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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 001-36636

(Exact name of registrant as specified in its charter)


Delaware						05-0412693
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

One Citizens Plaza, Providence, RI 02903

(Address of principal executive offices, including zip code)

(203) 900-6715

(Registrant’s telephone number, including area code)

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

Securities registered pursuant to Section 12(g) of the Act: None

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☑ Yes ☐ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. ☐ Yes ☑ No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:


Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		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. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ~~Exchange~~ Act). ☐ Yes ☑ No

The aggregate market value of voting stock held by non-affiliates of the registrant was $1619,~~220~~237,~~612~~809,~~178~~260 (based on the June 30, ~~2024~~2025 closing price of Citizens Financial Group, Inc. common shares of $3644.0375 as reported on the New York Stock Exchange). There were ~~437~~424,~~136~~983,~~981~~657 shares of the registrant’s common stock ($0.01 par value) outstanding on February 4, ~~2025~~2026.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Citizens Financial Group, Inc.’s Proxy Statement to be filed with the United States Securities and Exchange Commission in connection with Citizens Financial Group, Inc.’s ~~2025~~2026 ~~annual~~Annual ~~meeting~~Meeting of ~~stockholders~~Shareholders (the “Proxy Statement”) are incorporated by reference into Part III hereof.

Table of Contents

~~Table of Contents~~

Page

~~Page~~

Glossary of Acronyms and Terms

~~Glossary of Acronyms and Terms~~

Forward-Looking Statements

~~Forward-Looking Statements~~

Part I.

Part I

Item 1. Business

~~Item 1. Business~~

Item 1A. Risk Factors

~~Item 1A. Risk Factors~~

Item 1B. Unresolved Staff Comments

~~Item 1B. Unresolved Staff Comments~~

Item 1C. Cybersecurity

~~Item 1C. Cybersecurity~~

Item 2. Properties

~~Item 2. Properties~~

Item 3. Legal Proceedings

~~Item 3. Legal Proceedings~~

Item 4. Mine Safety Disclosures

~~Item 4. Mine Safety Disclosures~~

Part II.

Part II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

~~Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities~~

Item 6. Reserved

~~Item 6. Reserved~~

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

~~Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations~~

Item 7A. Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Item 8. Financial Statements and Supplementary Data

~~Item 8. Financial Statements and Supplementary Data~~

Consolidated Balance Sheets

~~Consolidated Balance Sheets~~

Consolidated Statements of Operations

~~Consolidated Statements of Operations~~

Consolidated Statements of Comprehensive Income

~~Consolidated Statements of Comprehensive Income~~

Consolidated Statements of Changes in Stockholders’ Equity

~~Consolidated Statements of Changes in Stockholders’ Equity~~

Consolidated Statements of Cash Flows

~~Consolidated Statements of Cash Flows~~

Notes to Consolidated Financial Statements

~~Notes to Consolidated Financial Statements~~

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

~~Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure~~

153

~~155~~

Item 9A. Controls and Procedures

~~Item 9A. Controls and Procedures~~

153

~~155~~

Item 9B. Other Information

~~Item 9B. Other Information~~

154

~~156~~

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

~~Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections~~

154

~~156~~

Part III.

Part III

Item 10. Directors, Executive Officers and Corporate Governance

~~Item 10. Directors, Executive Officers and Corporate Governance~~

154

~~156~~

Item 11. Executive Compensation

~~Item 11. Executive Compensation~~

154

~~156~~

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

~~Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters~~

155

~~157~~

Item 13. Certain Relationships and Related Transactions, and Director Independence

~~Item 13. Certain Relationships and Related Transactions, and Director Independence~~

155

~~157~~

Item 14. Principal Accountant Fees and Services

~~Item 14. Principal Accountant Fees and Services~~

155

~~157~~

Part IV.

Part IV

Item 15. Exhibits and Financial Statement Schedules

~~Item 15. Exhibits and Financial Statement Schedules~~

155

~~157~~

Item 16. Form 10-K Summary

~~Item 16. Form 10-K Summary~~

159

~~161~~

Signatures

~~Signatures~~

160

~~162~~


						Citizens Financial Group, Inc. \| 1

GLOSSARY OF ACRONYMS AND TERMS

The following is a list of common acronyms and terms used regularly in our financial reporting:

AACL						Adjusted Allowance for Credit Losses
ACL						Allowance for Credit Losses: Allowance for Loan and Lease Losses plus Allowance for Unfunded Lending Commitments
AFS						Available for Sale
ALLL						Allowance for Loan and Lease Losses
ALM						Asset and Liability Management
AOCI						Accumulated Other Comprehensive Income (Loss)
ASC						Accounting Standards Codification
ASU						Accounting Standards Update
ATM						Automated Teller Machine
Bank Holding Company Act						The Bank Holding Company Act of 1956
BHC						Bank Holding Company
Board or Board of Directors						The Board of Directors of Citizens Financial Group, Inc.
bps						Basis Points
Capital Plan Rule						Federal Reserve Regulation Y Capital Plan Rule
CBNA						Citizens Bank, National Association
CCAR						Comprehensive Capital Analysis and Review
CCB						Capital Conservation Buffer
CECL						Current Expected Credit Losses ~~(ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments)~~
CET1						Common Equity Tier 1
CEO						Chief Executive Officer
CET1 capital ratio						Common Equity Tier 1 capital divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
CFPB						Consumer Financial Protection Bureau
CFTC						Commodity Futures Trading Commission
Citizens, CFG, the Company, we, us, or our						Citizens Financial Group, Inc. and its Consolidated Subsidiaries
CLTV						Combined Loan-to-Value
CMO						Collateralized Mortgage Obligation
CME						Chicago Mercantile Exchange
CODM						Chief Operating Decision Maker
COVID						Coronavirus Disease
CRA						Community Reinvestment Act
CRE						Commercial Real Estate
DIF						Deposit Insurance Fund
Dodd-Frank Act						The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EAD						Exposure at Default
EEO-1 report						Mandatory report on workforce demographics submitted annually to the U.S. Equal Employment Opportunity Commission
Efficiency Ratio						Noninterest expense divided by total revenue, inclusive of net interest income and noninterest income
EPS						Earnings Per Share
ESPP						Employee Stock Purchase Plan
EVE						Economic Value of Equity
Exchange Act						The Securities Exchange Act of 1934, as amended
Fannie Mae (FNMA)						Federal National Mortgage Association
FASB						Financial Accounting Standards Board
FDIA						Federal Deposit Insurance Act
FDIC						Federal Deposit Insurance Corporation
FDM						Financially Distressed Modification


						Citizens Financial Group, Inc. \| 2

FDIC						Federal Deposit Insurance Corporation
Federal Banking Regulators						Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency
FDM						Financially Distressed Modification
Federal Banking Regulators						Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency
FFIEC						Federal Financial Institutions Examination Council
FHA						Federal Housing Administration
FHC						Financial Holding Company
FHLB						Federal Home Loan Bank
FICO						Fair Isaac Corporation (credit rating)
FINRA						Financial Industry Regulation Authority
FRB or Federal Reserve						Board of Governors of the Federal Reserve System and, as applicable, Federal Reserve Bank(s)
Freddie Mac (FHLMC)						Federal Home Loan Mortgage Corporation
FTE						Fully Taxable Equivalent
FTP						Funds Transfer Pricing
GAAP						Accounting Principles Generally Accepted in the United States of America
GDP						Gross Domestic Product
GLBA						Gramm- Leach- Bliley Act of 1999
Ginnie Mae (GNMA)						Government National Mortgage Association
GSE						Government Sponsored ~~Entity~~Enterprise
HSBC						HSBC Bank U.S.A., N.A.
HSBC transaction						Acquisition of HSBC East Coast branches and national online deposit business
HTM						Held To Maturity
IDI						Insured Depository Institution
Investors						Investors Bancorp, Inc. and its subsidiaries
JMP						JMP Group LLC
LHFS						Loans Held for Sale
LGD						Loss Given Default
LIHTC						Low Income Housing Tax Credit
LTV						Loan to Value
M&A						Merger and Acquisition
MD&A						Management’s Discussion and Analysis of Financial Condition and Results of Operations
Mid-Atlantic						District of Columbia, Delaware, Maryland, New Jersey, New York, Pennsylvania, Virginia, and West Virginia
Midwest						Illinois, Indiana, Michigan, and Ohio
Modified AACL transition						The Day-1 CECL adoption entry booked to ACL plus 25% of subsequent CECL ACL reserve build
MSR						Mortgage Servicing Right
Modified CECL transition						The Day-1 CECL adoption entry booked to retained earnings plus 25% of subsequent CECL ACL reserve build
MSRs						Mortgage Servicing Rights
New England						Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont
NM						Not meaningful
NMTC						New Markets Tax Credit
NSFR						Net Stable Funding Ratio
OCC						Office of the Comptroller of the Currency
OCI						Other Comprehensive Income (Loss)
OFAC						U.S. Treasury Department Office of Foreign Assets Control
OTC						Over the Counter
Parent Company						Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCD						Purchased Credit Deteriorated
PD						Probability of Default
peers or peer regional banks						Comerica, Fifth Third, Huntington, KeyCorp, M&T, PNC, Regions, Truist, and U.S. Bancorp
ROTCE						Return on Average Tangible Common Equity
RPA						Risk Participation Agreement
RWA						Risk-Weighted Assets
SBA						United States Small Business Administration
SCB						Stress Capital Buffer
SEC						United States Securities and Exchange Commission


						Citizens Financial Group, Inc. \| 3

Operating Leverage						Period-over-period percent change in total revenue, less the period-over-period percent change in noninterest expense
OTC						Over the Counter
Parent Company						Citizens Financial Group, Inc. (the Parent Company of Citizens Bank, National Association and other subsidiaries)
PCD						Purchased Credit Deteriorated
PD						Probability of Default
peers or peer regional banks						Comerica, Fifth Third, Huntington, KeyCorp, M&T, PNC, Regions, Truist and U.S. Bancorp
REIT						Real estate investment trust
ROTCE						Return on Average Tangible Common Equity
RPA						Risk Participation Agreement
RWA						Risk-Weighted Assets
SBA						United States Small Business Administration
SCB						Stress Capital Buffer
SEC						United States Securities and Exchange Commission
SOFR						Secured Overnight Financing Rate
SPE						Special Purpose Entity
SVaR						Stressed Value at Risk
TBAs						To-Be-Announced Mortgage Securities
TBA						To-Be-Announced Mortgage Security
Tier 1 capital ratio						Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional ~~tier~~Tier 1 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
Tier 1 leverage ratio						Tier 1 capital, which includes Common Equity Tier 1 capital plus non-cumulative perpetual preferred equity that qualifies as additional ~~tier~~Tier 1 capital, divided by quarterly adjusted average assets as defined under the U.S. Basel III Standardized approach
TOP						Tapping Our Potential
Total capital ratio						Total capital, which includes Common Equity Tier 1 capital, ~~tier~~Tier 1 capital, and allowance for credit losses and qualifying subordinated debt that ~~qualifies~~qualify as ~~tier~~Tier 2 capital, divided by total risk-weighted assets as defined under the U.S. Basel III Standardized approach
USDA						United States Department of Agriculture
VA						United States Department of Veterans Affairs
VaR						Value at Risk
VIE						Variable Interest Entity


						Citizens Financial Group, Inc. \| 4

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “likely,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic, business, and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank and ~~achieve~~Private Wealth, and our ~~financial~~aim ~~performance~~to ~~goals~~position ~~across~~us ~~our~~as ~~Consumer~~a ~~and~~more ~~Commercial~~innovative, ~~businesses~~modern, ~~including~~and ~~our~~customer-centric ~~Private Bank~~bank;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•The effect of changes in interest rates on our net interest income, net interest margin, ~~and our~~ mortgage originations, mortgage servicing rights, and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources, and affect the ability to originate and distribute financial products in the primary and secondary markets;

•Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses;

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of ~~cyber-attacks~~cyberattacks; and

•Management’s ability to identify and manage these and other risks.


						Citizens Financial Group, Inc. \| 5

In•Management’s ~~addition~~ability to ~~the~~identify ~~above factors, we also caution that the actual amounts~~ and ~~timing~~manage ofthese any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and ~~regulatory considerations, as well as any~~ other ~~factors that our Board of Directors deems relevant in making such a determination~~risks. ~~Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.~~

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under Item 1A “Risk Factors.”

PART I

ITEM 1. BUSINESS

Citizens Financial Group, Inc. is headquartered in Providence, Rhode Island. We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. Our products and services are offered through more than 1,000 branches in 14 states and the District of Columbia and 9775 retail and commercial non-branch offices, though certain lines of business serve national markets. ~~At December 31, 2024, we had total assets of $217.5 billion, total deposits of $174.8 billion and total stockholders’ equity of $24.3 billion.~~

WeAt ~~are~~December a31, ~~BHC~~2025, ~~incorporated~~we had total assets of $226.4 billion, total deposits of $183.3 billion, and total stockholders’ equity of $26.3 billion. In addition, we had total client assets of $61.9 billion, including assets under ~~Delaware~~management ~~state~~of ~~law~~$35.9 inbillion, ~~1984~~representing assets for which continuous and ~~our~~regular ~~primary~~supervisory ~~federal~~or ~~regulator~~management isservices ~~the~~are ~~FRB~~provided, and transactional assets of $26.0 ~~CBNA~~billion, isrepresenting ~~our~~assets ~~banking~~for ~~subsidiary~~which execution, ~~whose~~custody, ~~primary~~recordkeeping, ~~federal~~reporting, ~~regulator~~and isother ~~the~~services ~~OCC~~are provided.

We are a BHC incorporated under Delaware state law in 1984, and our primary federal regulator is the FRB. CBNA is our banking subsidiary, whose primary federal regulator is the OCC.

Business Segments

We manage our business through two primary business segments: Consumer Banking and Commercial Banking. Our activities outside these segments are classified as ~~Non-Core or~~ Other. ~~Non-Core includes our indirect auto~~ and ~~certain~~primarily ~~purchased consumer loan portfolios that we discontinued the origination of in 2023 as part of our balance sheet optimization strategy. Other~~ includes treasury ~~activities,~~and ~~wholesale funding, the securities portfolio,~~ community development ~~assets~~operations, ~~and~~along with other unallocated assets, liabilities, capital, revenues, provision (benefit) for credit losses, and expenses, including income tax expense (benefit). For additional information regarding our business segments see the “Business ~~Operating~~ Segments” section of Item 7 and Note 2624 in Item 8.

Consumer Banking Segment

Consumer Banking serves consumer customers and small businesses, with products and services that include deposits, mortgage and home equity lending, credit cards, small business loans, and wealth management ~~and~~solutions ~~investment services~~ largely across our 14-state traditional banking footprint. We also offer education and point-of-sale finance loans in addition to select digital deposit products nationwide. Citizens Private Bank ~~integrates~~and ~~wealth~~Private ~~management~~Wealth ~~and~~integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs, and businesses.

Consumer Banking operates a multi-channel distribution network with a workforce of approximately 5,~~000~~100 branch colleagues, 1,000 branches, including ~~143~~117 in-store locations, and 3,100 ATMs. Our network includes approximately 1,~~000~~500 specialists covering lending, savings, and ~~investment~~wealth management needs as well as a broad range of small business products and services. We serve customers on a national basis through telephone service centers and our online and mobile platforms where we offer customers the convenience of depositing funds, paying bills, and transferring money between accounts and from person to person, as well as a host of other everyday transactions.

Commercial Banking Segment

Commercial Banking primarily serves companies and institutions and strives to be a trusted advisor to our clients and preferred provider for their banking needs. We offer 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 ~~syndicated~~loan ~~loans~~syndication, corporate finance, ~~mergers~~merger and ~~acquisitions~~acquisition, and debt and equity capital markets capabilities.

Commercial Banking is organized around client segments and their banking needs. Corporate Banking, Commercial Real Estate, Capital Markets and Advisory, and Treasury Solutions work together to understand client needs and provide comprehensive solutions to meet those needs. We acquire new clients through a coordinated approach to the market, leveraging deep industry knowledge in specialized banking groups and a geographic coverage model.


						Citizens Financial Group, Inc. \| 6

~~Corporate~~Commercial Banking ~~serves~~is ~~commercial~~organized ~~and~~around ~~industrial~~client ~~clients~~segments and ~~corporate~~their ~~clients~~banking inneeds. ~~the~~Middle ~~United~~Market ~~States.~~& InMidcorporate ~~several~~- ~~areas~~Commercial & Industrial, ~~such~~Commercial asReal ~~Aerospace~~Estate, ~~Defense~~Capital Markets and ~~Government Services~~Advisory, ~~Communications,~~and ~~Transportation~~Treasury ~~and~~& ~~Logistics,~~Wholesale ~~Food~~Payments ~~and~~work ~~Restaurants,~~together ~~Human~~to ~~Capital~~understand ~~Management,~~client needs and ~~Gaming~~provide wecomprehensive ~~offer~~solutions ato ~~more~~meet ~~dedicated~~those ~~and~~needs. ~~tailored~~We acquire new clients through a coordinated approach to ~~better~~the ~~meet~~market, ~~the~~leveraging ~~unique~~deep ~~needs~~industry ofknowledge ~~these~~in ~~client~~specialized ~~segments.~~banking groups and a geographic coverage model.

