Citizens Financial (CFG) elevates Ted Swimmer as new Commercial Banking head

Rhea-AI Filing Summary

Citizens Financial Group announced a leadership change in its commercial banking business. Ted Swimmer, previously head of capital markets and advisory for Citizens Commercial Banking, has been named Head of Commercial Banking, effective immediately.

Swimmer is a 30-year banking industry veteran who joined the company in 2010 and has served on its Executive Committee since 2018. He succeeds Don McCree, who will remain with the company as Chair of Commercial Banking until his planned retirement at the end of March 2026. The announcement was detailed in a press release attached as an exhibit to the report.

Insights

Banking sector governance analyst

Citizens names internal successor to lead Commercial Banking while prior head transitions to chair role until 2026.

The company has promoted long-time executive Ted Swimmer to Head of Commercial Banking, shifting him from leading capital markets and advisory. This represents an internal succession in a core business line, drawing on his multi-decade industry background and experience on the Executive Committee.

Don McCree, the outgoing Head of Commercial Banking, will remain as Chair of Commercial Banking until the end of March 2026. That transition period may help preserve continuity in client relationships and risk oversight while Swimmer assumes day-to-day leadership. Subsequent filings or disclosures may provide more detail on any strategic shifts under the new leadership.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Understanding 8-K Material Events →

CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442025-10-152025-10-150000759944us-gaap:CommonStockMember2025-10-152025-10-150000759944us-gaap:SeriesEPreferredStockMember2025-10-152025-10-150000759944us-gaap:SeriesHPreferredStockMember2025-10-152025-10-150000759944cfg:SeriesIPreferredStockMember2025-10-152025-10-15

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 7, 2025

 (Exact name of the registrant as specified in its charter)

Delaware						001-36636			05-0412693
(State or Other Jurisdiction of Incorporation)						(Commission File Number)			(I.R.S. Employer Identification Number)
One Citizens Plaza
Providence,			RI						02903
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (203) 900-6715

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			CFG			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E			CFG PrE			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H			CFG PrH			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I			CFG PrI			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 5.02   Departure of Directors or Certain Officers; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October 7, 2025, Citizens Financial Group, Inc. (the “Company”) announced that Ted Swimmer, head of capital markets and advisory for Citizens Commercial Banking, has been named Head of Commercial Banking, effective immediately. Mr. Swimmer succeeds Don McCree, who will remain at the Company as Chair of Commercial Banking until his retirement at the end of March 2026.

A 30-year banking industry veteran, Swimmer joined the Company in 2010 as executive vice president and head of capital markets and was named to the Company’s Executive Committee in 2018.

A copy of the Company’s press release announcing Mr. Swimmer’s appointment and Mr. McCree’s retirement is attached to this report as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01   Financial Statements and Exhibits.

			Exhibit Number						Description
(d)			99.1						Press Release issued by the Company, dated October 7, 2025
			104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS FINANCIAL GROUP, INC.
By:						/s/ Bruce Van Saun
						Bruce Van Saun
						Chairman and Chief Executive Officer

Date:  October 7, 2025

FAQ

What leadership change did Citizens Financial Group (CFG) announce in this 8-K?

Citizens Financial Group promoted Ted Swimmer to Head of Commercial Banking. He moves from leading capital markets and advisory for Citizens Commercial Banking and now oversees the broader commercial banking business, reflecting an internal succession within the company’s senior leadership team.

Who is Ted Swimmer and what is his background at Citizens Financial Group (CFG)?

Ted Swimmer is a 30-year banking industry veteran. He joined Citizens Financial Group in 2010 as executive vice president and head of capital markets, and was named to the company’s Executive Committee in 2018, giving him extensive internal leadership experience before this promotion.

What is happening with former Head of Commercial Banking Don McCree at Citizens Financial Group (CFG)?

Don McCree will transition to Chair of Commercial Banking until his retirement. He plans to remain with Citizens Financial Group in this chair role until the end of March 2026, providing continuity during the leadership handover to Ted Swimmer.

When does Don McCree plan to retire from Citizens Financial Group (CFG)?

Don McCree plans to retire at the end of March 2026. Until that time, he will serve as Chair of Commercial Banking, supporting the transition as Ted Swimmer assumes responsibilities as Head of Commercial Banking at Citizens Financial Group.

How did Citizens Financial Group (CFG) formally announce Ted Swimmer’s appointment and Don McCree’s retirement?

The company issued an official press release on October 7, 2025. That press release, describing Ted Swimmer’s appointment and Don McCree’s planned retirement, was attached as Exhibit 99.1 and incorporated by reference into the current report.