Citizens Financial Group
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| Citizens Financial Group | |
|---|---|
 Kenneth C. Zirkel · CC BY-SA 3.0 · source | |
| Name | Citizens Financial Group |
| Type | Public |
| Traded as | NYSE: CFG |
| Industry | Banking, Financial services |
| Founded | 1828 |
| Founder | Brown University graduates |
| Headquarters | Providence, Rhode Island |
| Key people | Bruce Van Saun, John Woods |
Citizens Financial Group. As a Fortune 500 company, it operates with a large network of over 1,000 branches across the United States, particularly in the New England region, Mid-Atlantic, and Midwest. The company has a long history, dating back to 1828, when it was founded by Brown University graduates, and has since become one of the largest bank holding companies in the United States, with assets totaling over $160 billion, comparable to other major banks like JPMorgan Chase and Bank of America. With its headquarters in Providence, Rhode Island, the company is led by Bruce Van Saun, who has been the Chief Executive Officer since 2013, and has worked with other notable executives like John Woods.
● History
The history of the company dates back to 1828, when it was founded as the High Street Bank in Providence, Rhode Island, with the help of Brown University graduates, including Nicholas Brown Jr. and Moses Brown I. Over the years, the company has undergone several mergers and acquisitions, including the acquisition of Manufacturers and Farmers Bank in 1864, and the merger with United States Trust Company in 1985, which was facilitated by the Federal Reserve System and the Office of the Comptroller of the Currency. In 1988, the company was acquired by Royal Bank of Scotland and became a subsidiary of the Royal Bank of Scotland Group, which also owns NatWest and Ulster Bank. In 2014, the company was spun off from Royal Bank of Scotland through an initial public offering (IPO) on the New York Stock Exchange (NYSE), with the help of Goldman Sachs and Morgan Stanley. The company has also worked with other notable financial institutions, including Fidelity Investments and Charles Schwab Corporation.
● Corporate Structure
The company is led by a team of experienced executives, including Bruce Van Saun, who has been the Chief Executive Officer since 2013, and has worked with other notable executives like John Woods and Donald McCree. The company's board of directors includes notable individuals such as Richard Thornburgh, former United States Attorney General, and Ellen Alemany, former head of RBS Americas. The company is organized into several business segments, including consumer banking, commercial banking, and wealth management, which are overseen by the Federal Reserve System and the Office of the Comptroller of the Currency. The company has also established partnerships with other organizations, including Harvard University and Massachusetts Institute of Technology.
● Products and Services
The company offers a wide range of products and services to its customers, including personal banking, small business banking, and commercial banking, which are comparable to those offered by other major banks like Wells Fargo and U.S. Bank. The company's personal banking products include checking and savings accounts, credit cards, and mortgages, which are insured by the Federal Deposit Insurance Corporation (FDIC). The company's small business banking products include business checking and savings accounts, credit cards, and loans, which are guaranteed by the Small Business Administration (SBA). The company's commercial banking products include cash management, treasury services, and corporate lending, which are overseen by the Federal Reserve System and the Office of the Comptroller of the Currency. The company has also established partnerships with other organizations, including American Express and Visa Inc..
● Financial Performance
The company has reported strong financial performance in recent years, with net income of $1.4 billion in 2020, and total assets of over $160 billion, comparable to other major banks like Bank of New York Mellon and State Street Corporation. The company's revenue has grown steadily over the years, driven by an increase in net interest income and non-interest income, which is overseen by the Securities and Exchange Commission (SEC). The company's efficiency ratio has also improved, driven by cost-cutting measures and investments in technology, which have been facilitated by partnerships with companies like Microsoft and Oracle Corporation. The company has also received ratings from major credit rating agencies, including Moody's Investors Service and Standard & Poor's.
● Controversies
The company has been involved in several controversies over the years, including a lawsuit filed by the United States Department of Justice in 2014, alleging that the company had engaged in discriminatory lending practices, which was settled with the help of the Federal Reserve System and the Office of the Comptroller of the Currency. The company has also faced criticism for its role in the 2008 financial crisis, and has paid millions of dollars in settlements and fines to regulatory agencies, including the Federal Reserve System and the Securities and Exchange Commission (SEC). In 2020, the company was fined $18 million by the Consumer Financial Protection Bureau (CFPB) for allegedly engaging in deceptive practices related to credit card add-on products, which was also investigated by the Federal Trade Commission (FTC).
● Operations
The company operates in 11 states, including Connecticut, Delaware, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, and Vermont, with over 1,000 branches and 3,000 ATMs, which are overseen by the Federal Reserve System and the Office of the Comptroller of the Currency. The company employs over 18,000 people, and has a diverse range of customers, including individuals, small businesses, and large corporations, which are served by the company's partnerships with organizations like National Federation of Independent Business and United States Chamber of Commerce. The company has also established a presence in other countries, including Canada and United Kingdom, through its partnerships with companies like Toronto-Dominion Bank and Barclays. The company is committed to giving back to the community, and has established a charitable foundation, which supports organizations like American Red Cross and United Way.