~~Commercial~~Middle ~~Real~~Market ~~Estate~~& ~~provides~~Midcorporate ~~customized~~- ~~debt~~Commercial ~~capital~~& ~~solutions~~Industrial ~~for~~serves ~~middle-market~~commercial ~~operators,~~and ~~institutional~~industrial ~~developers,~~clients ~~investors,~~based ~~and~~in ~~REITs~~the United States. ~~Commercial~~To ~~Real~~better ~~Estate~~meet ~~provides~~the ~~financing~~unique ~~for~~needs ~~projects~~of ~~primarily~~these inclient ~~the~~segments ~~multi-family,~~we ~~office,~~offer ~~industrial,~~a ~~retail,~~more ~~healthcare~~dedicated and ~~hospitality~~tailored approach and cover a group of targeted industry sectors.

~~Capital~~Commercial ~~Markets~~Real ~~and~~Estate ~~Advisory~~provides ~~serves~~customized ~~clients~~debt ~~through~~capital ~~key~~solutions ~~product~~for ~~groups including Corporate Finance, Capital Markets, and Global Markets. Corporate Finance provides advisory services to~~ middle-market ~~and~~operators, ~~mid-corporate~~institutional ~~clients~~developers, ~~including~~investors, ~~mergers~~ and ~~acquisitions~~real ~~and~~estate ~~capital~~investment ~~structure advice~~trusts. ~~The~~Commercial ~~team~~Real ~~works~~Estate ~~closely with industry-sector specialists within capital markets to advise our clients. Corporate Finance also~~ provides ~~acquisition and follow-on~~ financing for ~~new~~projects ~~and~~primarily ~~recapitalized~~in ~~portfolio companies of key sponsors, with services meeting~~ the ~~unique and time-sensitive needs of private equity firms~~multifamily, ~~management companies and funds~~office, ~~and underwriting and portfolio management expertise for leveraged transactions and relationships. Capital Markets originates~~industrial, ~~structures and underwrites credit and equity facilities targeting middle-market~~retail, ~~mid-corporate and private equity sponsors. They focus on offering value-added ideas to optimize their capital structures~~healthcare, ~~including advising on~~ and ~~facilitating~~hospitality ~~mergers and acquisitions, valuations, tender offers, financial restructurings, bond and equity underwriting, asset sales, divestitures and other corporate reorganizations and business combinations~~sectors. Capital Markets also provides sales and trading across loan, fixed income and equity products, as well as other brokerage services including equity research. Global Markets provides foreign exchange, interest rate and commodities risk management services.

~~The~~Capital ~~Treasury~~Markets ~~Solutions~~and Advisory serves clients through key product ~~group~~groups ~~supports~~including ~~Commercial~~Corporate ~~Banking~~Finance, Capital Markets, and ~~certain~~Global ~~small~~Markets. ~~business~~Corporate Finance primarily provides advisory services to middle-market and mid-corporate clients, including mergers and acquisitions and capital structure advice. The team works closely with ~~treasury~~industry-sector specialists within capital markets to advise our clients. Corporate Finance also provides acquisition and follow-on financing for new and recapitalized portfolio companies of key sponsors, with services meeting the unique and time-sensitive needs of private equity firms, management ~~solutions~~companies, ~~including~~and ~~domestic~~funds, and ~~international~~underwriting ~~products~~and portfolio management expertise for leveraged transactions and ~~services~~relationships. ~~related~~Capital Markets originates, structures, and underwrites credit and equity facilities targeting middle-market, mid-corporate, and private equity sponsors. They focus on offering value-added ideas to ~~receivables~~optimize their capital structures, ~~payables~~including advising on and facilitating mergers and acquisitions, ~~information~~valuations, ~~reporting~~tender offers, financial restructurings, bond and ~~liquidity~~equity ~~management~~underwriting, asset sales, divestitures, and other corporate reorganizations and business combinations. Capital Markets also provides sales and trading across loan, fixed income, and equity products, as well as ~~commercial~~other ~~credit~~brokerage ~~cards~~services including equity research. Global Markets provides foreign exchange, interest rate, and ~~trade~~commodities ~~finance~~risk management services.

Treasury & Wholesale Payments supports Commercial Banking and certain small business clients with treasury management and payment solutions, including domestic and international products and services related to receivables, payables, information reporting, and liquidity management, as well as commercial credit cards and trade finance.

Business Strategy

Our ~~mission is to help our customers, colleagues and communities reach their potential, and our~~ vision is to ~~become~~be a top-performing regional bank distinguished by our customer~~-centric~~ ~~culture~~centricity, mindset of continuous improvement, ~~product innovation,~~ and excellent capabilities. ~~We strive to understand customer and client needs so we can tailor advice and solutions to help make them more successful.~~ Our ~~business~~ strategy is ~~designed~~grounded toin ~~maximize~~a ~~the~~“three-legged ~~full~~stool” ~~potential~~model consisting of ~~our~~a ~~business~~transformed Consumer Bank, ~~drive~~best-positioned ~~sustainable~~Commercial ~~growth~~Bank, and ~~enhance~~premier ~~profitability~~Private Bank. ~~Our~~To ~~success~~achieve ~~rests~~our onvision, ~~our~~we ~~ability~~are toexecuting ~~distinguish~~against ~~ourselves~~five asstrategic ~~follows~~objectives:

~~Maintain~~Grow a high-~~performing,~~quality deposits and deepen customer~~-centric~~ ~~organization~~relationships: We ~~continually~~remain ~~strive~~focused toon ~~enhance~~growing ~~our~~high‑quality ~~“customer-first”~~deposits ~~culture~~and bystrengthening ~~emphasizing~~primary ~~the~~banking ~~“voice~~relationships ofby ~~the~~delivering a customer”‑centric toexperience ~~deliver~~grounded ~~the~~in ~~best~~advice, ~~possible~~tailored ~~banking~~solutions, ~~experience~~and our expanded capabilities. We ~~seek~~aim to deepen ~~relationships~~engagement ~~with~~across ~~our~~key ~~customers~~customer segments by offering a ~~full~~comprehensive suite of products designed to ~~meet~~anticipate ~~their~~and ~~unique~~exceed ~~needs.~~evolving Incustomer ~~addition~~needs, wethrough ~~are~~frictionless ~~taking~~digital ~~talent~~and ~~management~~omni‑channel toexperiences ~~the~~that ~~next~~make ~~level~~banking easier, ~~with~~more aseamless, ~~goal~~and ofmore ~~attracting,~~personalized. ~~developing~~Through ~~and~~disciplined ~~retaining~~execution ~~great~~and ~~people~~risk management, ~~while~~and ~~ensuring~~continuous ~~strong~~improvement ~~leadership,~~in ~~teamwork~~how we serve customers, we seek to build deeper trust and arelationships ~~sense~~and ofdrive ~~empowerment~~sustainable, ~~accountability~~relationship‑driven ~~and~~deposit ~~urgency~~growth.

~~Develop~~Drive ~~differentiated~~scale ~~value~~in ~~propositions~~growth ~~to acquire~~markets, ~~deepen~~key industries, and ~~retain~~high-opportunity ~~core customer segments~~businesses: ~~Our~~We ~~focus~~continue isto onstrengthen ~~select~~our ~~customer~~competitive ~~segments~~position ~~where~~by weexpanding ~~believe~~in wegrowth ~~are~~markets, ~~well~~deepening ~~positioned~~our topresence ~~compete.~~in Inpriority ~~Consumer~~industry ~~Banking~~verticals, weand ~~focus~~investing onin ~~serving~~businesses ~~mass~~with ~~affluent~~attractive and ~~affluent~~sustainable ~~customers,~~long‑term ~~small businesses and high-net-worth individuals~~potential. ~~Our~~Through ~~Private~~disciplined ~~Bank~~resource ~~serves~~allocation, ~~high-~~targeted ~~and~~talent ~~ultra-high-net-worth individuals~~investments, ~~family~~and ~~offices,~~a ~~private~~focus ~~equity/venture~~on ~~capital~~relationship‑led ~~firms~~growth, ~~and~~we ~~business~~aim ~~clients~~to ~~through~~broaden ~~integrated~~our ~~wealth~~reach ~~management~~ and ~~banking~~build ~~services.~~scale Inwhere ~~Commercial Banking,~~ we ~~focus~~are onbest ~~serving~~positioned ~~customers~~to inwin. ~~the~~By ~~middle-market,~~aligning ~~mid-corporate,~~our ~~and~~capabilities ~~select~~with ~~industry~~the ~~verticals.~~evolving Byneeds ~~developing~~of ~~differentiated~~middle‑market and ~~targeted~~mid‑corporate ~~value propositions~~clients, ~~building our fee-based businesses~~ and ~~developing~~by ~~innovative~~expanding ~~product~~in ~~solutions~~high‑opportunity sectors, we ~~believe~~seek weto ~~can~~deliver ~~attract~~differentiated ~~new customers~~insights, ~~deepen~~enhance ~~relationships~~cross‑bank ~~with~~connectivity, ~~existing~~and ~~customers~~capture ~~and~~a ~~deliver~~greater anshare ~~enhanced~~of ~~customer~~high‑quality, ~~experience~~relationship‑based opportunities.


						Citizens Financial Group, Inc. \| 7

~~Build~~Deliver ~~excellent~~high-quality ~~capabilities~~solutions ~~designed~~and toadvice: ~~help~~Providing uscustomers ~~stand~~and ~~out~~clients ~~from~~with ~~competitors:~~tailored Wesolutions ~~strive~~and totrusted ~~deliver~~advice ~~seamless,~~remains ~~omni-channel~~central ~~experiences that allow customers~~ to ~~interact~~our ~~with us when, where and how they choose~~strategy. We are enhancing ~~capabilities~~our inproduct ~~key~~suites, ~~areas~~investing ~~including~~in ~~technology,~~digital ~~payments,~~and data ~~and analytics~~capabilities, ~~private~~and ~~bank~~equipping ~~and~~our ~~wealth,~~teams ~~collections~~to ~~and~~deliver ~~fraud~~seamless, ~~and digital (mobile/online banking and~~ omni-‑channel ~~servicing)~~experiences. WeAs ~~are~~customer onexpectations aevolve, ~~multi-year~~we ~~digital~~continue ~~transformation~~to ~~journey~~modernize ~~across~~ our ~~Consumer~~platforms, ~~and~~strengthen ~~Commercial~~treasury ~~organizations~~and topayment ~~digitize~~capabilities, ~~end-to-end customer experiences~~ and ~~transform~~advance ~~our~~advisory‑led ~~marketing~~engagement toacross ~~drive~~Consumer, ~~consumer-direct~~Commercial, ~~acquisition~~and inPrivate ~~order~~Bank toand ~~satisfy~~Private ~~rapidly changing customer preferences~~Wealth. WeBy ~~strive~~combining toexpertise, ~~use~~technology, ~~advanced data analytics~~ and ~~artificial~~a ~~intelligence~~customer‑first ~~for~~mindset, ~~personalization~~we ~~and~~aim to ~~provide~~deliver timely, insight-‑driven, ~~tailored~~guidance ~~advice~~that indeepens ~~order~~relationships ~~to deliver solutions to consumer~~ and ~~commercial~~distinguishes ~~customers~~our ~~throughout~~value ~~their lifecycles~~proposition.

~~Operate~~Continue ~~with~~to ~~financial~~optimize ~~discipline~~balance sheet and abusiness ~~mindset~~mix: ofWe ~~continuous~~manage ~~improvement~~our tobalance ~~self-fund~~sheet ~~investments:~~with Wediscipline ~~believe~~and ~~that~~a ~~continued~~clear focus on ~~operational~~generating ~~efficiency~~attractive, isrisk‑adjusted ~~critical~~returns. toOur ~~our~~strategy ~~future~~emphasizes ~~profitability~~thoughtful ~~and~~capital ~~ability~~allocation, toproactive ~~continue~~portfolio tomanagement, ~~reinvest~~and todeliberate ~~drive~~shifts ~~future~~toward ~~growth~~relationship‑oriented, higher‑quality businesses. We ~~launched~~remain ~~the~~committed ~~first~~to ~~Tapping~~strengthening ~~our~~the ~~Potential~~durability ~~(“TOP”)~~of ~~initiative~~our inearnings ~~2014~~by ~~and~~increasing ~~have~~the ~~launched~~mix ~~additional~~of ~~programs~~attractive indeposits, ~~subsequent~~expanding ~~years.~~recurring ~~These~~fee‑income ~~programs are designed to transform how we operate and to improve the effectiveness~~streams, ~~efficiency,~~ and ~~competitiveness~~reducing ofexposure ~~our~~to ~~franchise~~lower‑return activities. ~~Our~~Through ~~TOP~~ongoing 9optimization ~~program~~and ~~was~~rigorous ~~completed~~risk ~~in 2024~~management, ~~and~~ we ~~launched~~aim ato ~~TOP~~maintain 10a ~~program~~strong infinancial ~~2025~~foundation tothat ~~allow~~supports uslong‑term toresilience ~~continue~~and tosustained ~~self-fund investments~~growth.

~~Prudently~~Invest ~~grow~~in ~~and optimize~~ our ~~balance~~people ~~sheet~~and communities: We ~~operate~~invest ~~with~~in aour ~~strong~~colleagues ~~balance~~and ~~sheet~~communities ~~with~~by ~~regard~~fostering tostrong ~~capital~~leadership, building future‑ready skills, and ~~liquidity~~creating an inclusive, ~~coupled~~healthy ~~with~~workplace. aThrough ~~well-defined~~targeted development, modern learning tools, and ~~prudent~~a ~~risk~~compelling ~~appetite~~employee value proposition, we support colleague engagement, agility, and long‑term growth. We ~~continue~~also remain committed to ~~focus~~promoting onwell‑being, ~~thoughtfully~~inclusion, ~~growing~~and ~~our~~community ~~balance~~impact ~~sheet~~through byprograms ~~actively~~that ~~managing~~strengthen ~~capital~~resilience and ~~resource~~expand ~~allocations~~opportunity. ~~towards~~By ~~relationships-oriented~~empowering ~~growth~~our topeople ~~generate~~and ~~attractive~~contributing ~~risk-adjusted~~meaningfully ~~returns.~~to ~~Our~~the ~~goal~~communities iswe toserve, bewe ~~good~~reinforce ~~stewards~~our ofpurpose, strengthen our ~~resources~~brand, and ~~continue~~build tothe ~~rigorously~~foundation ~~evaluate~~for ~~our~~enduring ~~execution~~performance.

Modernize our technology and operational models to improve delivery, organizational agility and speed to market: We are continuing to modernize our technology environment by strengthening our infrastructure and migrating applications to the cloud. We have deployed and scaled an agile operating model to improve our speed-to-market, deliver innovative products and services and strengthen collaboration across teams. We also continue to actively incubate new innovative ideas and harness external innovation through FinTech partnerships and access to venture capital firms to help deliver differentiated value-added experiences for our customers. We continue to experiment with and deploy transformative technologies like Machine Learning (ML) and Artificial Intelligence (AI/Gen AI) across our customer-facing businesses and functions to drive value-add impact and improved experiences for our colleagues and customers.

Embed risk management within our culture and operations: Given that the quality of our risk management program directly affects our ability to execute our strategy, we continue to work to further strengthen our risk management culture. Moreover, we are committed to continuously enhancing our processes and talent, and to making improvements in the platform including ongoing investments in risk technology and frameworks. These actions are designed to support and enhance our risk management capabilities and regulatory profile.

Competition

The financial services industry is highly competitive. Our retail branch footprint is predominantly in the New England, Mid-Atlantic, and Midwest regions, ~~though~~and ~~certain~~our Private Bank footprint includes offices in California, Florida, New York, and Massachusetts. Certain lines of our business also serve national markets. ~~Within~~We ~~these~~face ~~markets,~~competition wewithin ~~face~~these ~~competition~~markets 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. Some of our larger competitors may ~~make~~offer ~~available to their customers~~ a broader array of products, pricing, and structure alternatives to their customers, while some smaller competitors may have more liberal lending policies and processes. In addition, some of our competitors ~~may~~are not be subject to the same regulatory requirements as we are and, therefore, may have lower costs they can pass on to customers. Competition among providers of financial products and services continues to increase, with consumers and businesses having the opportunity to select from a growing variety of traditional and nontraditional alternatives, such as Private Credit/Direct lenders. The ability of non-banking financial institutions, including FinTech companies, to provide services previously limited to commercial banks has also intensified competition.

In Consumer Banking, the industry has become increasingly dependent on and oriented toward technology-driven delivery systems, permitting transactions to be conducted through online and mobile channels. In addition, technology has lowered barriers to entry and made it possible for non-bank institutions to attract funds and provide lending and other financial products and services. The emergence of digital-only banking models has increased and we expect this trend to continue. These models are typically able to offer higher rates on deposit products than traditional retail banking institutions given their lower cost structure. The primary factors driving competition for loans and deposits are interest rates, fees charged, tailored value propositions to different customer segments, customer service levels, convenience, including branch locations and hours of operation, and the range of products and services offered.

