Citizens Financial Group, Inc. Announces Final Stress Capital Buffer Requirement
Citizens Financial Group, Inc. (NYSE: CFG or the “Company”) today announced that the Board of Governors of the Federal Reserve System (the “Federal Reserve”) has completed its review of the Company’s request to reconsider its preliminary Stress Capital Buffer (“SCB”) based on the results of the 2020 Dodd-Frank Act Stress Test (“DFAST”) in connection with the related Comprehensive Capital Analysis and Review (“CCAR”). The Federal Reserve has informed the Company that the final SCB requirement for CFG will remain at 3.4 percent, effective October 1, 2020, and the Company’s 2020 Capital Plan is unchanged.
“While we appreciate the opportunity to review our arguments for the reconsideration of CFG’s SCB requirement with the Federal Reserve through this new process, we are disappointed with their conclusion,” said John F. Woods, Vice Chairman and Chief Financial Officer. “We believe the Federal Reserve has registered our points, and while no change was made this cycle, we look forward to working with them going forward as they continue to improve the accuracy of their models. Importantly, we continue to demonstrate our resiliency in the real-life stress of 2020, with a strong capital base that we are putting to good use in support of our clients and communities.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.9 billion in assets as of June 30, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.