starting April 4. Previously, Klane served as Senior Vice President and Deputy General Counsel at Capital One. With over 25 years of legal experience in financial services, she is expected to enhance the company's legal strategy and support its transformation efforts. Klane takes over the role from Malcolm Griggs, who will continue as Chief Risk Officer.
Citizens has launched its annual Small Business Community Champion Award Contest, now in its fifth year, to honor small businesses' contributions. The contest offers $10,000 each to 30 businesses, including at least ten minority-owned and ten women-owned. Submissions are open until 5:00 p.m. ET on March 17, 2022. Eligible entrants are for-profit small businesses with five or more employees, operational for at least two years, and must be customers of Citizens or located in its service area. More details can be found on their contest website.
Citizens Financial Group, Inc. (NYSE: CFG) announced that Vice Chairman and Head of Commercial Banking, Don McCree, will participate in the RBC Capital Markets Financial Institutions Conference on March 8, 2022, at 10:00 am ET. A live webcast of the event will be available at investor.citizensbank.com. Citizens Financial, one of the largest financial institutions in the U.S. with $188.4 billion in assets, provides a range of banking and financial services across various regions.
Citizens Financial Group announced the completion of its acquisition of 80 branches from HSBC Bank U.S.A. on February 18. The deal expands Citizens’ presence particularly in the New York City Metro area, adding over 800,000 new customer accounts. The acquisition strengthens Citizens' retail footprint, contributing to a top-10 deposit ranking in the NYC market. Citizens also plans further hiring to enhance services in wealth, mortgage, and business banking sectors.
Citizens Financial Group, Inc. (NYSE: CFG) declared several quarterly dividends on its preferred stock. These include:
- $15.9375 per share on Series C (6.375% Fixed-to-Floating Rate).
- $15.875 per share on Series D (6.350% Fixed-to-Floating Rate).
- $12.50 per share on Series E (5.000% Fixed-For-Life).
- $14.125 per share on Series F (5.650% Fixed-Rate Reset).
- $10.00 per share on Series G (4.000% Fixed-Rate Reset).
Payment is scheduled for April 6, 2022, to shareholders of record by March 22, 2022.
According to Citizens' annual payments and treasury survey, 85% of business leaders prioritize real-time payments (RTP) capabilities when selecting a banking partner. This marks the first time RTP surpassed cost considerations in importance. The survey revealed 73% want secure mobile-optimized treasury management platforms, with significant frustration expressed over current technologies. Additionally, 81% believe RTP can transform their payment processes. Citizens emphasizes their early adoption of RTP and intelligent automation solutions to enhance business strategy.
Citizens Financial Group reported a CBCI of 54.4 for Q4, down from 57.8 in Q3, indicating continued economic expansion despite a slight slowdown. This moderation is expected to help normalize supply chains and labor markets, which reflects a constructive outlook. Concerns about inflation and a new COVID variant contributed to volatility, but overall demand remained strong. Key indicators showed progress, especially in manufacturing and services, while new business applications lagged. The solid economic recovery trends point to a stabilizing environment.
Citizens Financial Group, Inc. (NYSE: CFG) announced that Vice Chairman and Chief Financial Officer John Woods will participate in the Credit Suisse Annual Financial Services Forum on February 17, 2022, at 2:40 pm ET. The event will be broadcast live and can be accessed through Citizens' investor relations website. Citizens Financial Group, based in Providence, Rhode Island, is one of the largest financial institutions in the U.S., with $188.4 billion in assets as of December 31, 2021, offering a range of banking products and services nationwide.
According to a Citizens survey, middle-market companies and private equity firms expect a robust M&A market in 2022, with increased deal volumes and valuations. Of 400 surveyed leaders, 54% of PE firms predict higher deal flow compared to 2021, while 36% of middle-market firms anticipate higher valuations. Despite challenges from COVID and economic factors, confidence in the market remains high. The survey indicates a resurgence in selling activity, driven by strategic growth and succession planning, with a notable increase in sellers open to discussions.
Citizens Financial Group (CFG) reported a robust fourth quarter for 2021, achieving an underlying net income of $569 million and earnings per share (EPS) of $1.26. For the entire year, net income reached $2.3 billion, with an EPS of $5.16. The company highlighted record Capital Markets revenue and plans to enhance growth through strategic initiatives in 2022. Additionally, a quarterly dividend of $0.39 per share was declared, payable on February 11, 2022.