In Commercial Banking, we face competition in all our client segments from a variety of industry participants including traditional banking institutions, particularly large regional banks, as well as commercial finance companies, leasing companies, other non-bank lenders, and institutional investors, including collateralized loan obligation managers, hedge funds, and private equity firms. Some larger competitors, including certain national banks that compete in our markets, may offer a broader array of products and be positioned to hold more exposure on their balance sheet due to their asset size. We compete on a number of factors including providing innovative corporate finance solutions, quality of customer service and execution, range of products offered, price, and reputation.


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In Consumer Banking, the industry has become increasingly dependent on and oriented toward technology-driven delivery systems, permitting transactions to be conducted through online and mobile channels. In addition, technology has lowered barriers to entry and made it possible for non-bank institutions to attract funds and provide lending and other financial products and services. The emergence of digital-only banking models has increased and we expect this trend to continue. Given their lower cost structure, these models are typically able to offer higher rates on deposit products than traditional retail banking institutions. The primary factors driving competition for loans and deposits are interest rates, fees charged, tailored value propositions to different customer segments, customer service levels, convenience, including branch locations and hours of operation, and the range of products and services offered.

In Commercial Banking, we face competition in all our client segments from a variety of industry participants including traditional banking institutions, particularly large regional banks, as well as commercial finance companies, leasing companies, other non-bank lenders, and institutional investors, including collateralized loan obligation managers, hedge funds and private equity firms. Some larger competitors, including certain national banks that compete in our market area, may offer a broader array of products and be in a position to hold more exposure on their balance sheet due to their asset size. We compete on a number of factors including providing innovative corporate finance solutions, quality of customer service and execution, range of products offered, price and reputation.

Human Capital Management

We believe ~~that our~~ long-term success depends on our ability to attract, develop, and retain a high-performing workforce. Our goal is to create an environment where colleagues can thrive personally and professionally and can maximize their potential., Asand ofour ~~December~~human ~~31,~~capital ~~2024,~~management ~~Citizens~~strategy ~~had~~is ~~17,287~~anchored ~~full-time~~in ~~equivalent~~a ~~employees,~~skills-based ~~primarily~~foundation ~~across~~that ~~New~~drives ~~England~~workforce agility and ~~the~~future ~~Mid-Atlantic~~readiness. Our Board of Directors and its Compensation and Human Resources Committee are responsible for overseeing our human capital management strategy, with senior management providing regular updates to facilitate that oversight. As of December 31, 2025, Citizens had 17,398 full-time equivalent employees, primarily across New England and the Mid-Atlantic.

~~Leadership,~~Attracting ~~Talent Development,~~ and ~~Talent~~Developing ~~Acquisition and Internal Mobility~~Talent

WeAttracting ~~are~~talent onwith athe ~~multi-year~~skills ~~journey~~and toexperience ~~build~~necessary ~~bold leaders at every level and~~ to ~~foster~~achieve aour ~~culture~~strategic ofobjectives ~~learning~~remains ~~and innovation~~imperative. We ~~facilitate~~leverage ~~programs~~various ~~aimed~~channels ~~at developing leadership capabilities and building capabilities~~ to ~~ensure~~identify ~~colleagues~~talent ~~excel~~with instrengths ~~their current roles~~ and ~~are~~values ~~valuable~~aligned ~~contributors~~with inour ~~the~~priorities ~~future~~and culture. ~~Citizens~~We ~~Talent~~continue ~~Matters,~~to ~~launched~~believe inthat ~~2024,~~fostering is a ~~talent~~workforce ~~marketplace~~with ~~that~~diverse ~~creates~~backgrounds ~~personalized~~and experiences tois ~~support~~fundamental ~~skill-building~~to ~~and~~driving ~~career advancement for colleagues~~innovation. WeOur ~~have~~Hiring ~~also~~Blueprint, ~~expanded~~introduced ~~educational~~in ~~assistance~~2025, ~~and~~establishes ~~educational~~a ~~pathways~~process ~~for~~through ~~emerging~~which ~~and~~the ~~critical~~ skills, ~~through our academies~~behaviors, ~~which~~and ~~focus~~achievements onof ~~areas~~candidates ~~such~~are asevaluated ~~Innovation,~~using ~~Agile,~~a ~~Next~~consistent ~~Gen~~framework ~~Tech,~~that ~~Banking~~provides ~~and~~recruiters ~~Credit,~~ and ~~Data~~managers &with ~~Analytics.~~guidance ~~Continuous~~on ~~learning~~effectively ~~and~~evaluating acandidates. ~~growth~~We ~~mindset~~continue ~~are~~to ~~essential~~evolve ~~for~~our ~~colleagues~~hiring toprocesses ~~thrive~~and asexplore ~~part~~ways ofthat ~~our~~technology ~~organization~~ and toautomation ~~feel~~can afurther ~~sense~~improve ofcandidate ~~accomplishment and purpose~~experience.

~~Attracting~~Our development and ~~retaining~~learning ~~talent~~initiatives ~~with~~are ~~the~~aimed ~~skills~~at ~~and~~building ~~experience~~capabilities ~~necessary~~ to ~~drive~~ensure ~~our~~colleagues ~~long-term~~excel ~~priorities~~in ~~remains~~their ~~integral~~current toroles ~~achieving~~and ~~our~~are ~~strategic~~valuable ~~plan~~contributors in the future. We ~~evaluate~~remain ~~candidates~~ on ~~their~~a ~~holistic~~multi-year ~~portfolio~~journey ofto ~~skills~~build bold leaders and ~~experiences.~~nurture ~~Ongoing~~a ~~competition~~culture ~~for~~of ~~talent~~learning inand ~~high-volume~~innovation, ~~roles~~consistently ~~and~~enhancing ~~emerging~~the ~~skill~~resources ~~areas~~available ~~persists,~~to ~~and~~our wecolleagues ~~have~~in ~~implemented~~pursuit ~~new~~of ~~processes~~these toobjectives. ~~improve~~We recognize that the ~~efficiency~~success of our long-term strategy relies on the ~~hiring~~strength ~~process.~~of ~~Talent~~our ~~selection~~leaders ~~will~~and ~~continue~~we remain dedicated to ~~have~~advancing ~~broad~~their ~~impacts~~capabilities. onWe ~~culture,~~launched a new leadership, ~~and~~development ~~productivity~~program atfor ~~all~~frontline ~~levels~~managers across the enterprise and ~~focus~~are ~~remains~~implementing ona ~~expanding~~new ~~capabilities~~leadership framework to ~~attract,~~further ~~select,~~build ~~and~~a ~~retain~~culture ~~talent~~of inclusive, high-impact leadership.

~~Employee~~Continuous ~~Engagement~~learning and a growth mindset are essential for colleagues to thrive as part of our organization and to feel a sense of accomplishment and purpose. With the launch of Talent Matters in 2024, colleagues now have access to a talent marketplace that creates personalized experiences to support skill-building and career advancement. In 2025, we launched a new learning operating model that creates a more streamlined learner experience and expands learning solutions across the enterprise. By leveraging artificial intelligence and advanced learning platforms we are accelerating personalized learning and building capacity for skill development. This approach supports our recently expanded educational assistance and robust academy programs, creating learning pathways for critical and emerging skills.

~~Listening~~Engaging ~~to our colleagues’ voices~~ and ~~experiences~~Rewarding is important to us and is instrumental in helping management evolve company culture to best support our business strategy. Colleague feedback is used to refine our focus, address gaps, and strengthen efforts to improve our organizational effectiveness and colleague experience. We have enhanced our colleague listening efforts to include multiple channels and more frequent touch points, including our annual organizational health survey as well as an interim pulse survey and five life-cycle surveys measuring colleague sentiment at different stages.Colleagues

Listening to our colleagues’ voices and experiences is important to us and is instrumental in helping us support colleagues and to evolve company culture to best support our business strategy. Colleague feedback is used to refine our focus, address any gaps, and strengthen efforts to improve organizational effectiveness and colleague experience. Our approach to colleague listening is multifaceted, featuring numerous channels and frequent touchpoints, including our annual organizational health survey (“OHS”), an interim pulse survey, and five life-cycle surveys that measure colleague sentiment at key stages. Our latest overall OHS results place us in the top quartile of financial services.

We foster a culture where all stakeholders feel respected, valued, and heard. Our dedication to building an inclusive workplace centers on welcoming a wide range of skills, backgrounds, viewpoints, and perspectives. Various resources are used by management to understand what drives a sense of inclusion, including responses to our OHS and input from our seven business resource groups, which assist in identifying and supporting initiatives that are most relevant to customers, colleagues, and the community. While our diversity efforts encompass a broad range of perspectives, we recognize that certain stakeholders maintain an interest in colleague demographic data, which is available in our Sustainability & Impact Report and on our website.


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~~Culture~~We provide comprehensive compensation and benefit programs. We strive to compensate our colleagues fairly based on market data, experience, and performance, and we compare our compensation to other companies in our peer group as well as others in the financial services industry. We are dedicated to ensuring fair and equitable compensation for all employees. To support this commitment, we engage an independent third-party expert annually to conduct a pay equity assessment, which considers factors such as role, performance, and experience that appropriately account for pay differences. Our benefit plans and programs are designed to equip colleagues and their families with resources to navigate various life events and to support various dimensions of ~~Inclusion~~well-being including physical, mental, and financial. Our benefits offering is reviewed annually and has expanded in various areas in recent years, including most notably an expansion of resources related to mental well-being. Our Credo calls for us to perform our best every day to help our customers, colleagues, and communities reach their potential. We encourage colleague volunteerism in our communities, which we support by providing colleagues with paid time off for volunteer events and a community service sabbatical program.

We aim to foster a culture where all stakeholders feel respected, valued, and heard. Development programs are designed to build a strong pipeline of emerging talent and have been effective in increasing the development of our colleague base. We also partner with external organizations to offer additional resources for reskilling and upskilling colleagues as we build the workforce of the future. An area of focus is the development of partnerships with businesses and community organizations to help identify candidates with diverse backgrounds and perspectives. Information regarding our workforce demographics can be found in our Environmental Social Governance Report and on our website, which includes a link to our most recently filed EEO-1 report.

Various resources are used by management to understand what drives a sense of inclusion and belonging. Analytics are used to help prioritize initiatives, including responses to our Organizational Health Survey, which we segment by various colleague populations to provide additional insights. In addition, we have seven business resource groups (“BRGs”), which we believe are important to enhancing our culture while supporting our enterprise inclusion strategy. They also help to identify and support initiatives that are most important to customers, colleagues, and the community. Our BRGs, which are open to all employees, include Citizens WIN (Women’s Impact Network), Citizens Elev8 (Rising Professionals), Prism (Multicultural), Citizens Pride (LGBTQ+), Citizens Veterans, Citizens Awake (Disability Awareness), and Caring for Citizens (Caregivers). Each BRG is sponsored by a member of the executive team and approximately 3,700 colleagues belonged to at least one BRG as of December 31, 2024.

Health, Well-Being, and Flexibility

We prioritize the health and well-being of our colleagues and their loved ones, offering benefit programs and other resources that support colleagues in all aspects of their lives. We review our offerings on a regular basis and have expanded resources in recent years, with a particular focus on colleague well-being. In 2024, we launched a colleague podcast that explores well-being from the perspectives of different company leaders and colleagues, and began curating monthly content on our intranet aimed at encouraging colleagues to make their well-being a priority. In addition, we introduced Citizens CARES, a colleague emergency assistance program designed to provide financial assistance to team members navigating personal hardships. In recognition of the continued impact of inflation on colleagues, we have absorbed most of the increase to medical plan premiums and kept colleague deductibles and out-of-pocket maximums flat for all medical plans/tiers for 2025.

We embrace flexibility and manage our hybrid workforce in a manner that ensures colleagues are working in ways that best support our customers, foster engagement and innovation, and maintain our company culture.

Fair and Equitable Compensation

We strive to compensate our colleagues fairly based on market data, experience, and performance, and we compare our compensation to other companies in our peer group as well as others in the financial services industry.

Part of our commitment to building and fostering a diverse, inclusive, high-performing culture includes ensuring our compensation and benefits are fair and competitive for all colleagues. We engage an independent third-party expert firm to conduct an annual pay equity analysis, accounting for factors that appropriately explain differences in pay such as role, performance, and experience. Additional information about this analysis, including our most recent results, can be found in our Environmental Social Governance Report and on our website.

Sustainability

Our integrated, enterprise-wide Sustainability & Impact strategy helps us build a better future for all those we serve. ~~and,~~Led ~~led~~ by robust corporate governance, this strategy helps guide the decisions we make. ~~Our~~It ~~strategy~~ means serving our customers and clients, engaging shareholders, monitoring our environmental impact, and empowering our colleagues and communities to thrive. Our four focus areas include robust corporate governance, ~~positive climate impact,~~ the workforce of the future, ~~and~~ fostering strong communities, and positive climate impact, which speak to what we believe are the strengths of our company and how we are driving growth and having a positive impact on our business, society, and the planet.

In 2023, we announced a $50 billion Sustainable Finance Target, including $5 billion in green financing, by 2030. As part of this announcement, we committed to engage corporate clients in high-emitting sectors on climate-related topics and to achieving operational carbon neutrality by 2035.

Citizens Financial Group, Inc. | 10

For more details regarding our sustainability efforts, go to our website.

Regulation and Supervision

Our operations are subject to ~~extensive~~ regulation, supervision, and examination under federal and state laws and regulations. These laws and regulations cover all aspects of our business, including lending practices, deposit insurance, customer privacy and cybersecurity, capital adequacy and planning, liquidity, safety and soundness, consumer protection and disclosure, permissible activities and investments, and certain transactions with affiliates. These laws and regulations are intended primarily for the protection of customers, depositors, the DIF, and the banking system as a whole and not for the protection of shareholders or other investors. The discussion below outlines the material elements of selected laws and regulations applicable to us and our subsidiaries, but dodoes not summarize all possible or proposed changes in laws or regulations. Changes in applicable law or regulation, and in their interpretation and application by regulatory agencies and other governmental authorities, cannot be predicted, but may have a material effect on our business, financial condition, or results of operations.

We are subject to examinations by federal banking regulators, as well as the SEC, FINRA, CFTC, and various state insurance and securities regulators. In some cases, regulatory agencies may take supervisory actions that may not be publicly disclosed, and such actions may restrict or limit our activities or activities of our subsidiaries. As part of our regular examination process, regulators may advise us to operate under various restrictions as a prudential matter. We ~~have~~ periodically ~~received~~receive requests for information from regulatory authorities at the federal and state level, including from banking, securities, and insurance regulators, state attorneys general, federal agencies or law enforcement authorities, and other regulatory authorities, concerning our business practices. Such requests are considered incidental to the normal conduct of business. For a further discussion of how regulatory actions may impact our business, see Item 1A “Risk Factors.” For additional information regarding regulatory matters, see Note 2523 in Item 8.

Overview

We are a BHC under the Bank Holding Company Act and have elected to be treated as a FHC under amendments to this Act as effected by GLBA. As such, we are subject to the supervision, examination, and reporting requirements of the Bank Holding Company Act and the regulations of the FRB, including through the Federal Reserve Bank of Boston. Under the system of “functional regulation” established under the Bank Holding Company Act, the FRB serves as the primary regulator of our consolidated organization. The OCC serves as the primary regulator for CBNA, and the SEC and FINRA serve as the primary regulators of our broker-dealer subsidiaries.

~~The~~Citizens ~~federal~~Financial ~~banking regulators have authority to approve or disapprove mergers~~Group, ~~acquisitions, consolidations, the establishment of branches and similar corporate actions~~Inc. ~~These~~| banking regulators also have the power to prevent the continuance or development of unsafe or unsound banking practices or other violations of law. Federal law governs the activities in which CBNA engages, including the investments it makes and the aggregate amount of available credit that it may grant to one borrower. Various consumer and compliance laws and regulations also affect its operations. The actions the FRB takes to implement monetary policy also affect us.10

InThe ~~addition,~~federal ~~CBNA~~banking isregulators ~~subject~~have authority to ~~regulation,~~approve ~~supervision~~or ~~and~~disapprove ~~examination~~mergers, byacquisitions, consolidations, the ~~CFPB~~establishment ~~with~~of ~~respect~~branches, toand ~~consumer~~similar ~~protection~~corporate ~~laws~~actions. ~~and~~These ~~regulations.~~banking ~~The~~regulators ~~CFPB~~also ~~has~~have ~~broad~~the ~~authority~~power to ~~regulate~~prevent the ~~offering~~continuance ~~and~~or ~~provision~~development of ~~consumer~~unsafe ~~financial~~or ~~products~~unsound bybanking ~~depository~~practices ~~institutions,~~or ~~such~~other asviolations ~~CBNA,~~of ~~with more than $10 billion in total assets~~law. ~~The~~Federal ~~CFPB~~law ~~may~~governs ~~promulgate~~the ~~rules~~activities ~~under~~in awhich ~~variety~~CBNA ~~of consumer financial protection statutes~~engages, including the ~~Truth~~investments init ~~Lending~~makes ~~Act,~~and the ~~Equal~~aggregate ~~Credit~~amount ~~Opportunity~~of ~~Act,~~available ~~the~~credit ~~Electronic~~that ~~Funds~~it ~~Transfer~~may ~~Act~~grant ~~and~~to ~~the~~one ~~Real Estate Settlement Procedures Act~~borrower. InVarious ~~2024,~~consumer ~~CBNA~~and ~~registered~~compliance aslaws ~~a swap dealer with the CFTC~~ and ~~became~~regulations aalso ~~member~~affect ofits ~~the~~operations. ~~National~~The ~~Futures~~actions ~~Association,~~ the ~~self-regulatory~~FRB ~~organization~~takes ~~for participants in the U.S. derivatives industry,~~ to ~~accommodate~~implement ~~growth~~monetary inpolicy ~~its~~also ~~hedging~~affect ~~business~~us. ~~For more information see “Regulation of Derivatives” below.~~

In addition, CBNA is subject to regulation, supervision, and examination by the CFPB with respect to consumer protection laws and regulations. The CFPB regulates the offering and provision of consumer financial products by depository institutions, such as CBNA, with more than $10 billion in total assets. The CFPB may promulgate rules under a variety of consumer financial protection statutes, including the Truth in Lending Act, the Equal Credit Opportunity Act, the Electronic Funds Transfer Act, and the Real Estate Settlement Procedures Act.

Enhanced Prudential Standards and Regulatory Tailoring Rules

As a BHC with over $100 billion in total consolidated assets, we are currently subject to enhanced prudential standards and associated capital and liquidity rules (“Tailoring Rules”). The Tailoring Rules assign each BHC, including its bank subsidiaries, to one of four categories based on its size and certain risk-based indicators. CFG and CBNA are each subject to Category IV standards, the least restrictive of the requirements under the Tailoring Rules.

Citizens Financial Group, Inc. | 11

Bank and Financial Holding Company Regulation

As a FHC, we may engage in a broader range of activities than a BHC that is not also a FHC. These activities include securities underwriting and dealing, insurance underwriting and brokerage, merchant banking, and other activities that are determined by the FRB, in coordination with the ~~Treasury~~U.S. Department of the Treasury, to be “financial in nature or incidental thereto” or that the FRB determines unilaterally to be “complementary” to financial activities. In addition, a FHC may commence new permissible financial activities or acquire non-bank financial companies engaged in such activities, in either case, with after-the-fact notice to the FRB.

To maintain FHC status, a BHC and all of its depository institution subsidiaries must remain “well capitalized” and “well managed,” as described below under “Federal Deposit Insurance Act.” If a BHC fails to meet these regulatory standards, the FRB could place limitations on its ability to conduct the broader financial activities permissible for FHCs or impose limitations or conditions on the conduct or activities of the BHC or its affiliates. If the deficiencies persisted, the FRB could order the BHC to divest any subsidiary bank or to cease engaging in any activities permissible for FHCs that are not permissible for BHCs, or the BHC could elect to conform its non-banking activities to those permissible for a BHC that is not also a FHC. In addition, the CRA requires U.S. banks to help serve the needs of their communities. If a depository institution subsidiary of a BHC were to receive a CRA rating of less than “satisfactory”, the BHC would be prohibited from engaging in certain activities or acquisitions (see “Community Reinvestment Act” below).

Federal and state laws impose notice and approval requirements for mergers and acquisitions of other depository institutions or BHCs. As noted above, FRB approval is generally not required for BHCs to acquire a company engaged in activities that are financial in nature or incidental to activities that are financial in nature, as determined by the FRB. Prior regulatory approval is required, however, before a BHC may acquire or control more than 5% of any class of voting shares or substantially all of the assets of a BHC, including a FHC, or a bank. In considering applications for approval of acquisitions, the banking regulators may take several factors into account, including the competitive effects of the transaction in the relevant geographic markets; the financial and managerial resources and future prospects of companies involved in the transaction; the effect of the transaction on the financial stability of the U.S. banking or financial system; the companies’ compliance with anti-money laundering laws and regulations; the convenience and needs of the communities to be served; and the performance record of the IDIs involved in the transaction under the CRA.

Capital and Stress Testing Requirements

We are required to comply with the U.S. Basel III rules, which establish risk-based and leverage capital requirements. The risk-based requirements are based on a banking organization’s RWA, which is inclusive of the organization’s on- and off-balance sheet exposures. We calculate RWA using the standardized approach and have made the AOCI opt-out election, permitting us to exclude components of AOCI from regulatory capital. The leverage requirements are based on a banking organization’s average consolidated on-balance sheet assets.


						Citizens Financial Group, Inc. \| 11

Under the U.S. Basel III rules, the minimum capital ratios are:

•CET1 capital ratio of 4.5%;

•Tier 1 capital ratio of 6.0%;

•Total capital ratio of 8.0%; and

•Tier 1 leverage ratio of 4.0%.

For BHCs with $100 billion or more in assets, such as us, the FRB’s capital rules impose an institution-specific SCB on top of each of the three minimum risk-based capital ratios listed above. Banking institutions that fail to meet the effective minimum ratios including the SCB will be subject to constraints on capital distributions, including dividends and share repurchases, and certain discretionary executive compensation. The severity of the constraints depends on the amount of the shortfall and the institution’s “eligible retained income”, defined as the greater of four quarter trailing net income net of distributions and tax effects not reflected in net income, or the average four quarter trailing net income.

InAs ~~response~~a toCategory IV firm under the ~~COVID~~Tailoring ~~disruption~~Rules, ~~the~~we ~~federal~~are ~~banking~~subject ~~regulators~~to ~~adopted~~biennial asupervisory ~~final~~stress ~~rule~~testing ~~relative~~and toare ~~regulatory~~exempt ~~capital~~from ~~treatment~~company-run ofstress ~~the~~testing ~~ACL~~and ~~under~~related ~~CECL~~disclosure requirements. ~~This~~The ~~rule~~FRB ~~allowed~~supervises ~~electing~~Category ~~banking~~IV ~~organizations~~firms toon ~~delay~~an ~~the~~ongoing ~~estimated~~basis, ~~impact~~including ofevaluating ~~CECL~~the oncapital ~~regulatory~~adequacy and capital ~~for~~planning aprocesses ~~two-year~~of ~~period~~firms ~~ending~~during ~~December~~off-cycle ~~31,~~years. ~~2021,~~We ~~followed~~are byrequired ato ~~three-year~~develop, ~~transition~~maintain, ~~period~~and ~~ending~~submit ~~December~~an ~~31,~~annual ~~2024.~~capital ~~The~~plan ~~three-year~~for ~~transition~~review ~~period~~and ~~phased-in~~approval ~~the~~by ~~reversal~~our Board of ~~the~~Directors, ~~aggregate~~or ~~amount~~one of ~~the~~its ~~capital~~committees, ~~benefit~~as ~~provided~~well ~~during~~as ~~the~~FR ~~initial two~~Y-~~year~~14 ~~delay~~reporting requirements.

~~Citizens~~In ~~Financial~~July ~~Group~~2023, ~~Inc~~the federal banking regulators issued a proposal to implement the final components of the Basel III capital framework. |The 12proposal, commonly referred to as Basel III “Endgame,” would significantly revise the capital requirements applicable to large banking organizations with total assets of $100 billion or more, including the Company and CBNA as Category IV firms. Under the proposal, the Company and CBNA would (i) be subject to the same capital treatment regarding the inclusion of AOCI, deductions, and rules for minority interest as Category I and II firms, (ii) be required to utilize two new standardized approaches for credit, operational, market, and credit valuation adjustment risk, (iii) be required to calculate counterparty credit exposure related to derivative transactions using the standardized approach for counterparty credit risk, and (iv) become subject to the supplementary leverage ratio and the countercyclical capital buffer. The federal banking regulators have not finalized this proposal and indicated that their aim is to unveil a re-proposal of the rule in early 2026. However, the timing and scope of any final rule are uncertain at this point in time. We will continue to monitor developments related to this proposal.

AsIn April 2025, the FRB issued a ~~Category~~proposal IVdesigned ~~firm~~to ~~under~~reduce the ~~Tailoring~~volatility ~~Rules,~~of weyear-over-year ~~are~~changes ~~subject~~in toregulatory ~~biennial~~capital ~~supervisory~~requirements stemming from its annual stress ~~testing~~test ~~and~~results, ~~are~~including ~~exempt~~averaging ~~from~~the ~~company-run~~results ~~stress~~of ~~testing~~the ~~and~~prior ~~related~~two ~~disclosure~~annual ~~requirements.~~supervisory ~~The~~stress ~~FRB~~tests ~~supervises~~to inform a firm’s SCB requirement. Category IV firms, onlike anus, ~~ongoing~~that ~~basis~~choose, ~~including~~or ~~evaluating~~are ~~the~~otherwise ~~capital~~required, ~~adequacy~~to ~~and~~participate ~~capital~~in ~~planning~~consecutive ~~processes~~supervisory ofstress ~~firms~~tests ~~during~~would ~~off-cycle~~also ~~years.~~be Wesubject ~~are~~to ~~required~~results toaveraging. ~~develop,~~The ~~maintain~~proposal ~~and~~would ~~submit~~also anextend the annual ~~capital~~effective ~~plan~~date ~~for~~of ~~review~~the ~~and~~SCB ~~approval~~requirement byfrom ~~our~~October ~~Board~~1 to January 1 of ~~Directors~~the following year, orproviding ~~one~~firms ofwith ~~its~~additional ~~committees~~time to comply with their updated SCB requirement. The FRB’s proposed changes are not designed to materially affect overall bank capital requirements, asbut ~~well~~rather asto FRdecrease ~~Y-14~~regulatory reporting ~~requirements~~burden.

In ~~July~~October ~~2023~~2025, the ~~federal~~FRB ~~banking regulators~~ issued a proposal to ~~implement~~enhance the ~~final~~transparency components of the Basel III capital framework. The proposal, commonly referred to as Basel III “Endgame,” would significantly revise the capital requirements applicable to large banking organizations with total assets of $100 billion or more, including the Company and ~~CBNA~~public asaccountability ~~Category IV firms. Under the proposal, the Company and CBNA would become subject to the same capital treatment regarding the inclusion~~ of ~~AOCI,~~its ~~deductions,~~supervisory ~~and~~stress ~~rules~~testing ~~for minority interest as Category I and II firms~~framework. The ~~proposal~~FRB ~~would~~is ~~also~~seeking ~~replace~~comment ~~the~~on ~~existing~~(i) models-based approaches for credit and operational risk, which currently apply to only Category I and II firms, with two new approaches applicable to Category I through IV firms. The first approach would use the ~~existing~~supervisory ~~standardized~~stress ~~approach~~test ~~and a proposed revised market risk capital rule, and the second approach would use a new expanded risk-based approach, consisting of new non-~~models~~-based~~ ~~approaches for credit, operational,~~ and ~~credit~~related ~~valuation~~revisions ~~adjustment~~intended ~~risk,~~to asenhance ~~well as~~ the ~~proposed~~transparency ~~revised market risk capital rule. The approach resulting in the lower ratio would establish the binding ratio for purposes~~ of ~~satisfying~~its ~~regulatory~~stress ~~capital~~test ~~requirements and buffers~~framework, ~~including the SCB. The Company~~ and ~~CBNA~~(ii) ~~would~~an ~~also~~enhanced bedisclosure ~~required~~process tothat ~~calculate counterparty credit exposure relating to derivative transactions using the standardized approach for counterparty credit risk and~~ would ~~become~~include ~~subject~~public tocomment ~~the~~on ~~supplementary~~material ~~leverage~~model ~~ratio~~changes and the ~~countercyclical~~annual ~~capital~~stress ~~buffer.~~test ~~As of December 31, 2024, the Company and CBNA expect to remain above the current minimum capital and buffer requirements if the proposal were adopted in its current form~~scenarios. ~~The FRB has indicated that it expects to work with the other federal banking regulators in 2025 on a revised proposal.~~

We are also subject to the FRB's risk-based capital requirements for market risk. See the “Market Risk” section of Item 7 for additional details.

For more details regarding our regulatory capital and SCB, and the AOCI impact of the Basel III Endgame proposal on our regulatory capital, see the “Capital ~~and Regulatory Matters~~” section of Item 7.


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Liquidity Requirements

The liquidity coverage ratio (“LCR”) is designed to ensure that a covered bank or BHC maintains an adequate level of unencumbered high-quality liquid assets to cover expected net cash outflows over a 30-day time horizon under an acute liquidity stress scenario. The net stable funding ratio (“NSFR”) is designed to promote more medium- and long-term funding of the assets and activities of banking organizations over a one-year time horizon. Under the Tailoring Rules, Category IV firms with less than $50 billion in weighted short-term wholesale funding, such as us, are not subject to any LCR or NSFR requirement.

We are subject to certain liquidity requirements under the Tailoring Rules including liquidity buffer, stress testing, risk management, and reporting requirements. In addition, as a Category IV firm, we are required to calculate collateral positions monthly, establish a set of liquidity risk limits, and monitor certain elements of intraday liquidity risk exposures.

Resolution Planning

~~Category~~The IVFDIC ~~firms~~requires ~~such~~IDIs aswith ~~CFG~~$100 billion or more in average total assets that are nonot ~~longer~~affiliates ~~required~~of U.S. global systemically important banking organizations, including CBNA, to submit full resolution plans ~~under~~triennially, ~~section~~with ~~165(d)~~interim ofsupplemental submissions due annually in the ~~Dodd-Frank~~intervening ~~Act~~years. ~~However,~~The ~~CBNA~~FDIC isadopted ~~required~~its IDI resolution planning rule in July 2024 to ~~periodically~~focus ~~file~~on anthe ~~IDI~~operational ~~resolution~~information ~~plan~~most ~~with~~relevant for the FDIC to conduct an effective resolution. This ~~plan~~rule ~~enables~~prioritized ~~the~~executing ~~FDIC,~~a aslarge ~~receiver,~~bank toresolution ~~resolve~~through ~~the~~a ~~institution~~weekend ~~under~~sale ~~applicable~~or, ~~receivership~~if ~~provisions~~necessary, ofoperating the ~~FDIA~~bank infor a ~~manner~~short ~~that~~period ~~ensures~~of ~~that~~time ~~depositors~~while ~~receive~~rapidly ~~access~~marketing tothe ~~their~~institution ~~insured~~or ~~deposits~~its ~~within~~assets. ~~one~~Institutions ~~business~~must ~~day~~provide ofcredible and detailed information that supports the ~~institution~~FDIC’s ~~failure~~ability to conduct a low‑cost resolution, ~~maximizes~~ensures ~~the~~timely ~~net~~access ~~present~~to ~~value~~insured ~~return~~deposits, maximizes value from the sale or disposition of ~~the institution’s~~ assets, and ~~minimizes~~mitigates ~~the~~risks ~~amount of any loss~~ to ~~the~~U.S. ~~institution’s~~financial ~~creditors~~stability. CBNA submitted its most recent resolution plan to the FDIC on ~~December~~June 125, ~~2022~~2025, inand ~~accordance~~is ~~with~~expected ~~the~~to ~~FDIC’s~~file ~~Statement~~an oninterim ~~Resolution~~submission ~~Plans~~on ~~for~~or ~~IDIs~~before ~~issued~~July in1, ~~2021~~2026.

Citizens Financial Group, Inc. | 13

On June 20, 2024, the FDIC adopted a final rule that requires IDIs with $100 billion or more in average total assets that are not affiliates of U.S. global systemically important banking organizations, including CBNA, to submit full resolution plans triennially that include a comprehensive strategy from the point of failure to liquidation or return of the institution to the private sector. The identified strategy must ensure timely access to insured deposits, maximize value from the sale or disposition of assets, minimize losses realized by creditors, and address potential risks of adverse effects on U.S. economic conditions or financial stability. In addition, the resolution strategy must utilize the formation and stabilization of a bridge depository institution that continues operation through the completion of the resolution and exit from the bridge depository institution, unless the IDI determines and demonstrates why another strategy would be more appropriate, could be executed across a range of likely failure scenarios, and best addresses the credibility criteria. The final rule also includes criteria for the FDIC to assess the credibility of resolution plans and expands expectations regarding capabilities testing. CBNA’s initial resolution plan submission under the final rule is due on or before July 1, 2025.

Long-Term Debt Requirements

In August 2023, the federal banking regulators issued a proposal that would require large bank holding companies and IDIs with total assets of $100 billion or more, such as CFG and CBNA, to maintain a minimum amount of long-term debt. The joint agency proposal aims to increase the resolvability and resiliency of large banking organizations by mandating a long-term debt requirement to provide the regulatory agencies additional resources to resolve failed banking organizations, foster depositor confidence, and decrease costs to the DIF in the event of a large banking organization failure. Under the proposal, large bank holding companies and IDIs would ~~each~~ be (i) required to maintain a minimum amount of eligible long-term debt ~~equal to the greater of 6 percent of RWA~~, ~~3.5~~(ii) ~~percent~~prohibited ~~of average total consolidated assets, and 2.5 percent of total leverage exposure for those banks subject to the supplementary leverage ratio. The proposal also prohibits large banking organizations~~ from engaging in certain activities that could complicate their resolution, and ~~discourages~~(iii) ~~them~~discouraged from holding long-term debt issued by other banks to reduce interconnectedness. The proposal provides for a phase-in of the long-term debt requirement over a three-year transition period,. ~~with~~The 25federal ~~percent~~banking ofregulators ~~the~~have ~~long-term~~not ~~debt~~finalized ~~requirement~~this toproposal beand ~~met~~the ~~one~~timing ~~year~~and ~~after~~scope ~~the~~of any final rule isare ~~finalized,~~uncertain 50at ~~percent~~this ~~after~~point ~~two~~in ~~years,~~time. ~~and~~We ~~100~~will ~~percent~~continue ~~after~~to ~~three~~monitor ~~years~~developments related to this proposal.

Standards for Safety and Soundness

The FDIA requires the federal banking regulators to prescribe operational and managerial standards for all IDIs, including CBNA. Regulations and interagency guidelines adopted by these agencies set forth the safety and soundness standards used to identify and address problems at IDIs before capital becomes impaired. If an agency determines that a bank fails to satisfy any standard, it may require the bank to submit an acceptable plan to achieve compliance, consistent with deadlines for the submission and review of such safety and soundness compliance plans. If, after being notified to submit a compliance plan, an institution fails to submit an acceptable compliance plan or fails in any material respect to implement an acceptable compliance plan, the agency must issue an order directing action to correct the deficiency and may issue an order directing other types of actions that an undercapitalized institution is subject to under the FDIA as discussed in “Federal Deposit Insurance Act” below. If an institution fails to comply with such an order, the agency may seek to enforce such order in judicial proceedings and to impose civil money penalties.


						Citizens Financial Group, Inc. \| 13

Federal Deposit Insurance Act

The FDIA requires, among other things, that federal banking regulators take “prompt corrective action” with respect to IDIs that do not meet minimum capital requirements, as described above in “Capital and Stress Testing Requirements.” The FDIA sets forth the following five capital categories: “well-capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized” and “critically undercapitalized.” An IDI’s capital category is determined based on how its capital levels compare with various relevant capital measures and certain other factors that are established by regulation. The federal banking regulators must take certain mandatory supervisory actions, and are authorized to take other discretionary actions, with respect to institutions that are undercapitalized, significantly undercapitalized, or critically undercapitalized, with the actions becoming more restrictive and punitive the lower the institution’s capital category. Under existing rules, an IDI that is not an advanced approaches institution, such as CBNA, is deemed to be “well capitalized” if it has a CET1 ratio of at least 6.5%, a ~~tier~~Tier 1 capital ratio of at least 8%, a ~~total~~Total capital ratio of at least 10%, and a ~~tier~~Tier 1 leverage ratio of at least 5%.

~~Citizens~~The FRB’s regulations which are applicable to BHCs, such as the Parent Company, separately define “well capitalized” as having a Tier 1 capital ratio of at least 6% and a Total capital ratio of at least 10%. As described above under “Bank and Financial ~~Group~~Holding Company Regulation”, ~~Inc~~a FHC that is not well capitalized and well managed, or whose bank subsidiaries are not well capitalized and well managed, under applicable prompt corrective action standards may be restricted in certain of its activities and ultimately may lose FHC status. |As 14of December 31, 2025, both the Parent Company and CBNA were well-capitalized.

The FRB’s regulations which are applicable to BHCs, such as the Parent Company, separately define “well capitalized” as having a tier 1 capital ratio of at least 6% and a total capital ratio of at least 10%. As described above under “Bank and Financial Holding Company Regulation”, a FHC that is not well capitalized and well managed (or whose bank subsidiaries are not well capitalized and well managed) under applicable prompt corrective action standards may be restricted in certain of its activities and ultimately may lose FHC status. As of December 31, 2024, both the Parent Company and CBNA were well-capitalized.

The FDIA prohibits insured banks from accepting brokered deposits or offering interest rates on any deposits significantly higher than the prevailing rate in the bank’s normal market area or nationally, depending upon where the deposits are solicited, unless it is “well-capitalized,” or it is “adequately capitalized” and receives a waiver from the FDIC. A bank that is “adequately capitalized” and accepts brokered deposits under a waiver from the FDIC may not pay an interest rate on any deposit in excess of 75 basis points over certain prevailing market rates. The FDIA imposes no such restrictions on a bank that is “well-capitalized.”

Deposit Insurance

The DIF provides insurance coverage for certain deposits, up to a standard maximum deposit insurance amount of $250,000 per depositor based on ownership right and capacity category codes and is funded through assessments on IDIs based on the risk each institution poses to the DIF. CBNA accepts customer deposits insured by the DIF and, ~~therefore,~~ must pay insurance premiums. ~~The~~as ~~FDIC~~a ~~may~~result, ~~increase~~which ~~CBNA’s~~the ~~insurance~~FDIC ~~premiums~~may increase based on various factors, including ~~the~~its ~~FDIC’s~~ assessment of ~~its~~CBNA’s risk profile. The FDIC also requires large depository institutions, including CBNA, to maintain enhanced deposit account recordkeeping and related information technology system capabilities to facilitate prompt calculation of insured deposits if such an institution was taken into FDIC receivership.

The FDIC, as required under the FDIA, established a restoration plan in September 2020 to restore the DIF reserve ratio, 1.2536% as of ~~September~~June 30, ~~2024~~2025, to meet or exceed the statutory minimum of 1.35% within eight years. This initial plan did not include an increase in the deposit insurance assessment rate~~. During 2022~~, but the FDIC subsequently determined that the DIF reserve ratio was at risk of not reaching the statutory minimum by the statutory deadline of September 30, 2028, absent an increase in assessment rates. InTherefore, in October 2022, the FDIC adopted a final rule to increase initial base deposit insurance assessment rates by 2 basis points, beginning with the first quarterly assessment period of 2023. ~~This~~As ~~increase~~of inJune ~~assessment~~30, ~~rates~~2025, ~~was intended to improve~~ the ~~likelihood that the~~ DIF reserve ratio ~~will~~exceeded ~~reach~~ the ~~required~~statutory minimum, bytherefore the ~~statutory~~FDIC ~~deadline~~will ofno ~~September~~longer ~~30,~~operate ~~2028~~under a restoration plan.

In November 2023, the FDIC ~~approved~~adopted a final rule to impose a special ~~assessments~~assessment on IDIs to recover the loss to the DIF arising from the protection of uninsured depositors in connection with the systemic risk determination announced onin March ~~12,~~ 2023, following the closures of Silicon Valley Bank and Signature Bank, as required by the FDIA. ~~Under~~The ~~the final rule, the~~ special assessment was ~~levied~~based on an IDI’s estimated uninsured deposits ~~as reported on its December 31~~, ~~2022~~adjusted ~~Call~~to ~~Report,~~exclude ~~excluding~~ the first $5 billion, inas ~~estimated~~reported ~~uninsured~~for ~~deposits.~~the ~~The~~quarter ~~special~~ended ~~assessment~~December 31, 2022, and was ~~imposed~~assessed at an annual rate of approximately 13.4 basis points ~~to be collected~~ over eight quarterly ~~assessment~~ periods beginning with the first quarter of 2024.

The FDIC’s current estimate of the loss attributable to this systemic risk determination is $1816.97 billion. ~~This~~As ~~estimate~~of ~~will~~September ~~be periodically adjusted as assets are sold~~30, ~~liabilities are satisfied~~2025, ~~and~~the ~~receivership expenses are incurred. The~~ FDIC ~~would~~projects ~~cease~~that ~~collection~~the of special ~~assessments~~assessment ~~before~~collected ~~the~~through ~~end of~~ the initial eight-quarter collection period ifwill ~~they~~recover ~~expect~~ the entire loss toestimate beamount ~~less~~and ~~than~~no ~~expected~~extension ~~assessment~~of ~~collections. The FDIC also reserves~~ the ~~right to impose an extended special assessment~~ collection period ~~after~~will ~~the~~be ~~initial~~necessary. ~~eight-quarter~~The ~~period~~FDIC toreserves ~~collect~~ the ~~difference~~right ~~between~~to ~~losses and amounts collected, and~~ impose a one-time final shortfall special assessment after ~~both~~it ~~receiverships~~terminates ~~terminate~~all receiverships. AsCBNA’s ~~of September 30, 2024, the FDIC projects that the~~ special assessment ~~will~~was beapproximately ~~collected~~$230 ~~for~~million, anwhich ~~additional~~remains ~~two~~subject ~~quarters~~to ~~beyond~~change if the ~~initial~~eventual ~~eight-quarter~~loss ~~collection~~to ~~period,~~the atDIF andiffers ~~estimated~~from ~~quarterly~~the ~~rate~~FDIC’s ofcurrent 1estimate.~~69 basis points.~~

~~Based~~Citizens onFinancial ~~the final rule and related accounting guidance~~Group, CBNA’s special assessment is approximately $256 million, with $31 million and $225 million, respectively, recognized in other operating expense in the Company’s Consolidated Statements of Operations for the years ended December 31, 2024 and 2023Inc. ~~CBNA’s~~| ~~special assessment is subject to change if the eventual loss to the DIF differs from the FDIC’s current estimate.~~14

Dividends

Various federal statutory provisions and regulations, as well as regulatory expectations, limit the amount of dividends that we and our subsidiaries may pay. Our payment of dividends to stockholders is subject to oversight by the FRB. In particular, the FRB reviews the dividend policies and share repurchases of a large BHC based on capital plans submitted as part of the CCAR process and the results of stress tests, as discussed under “Capital and Stress Testing Requirements” above. In addition to other limitations, our ability to make any capital distributions, including dividends and share repurchases, is subject to the prior approval of the FRB if we are required to resubmit our capital plan.

Citizens Financial Group, Inc. | 15

Our payment of dividends to our stockholders is subject to oversight by the FRB. In particular, the FRB reviews the dividend policies and share repurchases of a large BHC based on capital plans submitted as part of the CCAR process and the results of stress tests, as discussed under “Capital and Stress Testing Requirements” above. In addition to other limitations, our ability to make any capital distributions, including dividends and share repurchases, is subject to the prior approval of the FRB if we are required to resubmit our capital plan.

Dividends payable by CBNA, as a national bank subsidiary, are limited to the lesser of the amount calculated under a “recent earnings” test and an “undivided profits” test. Under the recent earnings test, a dividend may not be paid if the total of all dividends declared during any calendar year exceeds the sum of current year net income and retained net income of the two preceding years, less any required transfers to surplus, unless the national bank obtains the approval of the OCC. Under the undivided profits test, a dividend may not be paid in excess of the entity’s “undivided profits” (generally accumulated net profits that have not been paid out as dividends or transferred to surplus). Federal banking regulatory agencies have issued policy statements that provide that FDIC-insured depository institutions and their holding companies should generally pay dividends only out of current operating earnings.

Support of Subsidiary Bank

The Parent Company is required to serve as a source of financial and managerial strength to CBNA and, under appropriate conditions, to commit resources to support CBNA. This support may be required by the FRB at times when the Parent Company may not have the financial resources to do so, or when doing so may not serve our interests or those of our shareholders or creditors. In addition, any capital loans by a BHC to a subsidiary bank are subordinate in right of payment to deposits and certain other indebtedness of such subsidiary bank. In the event of a BHC’s bankruptcy, any commitment by the BHC to a federal bank regulatory agency to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to a priority of payment.

Transactions with Affiliates and Insiders

~~Sections~~Federal ~~23A~~banking laws and ~~23B~~regulations impose certain quantitative limits and qualitative standards upon certain transactions between a member bank, including CBNA, and its affiliates, including a parent BHC. Covered transactions with any single affiliate are limited to 10% of the ~~Federal~~member ~~Reserve~~bank’s ~~Act~~capital stock and surplus and covered transactions with all affiliates are limited to 20% of the ~~FRB~~member bank’s ~~Regulation~~capital Wstock ~~establish~~and ~~certain~~surplus. ~~quantitative~~Covered ~~limits~~transactions ~~and~~include, among other ~~prudential~~things, ~~requirements~~extensions ~~for~~of ~~loans~~credit to an affiliate, investments in the securities of an affiliate, purchases of assets from an affiliate, and certain other transactions that expose the member bank to the credit risks of its affiliates. Transactions between a member bank and its affiliates, including ~~CBNA~~all covered transactions, are also required to be on terms substantially the same, or ~~its~~at ~~subsidiaries~~least ~~and~~as ~~its~~favorable ~~affiliates~~to the member bank, as those prevailing at the time for comparable transactions with nonaffiliates.

~~Section~~We ~~23A~~are ~~prohibits~~also asubject ~~bank~~to ~~from~~quantitative ~~entering~~restrictions aon ~~“covered~~extensions ~~transaction”~~of ~~with~~credit anto ~~affiliate~~executive ifofficers, ~~after~~directors, ~~the~~principal ~~transaction~~stockholders, ~~the~~and ~~aggregate~~their ~~amount~~related ofinterests. ~~the~~These ~~bank’s~~extensions ~~covered~~of ~~transactions~~credit ~~with~~may ~~that~~not ~~affiliate would~~ exceed ~~10%~~certain ofquantitative ~~the bank’s capital stock and surplus~~limits, ormust ~~the~~be ~~aggregate~~made ~~amount~~on ofsubstantially the ~~bank’s~~same ~~covered~~terms ~~transactions~~as ~~with~~those ~~all~~currently ofprevailing ~~its~~in ~~affiliates would exceed 20% of~~ the ~~bank’s~~market ~~capital~~for ~~stock~~comparable ~~and surplus. Covered~~ transactions ~~include~~with ~~loans~~third parties, and ~~other~~must ~~extensions~~not ofinvolve ~~credit~~more tothan ~~an affiliate, investments in~~ the ~~securities~~normal ofrisk ~~an affiliate, purchases~~ of ~~assets~~repayment ~~from~~or anpresent ~~affiliate,~~other ~~and~~unfavorable ~~certain~~features. ~~other~~Certain ~~transactions~~extensions ~~that~~of ~~expose~~credit ~~the~~also ~~bank~~require to the ~~credit~~approval ~~risks~~ of ~~its~~our ~~affiliates~~Board.

Section 23B requires that transactions, including all covered transactions, be on terms substantially the same, or at least as favorable to the bank, as those prevailing at the time for comparable transactions with non-affiliates (the “Market Terms Requirement”). In addition to covered transactions, the Market Terms Requirement applies to certain other transactions between CBNA and its affiliates, including services between CBNA and the Parent Company and loans to CBNA from the Parent Company.

Under sections 22(g) and (h) of the Federal Reserve Act and the FRB’s Regulation O, we are also subject to quantitative restrictions on extensions of credit to executive officers, directors, principal stockholders and their related interests. These extensions of credit may not exceed certain quantitative limits, must be made on substantially the same terms as those currently prevailing in the market for comparable transactions with third parties, and must not involve more than the normal risk of repayment or present other unfavorable features. Certain extensions of credit also require the approval of our Board.

Volcker Rule

~~The~~Under ~~Dodd-Frank~~the ~~Act~~Volcker ~~prohibits~~Rule, banks and their affiliates are prohibited from engaging in proprietary trading and investing in, sponsoring, and having certain relationships with private funds such as certain hedge funds or private equity funds. ~~This statutory provision is commonly called the “Volcker Rule.”~~ Under this rule, we are viewed as having “moderate” trading assets and liabilities, which subjects us to a simplified compliance program requirement that is appropriate for our activities, size, scope, and complexity. This rule does not have a material impact on Citizens.

Citizens Financial Group, Inc. | 16

Regulation of Derivatives

~~Title~~The ~~VII of the Dodd-Frank Act establishes a~~ regulatory framework with respect to OTC derivatives, ~~including swaps and security-based swaps. This framework~~ requires the registration of certain market participants as swap dealers and security-based swap dealers, ~~and~~as well as central clearing and trade execution of certain swaps and security-based swaps on regulated exchanges or execution facilities.

~~CBNA~~Citizens ~~has~~Financial ~~registered as a swap dealer with the CFTC and is subject to the CFTC’s regulatory regime~~Group, ~~including business conduct standards, recordkeeping, and transaction and financial reporting requirements~~Inc. ~~CBNA~~| ~~also is subject to regulation by the National Futures Association, a self-regulatory organization.~~15

CBNA is a CFTC-registered swap dealer and is subject to the CFTC’s regulatory regime, including business conduct standards, recordkeeping, and transaction and financial reporting requirements. CBNA is also subject to regulation by the National Futures Association, a self-regulatory organization.

In addition, CBNA is subject to the OCC’s rules that mandate the exchange of initial margin and variation margin for swaps and security-based swaps between CBNA and specified counterparties that are not centrally cleared through a regulated clearing house. The amount of margin required varies based on the relative risk of the associated swap.

Consumer Financial Protection Regulations

The retail activities of banks are subject to a variety of statutes and regulations designed to protect consumers and promote lending to various sectors of the economy and population. These laws include, but are not limited to, the Equal Credit Opportunity Act, the Fair Debt Collection Practices Act, the Fair Credit Reporting Act, the Truth in Lending Act, the Home Mortgage Disclosure Act, the Service Members Civil Relief Act, the Expedited Funds Availability Act, the Right to Financial Privacy Act, the Truth in Savings Act, the Electronic Funds Transfer Act, and their respective federal regulations and state law counterparts.

In addition to these federal laws and regulations, the guidance and interpretations of the various federal agencies charged with the responsibility of implementing such regulations also influence loan and deposit operations.

The CFPB has ~~broad~~ rulemaking, supervisory, examination, and enforcement authority over various consumer financial protection laws, including those referenced above, fair lending laws, and certain other statutes. The CFPB also has examination and primary enforcement authority with respect to depository institutions with $10 billion or more in assets, such as CBNA, including the authority to prevent unfair, deceptive, or abusive acts or practices in connection with the offering of consumer financial products.

~~Under~~The ~~the Dodd-Frank Act, the~~ Federal Reserve has adopted rules applicable to banks with $10 billion or more in assets, such as CBNA, that establish standards for debit card interchange fees and prohibit network exclusivity and routing restrictions. These rules establish a maximum permissible interchange fee that banks may charge for many types of debit card transactions. In October 2023, the Federal Reserve proposed amendments to these rules that would reduce this maximum permissible interchange fee and establish automatic updates to the fee every other year based on a survey of debit card issuers. We will continue to monitor the proposed changes to these rules.

~~The~~States ~~Dodd-Frank~~are ~~Act~~permitted ~~permits states~~ to adopt stricter consumer protection laws and standards than those adopted at the federal level, and in certain circumstances allows state attorneys general to enforce compliance with both the state and federal laws and regulations on banks like us.

Protection of Customer Personal Information and Cybersecurity

The privacy provisions of GLBA generally prohibit financial institutions, including us, from disclosing nonpublic personal financial information of consumer customers to third parties for certain purposes unless customers have the opportunity to opt out of the disclosure. The Fair Credit Reporting Act restricts information sharing among affiliates for marketing purposes. Both the Fair Credit Reporting Act and Regulation V, which are issued by the FRB, govern the use and provision of information to consumer reporting agencies.

In October 2024, the CFPB adopted a rule regarding personal financial data rights (“PFDR rule”) that applies to financial institutions that offer consumer deposit accounts, such as CBNA. Covered financial institutions are required to provide consumers electronic access to 24 months of transaction data and certain account information and are prohibited from imposing any fees or charges for maintaining or providing access to such data. The PFDR rule also imposes data accuracy, retention, and other obligations. For banks with total assets between $10 billion and $250 billion, compliance with the rule is required by April 1, 2027. In August 2025, in response to legal challenges, the CFPB issued an Advance Notice of Proposed Rulemaking seeking comments and data to inform its consideration of certain issues related to the implementation of the PFDR rule. We will continue to monitor the outcome of the CFPB’s PFDR rule.

Citizens Financial Group, Inc. | 1716

The federal banking regulators regularly issue guidance regarding cybersecurity intended to enhance cyber risk management standards among financial institutions. Financial institutions are expected to design multiple layers of security controls to establish lines of defense and to ensure that their risk management processes also address the risk posed by compromised customer credentials, including security measures to reliably authenticate customers when accessing internet-based services of the financial institution. Further, a financial institution’s management is expected to maintain sufficient business continuity planning processes to ensure the rapid recovery, resumption, and maintenance of the institution’s operations after a ~~cyber-attack~~cyberattack involving destructive malware or other compromise of customer data and/or systems. A financial institution is also expected to develop appropriate processes to enable recovery of data and business operations and address rebuilding network capabilities and restoring data if the institution or its critical service providers fall victim to this type of ~~cyber-attack~~cyberattack or compromise. If we fail to observe the regulatory guidance, we could be subject to various regulatory sanctions, including financial penalties. For further discussion of risks related to cybersecurity, see Item 1A “Risk Factors.”

A financial institution is also required to notify its primary banking regulator within 36 hours of computer-security incidents that have materially disrupted or degraded, or is reasonably likely to materially disrupt or degrade its:

•ability to carry out banking operations, activities, or processes, or deliver banking products and services to a material portion of its customer base;

•business lines, including associated operations, services, functions, and support, that upon failure would result in a material loss of revenue, profit, or franchise value; or

•operations, including associated services, functions, and support, the failure or discontinuance of which would pose a threat to the financial stability of the United States.

In addition, the SEC requires registrants to disclose material cybersecurity incidents on Form 8-K, which must describe the material aspects of the nature, scope, and timing of the incident, as well as the impact of the incident on the registrant. In Form 10-K filings, registrants are required to describe their processes for assessing, identifying, and managing material risks from cybersecurity threats and whether such risks have materially affected the registrant. Registrants must also describe Board oversight of risks from cybersecurity threats and management’s role and expertise in assessing and managing material risks from such threats. See Item 1C “Cybersecurity” for more information.

State regulators have also been active in implementing privacy and cybersecurity standards and regulations. Several states have adopted laws and regulations requiring certain financial institutions to implement cybersecurity programs and provide details with respect to these programs. In addition, many states have implemented or modified their data breach notification and data privacy requirements. We expect this trend of state-level activity to continue and are continually monitoring developments in the states in which we operate.

Climate-Related Laws and Regulations

OnIn March 6, 2024, the SEC adopted a final rule to require registrants to disclose certain climate-related ~~information~~matters in their registration statements and annual reports. Onincluding ~~April 4~~risks, ~~2024,~~activities ~~the~~to ~~SEC~~mitigate ~~issued~~or anadapt ~~order~~to ~~staying~~such ~~its~~risks, ~~final~~governance, ~~rule~~financial ~~pending~~effects ~~completion~~ of ~~the~~severe ~~judicial~~weather ~~review~~events, and audited measurements of certain ~~petitions~~greenhouse ~~challenging~~gas ~~the rule~~emissions. ~~Several~~The ~~states~~SEC insubsequently ~~which~~issued wean ~~operate~~order ~~have~~staying ~~also~~its ~~enacted~~rule orin ~~proposed~~April ~~statutes~~2024 orwhile ~~regulations~~federal ~~addressing~~courts ~~climate-related~~considered ~~issues.~~various ~~For~~legal ~~example,~~challenges ~~California~~brought ~~has~~by ~~enacted~~states, ~~laws~~businesses, ~~that~~and ~~impose~~business ~~climate-related~~groups, ~~disclosure~~which ~~requirements~~were onconsolidated ~~certain~~in ~~companies~~the ~~doing~~U.S. ~~business~~Court inof ~~California,~~Appeals ~~while~~for ~~some~~the ~~states~~Eighth ~~have~~Circuit. ~~enacted,~~In orMarch ~~proposed to enact~~2025, ~~divergent~~the orSEC ~~sometimes~~voted ~~conflicting~~to ~~statutes,~~end ~~including~~its ~~those~~defense ~~that~~of ~~prohibit~~the ~~financial~~rule ~~institutions~~and withdrew from ~~denying~~the orlawsuit. ~~canceling~~Litigation ~~products~~is orexpected ~~services~~to oncontinue with the ~~basis~~court ofultimately ~~social~~deciding ~~credit~~whether ~~scores~~the ~~and~~rule ~~certain~~will ~~other~~remain ~~factors.~~in Weeffect ~~will~~as ~~continue~~adopted. toThe ~~monitor~~rule ~~developments~~remains onstayed ~~these~~until ~~laws~~the ~~and~~litigation ~~regulations~~is resolved.

~~Citizens~~Several ~~Financial~~states ~~Group~~in which we operate have also enacted or proposed statutes or regulations addressing climate-related issues. For example, ~~Inc~~California has enacted laws that impose climate-related disclosure requirements on certain companies doing business in California, while some states have enacted, or proposed to enact, divergent or sometimes conflicting statutes, including those that prohibit financial institutions from denying or canceling products or services on the basis of social credit scores and certain other factors. |We 18will continue to monitor developments on these laws and regulations.


						Citizens Financial Group, Inc. \| 17

Community Reinvestment Act

The CRA requires CBNA’s primary federal bank regulatory agency, the OCC, to evaluate the bank’s record in meeting the credit needs of the communities it serves, including low- and moderate-income neighborhoods and individuals. Institutions are assigned one of four ratings: “Outstanding,” “Satisfactory,” “Needs to Improve,” or “Substantial Noncompliance.” A bank’s CRA record is considered by regulatory agencies in evaluating mergers, acquisitions, and applications to open a branch or facility. In addition, the CRA record of a subsidiary bank of a FHC is considered if a FHC wishes to commence certain new financial activities or to acquire a company engaged in such activities, which requires a rating of at least “satisfactory.” CBNA received an “Outstanding” rating on its most recent CRA evaluation.

In October 2023, the federal banking regulators issued a joint final rule ~~that~~to ~~revises~~modernize ~~the~~their ~~agencies’~~regulations implementing the CRA. The final rule took effect on April 1, 2024, with most of its requirements effective January 1, 2026, and certain reporting requirements effective January 1, 2027. However, a court issued a preliminary injunction enjoining the federal banking regulators from enforcing the revised regulations pending resolution of a lawsuit challenging the regulations. ~~The~~In ~~primary~~July ~~provisions~~2025, the federal banking regulators issued a joint Notice of Proposed Rulemaking (“NPR”) to rescind the CRA joint final rule, ~~along~~and replace it with the ~~most~~prior ~~significant~~CRA ~~changes~~regulations ~~from~~adopted by the ~~existing~~agencies in 1995, with certain technical amendments. The NPR is intended to restore certainty in the CRA regulatory framework, ~~are~~for ~~outlined~~stakeholders ~~below:~~and limit regulatory burden on financial institutions.

•a tiered evaluation framework is established based on a bank’s asset size, similar to the existing CRA regulatory framework;

•the geographic area in which banks may be evaluated for performance is expanded to include areas outside of where they have physical locations in order to capture the varied activities a bank conducts, such as online and mobile banking, and the communities in which it operates;

•bank retail lending and community development financing will be evaluated using a new metrics-based approach; and

•clarifies eligible CRA activities, such as affordable housing.

The final rule took effect on April 1, 2024, with most of its requirements effective January 1, 2026, and certain reporting requirements effective January 1, 2027. A court has issued a preliminary injunction enjoining the federal banking regulators from enforcing the revised regulations pending resolution of the lawsuit challenging the regulations. We will continue to monitor the outcome of this preliminary injunction.

Compensation

Our compensation practices are subject to oversight by the federal banking regulators., ~~Guidance~~with ~~issued~~their jointly byissued ~~the~~guidance ~~federal banking regulators is~~ designed to ensure that incentive compensation arrangements take into account risk and are consistent with safe and sound practices. The guidance sets forth the following three key principles with respect to incentive compensation arrangements:

•~~the~~The arrangements should provide employees with incentives that appropriately balance risk and financial results in a manner that does not encourage employees to expose their organizations to imprudent risk;

•~~the~~The arrangements should be compatible with effective controls and risk management; and

•~~the~~The arrangements should be supported by strong corporate governance.

~~The~~We ~~U.S.~~will ~~financial~~continue ~~regulators,~~to ~~including~~monitor ~~the FRB, the OCC and the SEC, jointly proposed~~ regulations inrelated ~~2011 and again in 2016~~ to ~~implement the~~ incentive compensation ~~requirements~~arrangements ofthat ~~Section 956 of the Dodd-Frank Act. Regulations implementing the requirements of Section 956 of the Dodd-Frank Act~~ have not been finalized ~~and future implementation remains uncertain~~.

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Anti-Money Laundering

The Bank Secrecy Act (“BSA”) and the Patriot Act contain anti-money laundering (“AML”) and financial transparency provisions intended to detect and prevent the use of the U.S. financial system for money laundering and terrorist financing activities. The BSA, as amended by the Patriot Act, requires depository institutions and their holding companies to maintain an AML program, verify the identity of customers and certain beneficial owners for legal entity customers, monitor for and report suspicious transactions, report on cash transactions exceeding specified thresholds, and respond to requests for information by regulatory authorities and law enforcement agencies. We are also required to provide our employees with AML training, designate an AML compliance officer, and undergo an annual, independent audit to assess the effectiveness of our AML program. We have implemented policies, procedures, and internal controls that are designed to comply with these AML requirements. Financial services regulators are focusing their examinations on AML compliance, and we continue to monitor and augment, where necessary, our AML compliance programs. The federal banking agencies are required, when reviewing bank and ~~bank~~BHC ~~holding company~~ acquisition or merger applications, to take into account the effectiveness of the AML activities of the applicants.

~~The~~Citizens Anti-Money Laundering Act of 2020 (“AMLA”), enacted in 2021 as part of the National Defense Authorization Act, requires the U.S. Treasury Department to issue National Anti-Money Laundering and Countering the Financing of Terrorism Priorities and conduct studies and issue regulations that may, over the next few years, significantly alter some of the due diligence, recordkeeping and reporting requirements that the BSA and the Patriot Act impose on financial institutions. The AMLA also increases penalties for violations of the BSA and significantly expands a whistleblower award program both of which could increase the prospect of regulatory enforcement. In 2021, the Financial ~~Crimes Enforcement Network (FinCEN)~~Group, ~~a bureau of the U~~Inc.S. ~~Treasury~~| Department, issued the priorities for AML and countering the financing of terrorism policy, as required under the AMLA. These priorities include corruption, cybercrime, terrorist financing, fraud, transnational crime, drug trafficking, human trafficking and proliferation financing.18

The Anti-Money Laundering Act of 2020 (“AMLA”), enacted in 2021 as part of the National Defense Authorization Act, requires the U.S. Department of the Treasury to issue National Anti-Money Laundering and Countering the Financing of Terrorism Priorities and conduct studies and issue regulations that may, over the next few years, significantly alter some of the due diligence, recordkeeping, and reporting requirements that the BSA and the Patriot Act impose on financial institutions. The AMLA also increases penalties for violations of the BSA and significantly expands a whistleblower award program both of which could increase the prospect of regulatory enforcement. In 2021, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued the priorities for AML and countering the financing of terrorism policy, as required under the AMLA. These priorities include corruption, cybercrime, terrorist financing, fraud, transnational crime, drug trafficking, human trafficking, and proliferation financing.

Office of Foreign Assets Control Regulation

The U.S. has imposed economic sanctions that affect transactions with designated foreign countries, nationals, and others, that are administered by OFAC. OFAC-administered sanctions targeting countries take many different forms and generally contain one or more of the following elements:

•~~restrictions~~Restrictions on trade with or investment in a sanctioned country, including prohibitions against direct or indirect imports from and exports to a sanctioned country and prohibitions on U.S. persons engaging in financial transactions relating to, making investments in, or providing investment-related advice or assistance to, a sanctioned country; and

•aBlocking ~~blocking of~~ assets in which the government or specially designated nationals of the sanctioned country have an interest, by prohibiting transfers of property subject to U.S. jurisdiction, including property in the possession or control of U.S. persons. Blocked assets (e.g., property and bank deposits) cannot be paid out, withdrawn, set off, or transferred in any manner without a license from OFAC.

Lists including the names of individuals and organizations suspected of aiding, harboring, or engaging in terrorist acts, including the Specially Designated Nationals and Blocked Persons list, is published and routinely updated by OFAC. We are responsible for, among other things, blocking accounts of, and transactions with, such targets and countries, prohibiting unlicensed trade and financial transactions with them, and reporting blocked transactions after they occur. If we identify a name on any transaction, account, or wire transfer that is on an OFAC list we must freeze the associated account, file a suspicious activity report, and notify the appropriate authorities. Failure to comply with these sanctions could have serious legal and reputational consequences.

Regulation of Broker-Dealers

Our subsidiaries, Citizens Securities, Inc., and Citizens JMP Securities, LLC, are registered broker-dealers with the SEC and subject to regulation and examination by the SEC ~~as well as FINRA~~ and ~~other self-regulatory organizations~~FINRA. These regulations cover a broad range of matters, including capital requirements; sales and trading practices; use of client funds and securities; the conduct of directors, officers, and employees; ~~record-keeping~~recordkeeping and recording; supervisory procedures to prevent improper trading on material nonpublic information; qualification and licensing of sales personnel; and limitations on the extension of credit in securities transactions. In addition to federal registration, state securities commissions require the registration of certain broker-dealers.

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Heightened Risk Governance Standards

CBNA is subject to OCC guidelines that impose heightened risk governance standards on large national banks with average total consolidated assets of $50 billion or more. The guidelines set forth minimum standards for the design and implementation of a bank’s risk governance framework and its associated oversight by a bank’s board of directors. The guidelines are intended to protect the safety and soundness of covered banks and improve the ability of bank examiners to assess compliance with the OCC’s expectations. Under the guidelines, a bank may use the risk governance framework of its parent company if it meets the minimum standards and the risk profiles of the parent company and the covered bank are substantially the same, along with certain other conditions. CBNA has elected to use the Parent Company’s risk governance framework. A bank’s board of directors is required to have two members who are independent of bank and parent company management, ensure that the risk governance framework meets the appropriate standards, provide active oversight and a credible challenge to management’s recommendations and decisions, and ensure that decisions made by the parent company do not jeopardize the safety and soundness of the bank. In December 2025, the OCC issued a Notice of Proposed Rulemaking that, if enacted, would increase the average total consolidated assets threshold for applying the guidelines from $50 billion to $700 billion.


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Intellectual Property

~~In the highly competitive banking industry in which we operate~~Trademarks, ~~trademarks,~~ service marks, and logos are important to the success of our business in the highly competitive banking industry in which we operate. We own and license a variety of trademarks, service marks, and logos and are developing resources to enhance our stand-alone brands.

Website Access to Citizens’ Filings with the SEC and Corporate Governance Information

Our annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K are available on our website, free of charge, at investor.citizensbank.com, along with amendments to such reports that are filed or furnished to the SEC pursuant to the Exchange Act of 1934. These documents are made available on our website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. The SEC also maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Information about our Board and its committees and corporate governance, including our Code of Business Conduct and Ethics, is available on our website at investor.citizensbank.com/about-us/investor-relations/corporate-governance. Except as specifically incorporated by reference into this Annual Report on Form 10-K, information on the aforementioned websites is not part of this report.

ITEM 1A. RISK FACTORS

We are subject to a number of risks potentially impacting our business, financial condition, results of operations, and cash flows. As a financial services organization, certain elements of risk are inherent in what we do and the decisions we make. Therefore, we encounter risk as part of the normal course of our business and design risk management processes to help manage these risks. See the “Risk ~~Governance~~Management” section in Item 7 for a discussion of our risk management framework and the primary risks we face.

You should carefully consider the following risk factors that may affect our business, financial condition, results of operations, or cash flows. However, the risk factors described below are not the only ones we face and should not be considered a complete list of risks that we may encounter. Additional risks not presently known to us or that we believe to be immaterial may also adversely affect our business. See the “Forward-Looking Statements” section above for other factors that could affect us.

Risks Related to Our Business

We may not be able to successfully execute our business strategy.

Our ~~business strategy is designed to maximize the full potential of our business, drive sustainable growth and enhance profitability, with our success resting on our ability to distinguish ourselves. Our~~ future success and the value of our stock depends, in part, on our ability to effectively implement our business strategy and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank. ~~There~~Risks ~~are risks~~ and uncertainties, ~~many~~associated ofwith ~~which~~each ~~are~~element ~~not~~of ~~within~~ our ~~control~~strategy exist, ~~associated~~many ~~with~~of ~~each~~which ~~element~~are ofnot within our ~~strategy~~control. If we are not able to successfully execute our business strategy, we may not achieve our financial performance goals and any shortfall may be material. See the “Business Strategy” section in Item 1 for further information.

~~Citizens~~Supervisory ~~Financial~~requirements ~~Group~~and expectations on us as a financial holding company and a bank holding company and any regulator-imposed limits on our activities could adversely affect our ability to implement our strategic plan, ~~Inc.~~expand |our 21business, continue to improve our financial performance, and make capital distributions to our stockholders.

~~Supervisory~~Our ~~requirements~~operations are subject to regulation, supervision, and ~~expectations~~examination onby usthe federal banking regulators, as awell ~~financial~~as ~~holding~~the ~~company~~CFPB. As part of the supervisory and aexamination ~~bank~~process, ~~holding~~if ~~company~~we are unsuccessful in meeting the regulatory requirements and ~~any~~supervisory ~~regulator-imposed~~expectations ~~limits~~that apply to us, regulatory agencies may from time to time take supervisory actions against us, including actions that may not be publicly disclosed. Such actions may include restrictions on our activities or the activities of our subsidiaries, informal (nonpublic) or formal (public) supervisory actions, or public enforcement actions, including the payment of civil money penalties, which could ~~adversely~~increase ~~affect~~our costs and limit our ability to implement our strategic ~~plan,~~plans and expand our business and, ~~continue~~as toa ~~improve~~result, could have a material adverse effect on our business, financial ~~performance~~condition, or results of operations. See the “Regulation and ~~make~~Supervision” ~~capital~~section ~~distributions~~in toItem ~~our~~1 ~~stockholders.~~for further information.

~~Our~~Citizens ~~operations~~Financial ~~are subject to extensive regulation~~Group, ~~supervision and examination by the federal banking regulators, as well as the CFPB~~Inc. As| part of the supervisory and examination process, if we are unsuccessful in meeting the regulatory requirements and supervisory expectations that apply to us, regulatory agencies may from time to time take supervisory actions against us, including actions that may not be publicly disclosed. Such actions may include restrictions on our activities or the activities of our subsidiaries, informal (nonpublic) or formal (public) supervisory actions or public enforcement actions, including the payment of civil money penalties, which could increase our costs and limit our ability to implement our strategic plans and expand our business, and as a result could have a material adverse effect on our business, financial condition or results of operations. See the “Regulation and Supervision” section in Item 1 for further information.20

Inflationary pressures could have an adverse effect on our business, financial position, and results of operations.

Volatility and uncertainty related to inflation and ~~the~~its associated effects ~~of inflation~~ may enhance or contribute to ~~some~~certain ~~of the~~ risks ofthat ~~our~~we ~~business~~face by negatively impacting our funding costs and expenses, including increasing funding costs and expenses related to talent acquisition and retention,. ~~and~~Inflation may also negatively ~~impacting~~impact consumer demand and client purchasing power for our products and services, as well as the ability of our borrowers to repay their obligations. These inflationary pressures would likely have an adverse impact on our business, financial position, and results of operations.

Our ability to meet our obligations, and the cost of funds to do so, depend on our ability to access identified sources of liquidity at a reasonable cost.

Liquidity risk is the risk arising from the inability to meet our obligations when they come due. We must maintain adequate funding to meet current and future obligations, including customer loan requests, deposit maturities and withdrawals, debt service, leases, and other cash commitments, under both normal operating conditions and periods of company-specific and/or market stress.

We rely on customer deposits to be our primary stable and low-cost source of funding. Our other funding sources ~~also~~are ~~include~~dependent on our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities.

Our ability to meet our obligations and support our operations could be materially affected by a variety of conditions, including market-wide illiquidity or disruption, a general loss of market or customer confidence in the financial services industry ~~generally~~ or in the Company specifically, or reductions in one or more of our credit ratings. ~~This~~These conditions could limit our ability to retain ~~our~~ deposits, securitize or sell assets, access ~~the~~ debt orand equity capital markets, or otherwise borrow money at a reasonable cost. ~~Additionally,~~If these conditions, among others, ifare severe enough, they could also create unanticipated material outflows of cash due to, among other factors, draws on unfunded commitments or deposit attrition, which could have a significant adverse impact on our liquidity. ~~Further~~In addition, changes to the FHLB’s or the FRB’s underwriting guidelines for wholesale borrowings or lending policies may limit or restrict our ability to borrow, and ~~therefore~~ could have a significant adverse impact on our liquidity as a result.

Changes in interest rates may have an adverse effect on our liquidity and profitability.

Changes in interest rates can have a material impact on the value of our securities portfolio, the primary objective of which is to provide a readily available source of liquidity. An increase in rates could lower the collateral value of these securities, reducing the amount we could borrow, and ~~lead~~leading to losses in the event of their sale.

Since our earning assets are primarily in the form of loans and debt securities, changes in interest rates can have a material impact on our net interest income, net interest margin, fee income, and credit costs. Our asset yields and funding costs may not rise or fall in parallel in response to changes in interest rates, causing our net interest income to increase or decrease and our net interest margin to expand or contract. If our funding costs rise faster than our asset yields, or if our asset yields fall faster than our funding costs, our net interest income could decrease, and our net interest margin could contract.

~~Citizens~~An ~~Financial~~increase ~~Group~~in interest rates could weaken demand for loans by customers, ~~Inc~~reducing our net interest income due to lower loan balances and origination-related fee income due to lower production volume. |An 22increase in rates could also have an adverse impact on our credit costs, as borrowers may have difficulty in making higher interest payments, as well as on our AFS securities portfolio, which could trigger the recognition of losses in the event the securities need to be sold.

AnSimilarly, ~~increase~~a decrease in interest rates could ~~cause~~reduce ~~lower demand for loans by customers, reducing~~ our net interest income, ~~due~~net tointerest ~~lower~~margin, ~~loan balances~~ and ~~origination-related~~ fee income. ~~due~~A toprolonged ~~lower~~period ~~production~~of ~~volume,~~low ~~and~~interest ~~could~~rates ~~also have an adverse impact on our credit costs, as borrowers~~ may ~~have~~result ~~difficulty~~ in ~~making~~us ~~higher~~holding ~~interest~~lower ~~payments.~~yielding ~~Additionally,~~loans anand ~~increase~~securities inshould rates ~~could~~rise ~~cause~~rapidly ~~the~~after ~~recognition~~such ofa ~~losses on our AFS securities portfolio if the securities needed to be sold~~period.

~~Similarly,~~Changes ain ~~decrease~~the inspread between short-term and long-term interest rates ~~could~~(i.e., ~~reduce~~the yield curve) can also have a material impact on our net interest income, and net interest margin. ~~and~~The ~~fee~~yield ~~income.~~curve, Atypically ~~prolonged~~upward ~~period~~sloping ofwith ~~low~~short-term ~~interest~~ rates ~~may~~lower ~~result~~than inlong-term usrates, ~~holding~~could ~~lower~~cause ~~yielding~~our ~~loans~~net interest income and ~~securities~~net ~~should~~interest ~~rates~~margin ~~rise~~to ~~rapidly~~decline ~~after~~if it were to flatten or invert, as the ~~period~~cost of ~~low~~our ~~interest~~short-term ~~rates~~funding is likely to increase relative to the yield we can earn on our long-term assets.

~~Changes~~Citizens inFinancial ~~the spread between short-term and long-term interest rates (i.e.~~Group, ~~the yield curve) can also have a material impact on our net interest income and net interest margin~~Inc. If| the yield curve, typically upward sloping with short-term rates lower than long-term rates, were to flatten or invert, our net interest income and net interest margin may decrease if the cost of our short-term funding increases relative to the yield we can earn on our long-term assets. 21

Interest rates and the yield curve are highly sensitive to many factors that are beyond our control, including general economic conditions and the policies of various governmental and regulatory agencies ~~and~~, inmost ~~particular,~~notably the Federal Open Market Committee. Although we have policies and procedures designed to manage our interest rate risk, as ~~further~~ discussed in the “Risk ~~Governance~~Management” section in Item 7, there can be no assurance that these policies and procedures will be effective in ~~avoiding~~preventing material adverse effects on our profitability.

We could fail to attract, retain, or motivate highly-skilled and qualified personnel, including our senior management, other key employees, or members of our Board, which could impair our ability to successfully execute our strategic plan and otherwise adversely affect our business.

Our ability to implement our strategic plan and our future success depends on our ability to attract, retain, and motivate highly-skilled and qualified personnel, including ~~our~~ senior management, ~~and~~ other key employees, and directors. The marketplace for skilled personnel continues to be competitive, which means the cost of hiring, incentivizing, and retaining skilled personnel may continue to rise. The failure to attract and retain highly-skilled and qualified personnel could place us at a significant competitive disadvantage and impair our ability to implement our strategic plan successfully and achieve our performance targets, which could have a material adverse effect on our business, financial condition, and results of operations.

Limitations on the manner in which regulated financial institutions, such as us, can compensate their officers and employees, ~~including those contained in pending rule proposals implementing the requirements of Section 956 of the Dodd-Frank Act,~~ may make it more difficult for such institutions to compete for talent with financial institutions and other companies not subject to these or similar limitations. If we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected, perhaps materially.

A reduction in our credit ratings could have a material adverse effect on our business, financial condition, and results of operations.

Credit ratings affect the cost and associated terms upon which we are able to obtain funding. Rating agencies regularly evaluate us, with their ratings based on a number of factors, including our financial strength and conditions affecting the financial services industry generally. Any downgrade in our ratings would likely increase our borrowing costs and could limit our access to capital markets, which would adversely affect our business. For example, a ratings downgrade could adversely affect our ability to sell or market our securities, including long-term debt, engage in certain longer-term derivative transactions, and retain customers, who may require a minimum credit rating in order to place funds with us. In addition, under the terms of our derivatives contracts, we may be required to ~~maintain a minimum credit rating,~~ post additional collateral or terminate such contracts if we don’t maintain a minimum credit rating. Any of these impacts of a ratings downgrade could increase our cost of funding, reduce our liquidity, and have adverse effects on our business, financial condition, and results of operations. For more information regarding our credit ratings, see the “Liquidity Risk” section in Item 7.

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Our financial performance may be adversely affected by deterioration in borrower credit quality.

Risks arising from actual or perceived changes in credit quality and uncertainty over the recoverability of amounts due from borrowers is inherent in our businesses. If the economic environment were to deteriorate, ~~more of~~ our borrowers may have difficulty in repaying their loans which could result in higher credit losses and increased loan loss provision expense. Further, our credit risk and credit losses may increase to the extent our loans are concentrated by loan type, industry segment, collateral type, borrower type, or location of the collateral or borrower.

A significant portion of our ~~earnings~~earning assets are in the form of loans to borrowers across the U.S., primarily for residential, commercial and industrial, commercial real estate, education, and other retail purposes. A deterioration in economic conditions or changes in consumer or business behavior that negatively ~~impacts~~impact home or commercial property values could, in event of the borrower’s default, result in materially higher credit losses. Similarly, elevated unemployment levels and higher interest rates can adversely affect our customers’ ability to repay their loans, which can negatively impact our credit performance.

The credit quality of our borrowers may deteriorate for a number of reasons that are outside our control, including prevailing economic and market conditions and collateral valuations. The trends and risks affecting borrower credit quality have caused, and in the future may cause, us to experience credit losses, impairment charges, increased repurchase demands, higher recovery costs, and an inability to engage in routine funding transactions, which could have a material adverse effect on our business, financial condition, and results of operations.


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Our framework for managing risks may not be effective in mitigating risk and loss.

Our risk management framework is made up of various processes and strategies to manage our risk exposure. ~~The~~and ~~framework to manage risk, including the framework’s underlying assumptions,~~ may not be effective under all conditions and circumstances. If ~~the~~our risk management framework proves ineffective, we could suffer unexpected losses and could be materially adversely affected.

One of the main types of risks inherent in our business is credit risk. An important feature of our credit risk management system is to employ an internal credit risk control system through which we identify, measure, monitor, and mitigate the existing and emerging credit risk of our customers. This process involves a detailed analysis of the customer or credit risk, taking into account both quantitative and qualitative factors, and is inherently subject to human error. In exercising their judgment, our employees may not always be able to assign an accurate credit rating to a customer or credit risk, which may result in our exposure to higher credit risks than indicated by our risk rating system.

In addition, we have undertaken certain actions to enhance our credit policies and guidelines to address potential risks associated with particular industries or types of customers. However, we may not be able to effectively implement these initiatives, or consistently follow and refine our credit risk management system, which may result in an increase in the level of nonaccrual loans and a higher risk exposure for us, which could have a material adverse effect on us.

Changes in our accounting policies or standards could materially affect how we report our financial results and condition.

The FASB and SEC periodically change financial accounting and reporting standards that govern accounting for our financial results and preparation of our consolidated financial statements. These changes can be hard to predict and can materially impact how we record and report our financial condition and results of operations. In some cases, we could be required to apply a new or revised standard retroactively, which would result in the recasting of our prior period financial statements.

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Our financial and accounting estimates and risk management framework rely on analytical forecasting and models.

The processes we use to estimate loan losses, measure the fair value of financial instruments, and estimate the effects of changing interest rates and other market measures on our financial condition and results of operations are reliant upon the use of analytical and forecasting models. Some of our tools and metrics for managing risk are based on observed historical market behavior, and we rely on quantitative models to measure risks and to estimate certain financial values. Models may be used in processes such as determining the pricing of various products, grading loans and extending credit, measuring interest rate and other market risks, predicting losses, assessing capital adequacy, and calculating regulatory capital levels, as well as estimating the value of financial instruments and balance sheet items, including goodwill. Poorly designed or implemented models could adversely affect our business decisions if the information is inadequate. In addition, our models may fail to predict future risk exposures if the information used is inaccurate, obsolete, or not sufficiently comparable to actual events as they occur. We seek to incorporate appropriate historical data in our models, but the range of market values and behaviors reflected in any period of historical data is not always predictive of future developments in any particular period and the period of data we incorporate into our models may turn out to be inappropriate for the future period being modeled. In these instances, our ability to manage risk would be limited and our risk exposure and losses could be significantly greater than our models indicated, which could harm our reputation and adversely affect our revenues and profits. Finally, information provided to our regulators based on poorly designed or implemented models could be inaccurate or insufficient, which could adversely affect some of the decisions that our regulators make, including those related to capital distributions to our stockholders, and subject us to supervisory criticism and costs ~~relating~~related to remediation.


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The preparation of our financial statements requires us to make subjective determinations and use estimates that may vary from actual results and materially impact our financial condition and results of operations.

The preparation of consolidated financial statements in conformity with GAAP requires management to make significant estimates that affect the financial statements. Our accounting policies and methods are fundamental to how we record and report our financial condition and results of operations and, at times, require management to exercise judgment in their application so as to report our financial condition and results of operations in the most appropriate manner. Certain accounting policies are critical because they require management to make difficult, subjective, or complex judgments about matters that are inherently uncertain and the likelihood that materially different estimates would result under different conditions or through the utilization of different assumptions. Our critical accounting estimates include the ACL, fair value measurements, and the evaluation and measurement of goodwill for impairment. If our estimates are inaccurate or need to be adjusted periodically, our financial condition and results of operations could be materially impacted. For more information regarding our use of estimates in the preparation of our consolidated financial statements, see Note 1 in Item 8 and the “Critical Accounting Estimates” section in Item 7.

Operational risks are inherent in our businesses.

Our operations depend on our ability to process a very large number of transactions efficiently and accurately while complying with applicable laws and regulations. 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, including those caused by natural disasters or by electrical, telecommunications, or other essential utility outages; business continuity and data security system failures, including those caused by computer viruses, cyber-attacks against us or our vendors, coding errors, or unforeseen problems encountered while implementing new computer systems or upgrades to existing systems; or the inadequacy or failure of systems and controls, including those of our suppliers or counterparties. Although we implement risk controls and loss mitigation actions and devote substantial resources to developing efficient procedures, identifying and rectifying weaknesses in existing procedures and training staff, it is not possible to be certain that such actions have been or will be effective in controlling each of the operational risks we face. Any weakness in these systems or controls, or any breaches or alleged breaches of such laws or regulations, could result in increased regulatory supervision, enforcement actions, and other disciplinary action, especially in light of heightened regulatory expectations around information security, and have an adverse impact on our business, applicable authorizations and licenses, reputation, and results of operations.

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The financial services industry, including the banking sector, continues to make technological enhancements to meet customer preferences, as well as meet legal and regulatory requirements, and we may not be able to compete effectively as a result of these changes.

Technology within the financial services industry continues to evolve and new, unexpected technological changes, including those related to artificial intelligence, could have a transformative effect on the way banks offer products and services. We believe our success depends, to a great extent, on our ability to utilize technology to offer products and services that address the needs of our customers and to create efficiencies in our operations. However, we may not be able to, among other things, keep up with the rapid pace of technological changes, effectively implement new technology-driven products and services, or be successful in marketing these products and services to our customers. As a result, our ability to compete effectively to attract or retain business may be impaired, and our business, financial condition, or results of operations may be adversely affected.

InCitizens ~~addition,~~Financial changes in the legal and regulatory framework under which we operate require us to update our information systems to ensure compliance. Our need to review and evaluate the impact of ongoing rule proposalsGroup, ~~final rules and implementation guidance from regulators further complicates the development and implementation of new information systems for our business~~Inc. ~~Regulatory~~| guidance continues to be focused on the need for financial institutions to perform appropriate due diligence and ongoing monitoring of third-party vendor relationships, thus increasing the scope of management involvement and decreasing the efficiency otherwise resulting from our relationships with third-party technology providers. Given the significant number of ongoing regulatory reform initiatives, it is possible that we incur higher than expected information technology costs in order to comply with current and impending regulations. Also, see “Supervisory requirements and expectations on us as a financial holding company and a bank holding company and any regulator-imposed limits on our activities could adversely affect our ability to implement our strategic plan, expand our business, continue to improve our financial performance and make capital distributions to our stockholders.”24

In addition, changes in the legal and regulatory framework under which we operate require us to update our information systems to ensure compliance. Our need to review and evaluate the impact of ongoing rule proposals, final rules, and implementation guidance from regulators further complicates the development and implementation of new information systems for our business. Regulatory guidance continues to be focused on the need for financial institutions to perform appropriate due diligence and ongoing monitoring of third-party vendor relationships, thus increasing the scope of management involvement and decreasing the efficiency otherwise resulting from our relationships with third-party technology providers. Given the significant number of ongoing regulatory reform initiatives, it is possible that we may incur higher than expected information technology costs in order to comply with current and impending regulations. Also, see “Supervisory requirements and expectations on us as a financial holding company and a bank holding company and any regulator-imposed limits on our activities could adversely affect our ability to implement our strategic plan, expand our business, continue to improve our financial performance, and make capital distributions to our stockholders.”

We are subject to a variety of cybersecurity risks that, if realized, could adversely affect how we conduct our business.

Evolving technologies, including the introduction of Generative Artificial Intelligence and Large Language Models, and the increased sophistication and activities of organized crime, hackers, terrorists, nation-states, activists, and other external parties present a significant information security risk to large financial institutions such as us. Third parties with whom we or our customers do business also present operational and information security risks to us, including security breaches or failures of their own systems. Risks related to ~~cyber-attacks~~cyberattacks on our vendors and other third parties, including supply chain attacks affecting our software and information technology service providers, are on the rise as such attacks become more frequent and severe. Employee error, failure to follow security procedures, or malfeasance also present these risks. Our operations rely on the secure processing, transmission, and storage of confidential information in our computer systems and networks as well as in the third-party computer systems and networks used to provide products and services on our behalf. Although we believe that we have appropriate information security procedures and controls based on our adherence to applicable laws and regulations and industry standards, our technologies, systems, and networks may be the target of ~~cyber-attacks~~cyberattacks or information security breaches that could result in the unauthorized release, gathering, monitoring, misuse, theft, sale, or loss or destruction of the confidential and/or proprietary information of CFG, and our customers, vendors, counterparties, or employees. We and our third-party vendors are under continuous threat of loss or network degradation due to ~~cyber-attacks~~cyberattacks, such as computer viruses, malicious or destructive code, phishing attacks, ransomware, and Distributed Denial of Service ~~(“DDoS”)~~ attacks (collectively, “fraudulent schemes”). Also, our customers are routinely the target of fraudulent schemes. ~~This is especially true~~ as we continue to expand customer capabilities to utilize the Internet and other remote channels to transact business. Two of the most significant ~~cyber-attack~~cyberattack risks that we face as a result of these fraudulent schemes are potential loss of funds resulting from customers falling victim to cybercriminal communications directed to them or unauthorized access to sensitive customer data. Cybercriminals can use fraudulent schemes directly targeting our customers or our own systems to compromise and directly extract funds from a customer’s account or access sensitive customer data. Certain technology protections such as Customer Profiling and Step-Up Authentications have been implemented, but there can be no assurance that these protections will be effective.

~~Citizens~~As ~~Financial~~cyber ~~Group~~threats continue to evolve, ~~Inc~~we may be required to expend significant additional resources to continue to modify or enhance our layers of defense, to investigate and remediate any information security vulnerabilities internally, to assess and mitigate issues associated with customers that have fallen victim to fraudulent schemes, and perform additional due diligence with respect to our third-party vendors. |System 26enhancements and updates may also create risks associated with implementing new systems and integrating them with existing ones. Due to the complexity and interconnectedness of information technology systems, the process of enhancing our layers of defense can itself create a risk of system disruptions and security issues. In addition, addressing certain information security vulnerabilities, such as hardware-based vulnerabilities, may affect the performance of our information technology systems. The ability of our hardware and software providers to deliver patches and updates to mitigate vulnerabilities in a timely manner can introduce additional risks, particularly when a vulnerability is being actively exploited by threat actors. Cyberattacks against the patches themselves have also proven to be a significant risk that companies will have to address going forward.

AsCitizens ~~cyber~~Financial ~~threats continue to evolve~~Group, we may be required to expend significant additional resources to continue to modify or enhance our layers of defense, to investigate and remediate any information security vulnerabilities internally, to assess and mitigate issues associated with customers that have fallen victim to fraudulent schemes, and perform additional due diligence with respect to our third-party vendorsInc. ~~System~~| enhancements and updates may also create risks associated with implementing new systems and integrating them with existing ones. Due to the complexity and interconnectedness of information technology systems, the process of enhancing our layers of defense can itself create a risk of system disruptions and security issues. In addition, addressing certain information security vulnerabilities, such as hardware-based vulnerabilities, may affect the performance of our information technology systems. The ability of our hardware and software providers to deliver patches and updates to mitigate vulnerabilities in a timely manner can introduce additional risks, particularly when a vulnerability is being actively exploited by threat actors. Cyber-attacks against the patches themselves have also proven to be a significant risk that companies will have to address going forward.25

Despite our efforts to prevent a ~~cyber-attack~~cyberattack, a successful ~~cyber-attack~~one could persist for an extended period of time before being detected, and, following detection, could take considerable time for us to obtain full and reliable information about the cybersecurity incident and the extent, amount, and type of information compromised. During the course of an investigation, we may not necessarily know the full effects of the incident or how to remediate it, and actions and decisions that are taken or made in an effort to mitigate risk may further increase the costs and other negative consequences of the incident. Moreover, existing regulations may require us to disclose information about a cybersecurity event before it has been resolved or fully investigated.

The techniques used by cyber criminals change frequently, may not be recognized until launched, and can be initiated from a variety of sources, including terrorist organizations and hostile foreign governments. These actors may attempt to fraudulently induce employees, customers, or other third-party users of our systems to disclose sensitive information in order to gain access to data or our systems. In the event that a ~~cyber-attack~~cyberattack is successful, our business, financial condition, or results of operations may be adversely affected.

We rely heavily on communications and information systems to conduct our business.

Any failure, interruption, or breach in the security of our communication and information ~~systems,~~system ~~including~~ due to, ~~cyber-attacks~~among other things, cyberattacks or our failure to adequately maintain and manage our systems or implement system changes and upgrades, could result in failures or disruptions in our customer relationship management, general ledger, deposit, loan, and other systems. Although our policies and procedures are designed to prevent or limit the effect of the possible failure, interruption, or security breach of our information systems, there can be no assurance that these policies and procedures will be successful and that any such failure, interruption, or security breach will not occur or, if they do occur, that they will be adequately addressed. The occurrence of any failure, interruption, or security breach of our information systems could require us to devote substantial resources to recovery and response efforts, damage our reputation, result in a loss of customer business, subject us to additional regulatory scrutiny, or expose us to civil litigation and possible financial liability. Although we maintain insurance coverage for information security events, we may incur losses as a result of such events that are not insured against or not fully covered by our insurance.

We rely on third parties for the performance of a significant portion of our information technology.

Third parties perform a significant portion of our information technology functions and the provision of information technology and business process services including, but not limited to, the operation of our data communications networks, hosted services, and a wide range of other support services. The success of our business depends in part on the continuing ability of third parties to perform these functions and services in a timely and satisfactory manner, which performance could be disrupted or otherwise adversely affected due to failures or other information security events originating at the third parties or at the third parties’ suppliers or vendors (so-called “fourth party risk”). We may not be able to effectively monitor or mitigate third or fourth-party risk, in particular as it relates to the use of common suppliers or vendors by the third parties that perform functions and services for us. If we experience a disruption in the provision of any functions or services performed by third parties, we may have difficulty in finding alternate providers on terms favorable to us and in reasonable time frames. If these services are not performed in a satisfactory manner, we would not be able to adequately serve our customers. In either situation, our business could incur significant costs and be adversely affected.

Citizens Financial Group, Inc. | 27

We are exposed to reputational risk and the risk of damage to our brands and the brands of our affiliates.

Our success and results depend on our reputation and the strength of our brands. We are vulnerable to adverse market perception as we operate in an industry where integrity, customer trust, and confidence are paramount. We are exposed to the risk that litigation, employee misconduct, operational failures, the outcome of regulatory or other investigations or actions, press speculation and negative publicity, and perception of our ~~environmental,~~sustainability ~~social~~ and governance practices and disclosures, among other factors, could damage our brands or reputation. Our brands and reputation could also be harmed if we sell products or services that do not perform as expected or customers’ expectations for the product are not satisfied.

~~Unpredictable~~Citizens ~~catastrophic~~Financial ~~events could have an adverse effect on our business~~Group, ~~financial position and results of operations~~Inc. | 26

~~The~~Unpredictable ~~occurrence of~~ catastrophic events, ~~including~~could ~~pandemics,~~have ~~terrorists~~an ~~attacks,~~adverse ~~extreme~~effect ~~weather~~on ~~events, such as hurricanes, tropical storms, or tornadoes, and other large-scale catastrophes could adversely affect~~ our business, financial ~~condition~~position, orand results of operations. Such events could affect the stability of our deposit base, impair the ability of our borrowers to repay outstanding loans, impair the value of collateral securing loans, and cause significant property damage or operational disruptions, resulting in loss of revenue or causing us to incur additional expenses.

~~Furthermore,~~The ~~although~~occurrence weof ~~maintain~~catastrophic ~~both~~events, ~~business~~including ~~continuity~~pandemics, ~~and~~terrorists ~~disaster~~attacks, ~~recovery~~extreme ~~plans~~weather events, ifsuch aas ~~catastrophic~~hurricanes, ~~event~~tropical ~~rendered~~storms, ~~our~~or ~~production~~tornadoes, and ~~recovery~~other ~~data~~large-scale ~~unusable,~~catastrophes ~~there~~could ~~can~~adversely beaffect noour ~~assurance~~business, ~~that~~financial ~~these~~condition, ~~plans~~or ~~and~~results ~~related~~of ~~capabilities~~operations. ~~will~~Such ~~adequately~~events ~~protect~~could usaffect ~~from~~the ~~such~~stability anof ~~event~~our deposit base, ~~and~~impair the ability of our ~~business~~borrowers to repay outstanding loans, ~~financial~~impair ~~condition~~the value of collateral securing loans, and cause significant property damage or ~~results~~operational disruptions, resulting in loss of ~~operations~~revenue ~~could~~or becausing ~~adversely~~us ~~affected~~to incur additional expenses.

Furthermore, although we maintain both business continuity and disaster recovery plans, if a catastrophic event rendered our production and recovery data unusable, there can be no assurance that these plans and related capabilities will adequately protect us from such an event, and our business, financial condition, or results of operations could be adversely affected.

The effects of geopolitical instability may adversely affect us and create significant risks and uncertainties for our business, with the ultimate impact dependent on future developments, which are highly uncertain and unpredictable.

Ongoing geopolitical instability, such as the wars in Ukraine and the Middle East, has negatively impacted, and could in the future negatively impact, the global and U.S. economies, including by causing supply chain disruptions, rising prices for oil and other commodities, volatility in capital markets and foreign currency exchange rates, rising interest rates, and heightened cybersecurity risks. The extent to which such geopolitical instability adversely affects our business, financial condition, and results of operations, as well as our liquidity and capital profile, will depend on future developments, which are highly uncertain and unpredictable, including the extent and duration of the wars and the associated immeasurable humanitarian toll inflicted as a result. If geopolitical instability adversely affects us, it may also have the effect of heightening other risks related to our business.

~~Risks~~Any ~~Related~~deterioration toin ~~Our~~national ~~Industry~~economic and political conditions could have a material adverse effect on our business, financial condition, and results of operations.

~~Any~~Our ~~deterioration~~business inis affected by national economic and political conditions, as well as perceptions of those conditions and future economic prospects, with changes in such conditions neither predictable or controllable. Adverse economic and political conditions, such as global trade policies, inflationary pressures, and government shutdowns could have a material adverse effect on our business, financial condition, and results of operations.

~~Our~~U.S. ~~business~~global istrade ~~affected~~policies, byincluding ~~national~~the ~~economic~~imposition ~~conditions,~~of astariffs ~~well~~and asuncertainty ~~perceptions~~surrounding the resolution of ~~those~~trade ~~conditions~~disputes, or renewal of trade agreements, with various countries, may cause inflation to rise and ~~future~~ultimately ~~economic~~affect ~~prospects~~interest rates. ~~Changes~~In addition, the risk of government shutdowns could cause volatility in ~~such~~the ~~economic~~financial ~~conditions~~markets ~~are~~by ~~not~~adversely ~~predictable~~impacting consumer and ~~cannot~~investor ~~be controlled~~confidence. ~~Adverse~~Unfavorable changes related to these national economic and political conditions, ~~such~~may asalso ~~recent~~result ~~inflationary~~in ~~pressures~~increased delinquencies and defaults among borrowers in light of economic uncertainty, which could require us to charge off a higher percentage of loans and increase the provision for credit losses, ~~which~~ultimately ~~would~~reducing ~~reduce~~ our net income ~~and otherwise have a material adverse effect on our business, financial condition and results of operations~~.

WeClimate ~~operate~~change inmanifesting anas ~~industry~~physical ~~that~~or istransition ~~highly~~risks ~~competitive, which~~ could ~~result~~adversely inaffect ~~losing business or margin declines and have a material adverse effect on~~ our ~~business~~operations, ~~financial~~businesses, ~~condition~~ and ~~results of operations~~customers.

We operate in a highly competitive industry, which could become even more competitive as a result of legislative, regulatory and technological changes, as well as continued consolidation. We face aggressive competition from other domestic and foreign lending institutions and from numerous other providers of financial services, including non-banking financial institutions that are not subject to the same regulatory restrictions as banks and BHCs, securities firms and insurance companies, and competitors that may have greater financial resources.

Citizens Financial Group, Inc. | 28

With respect to non-banking financial institutions, technology and other changes have lowered barriers to entry and made it possible for non-banks to offer products and services traditionally provided by banks. For example, consumers can maintain funds that would have historically been held as bank deposits in brokerage accounts or mutual funds and can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. In addition, the emergence, adoption and evolution of new technologies that do not require intermediation, including distributed ledgers such as digital assets and blockchain, as well as advances in automation, artificial intelligence and robotics, could significantly affect the competition for financial services. The process of eliminating banks as intermediaries, known as “disintermediation,” could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. Some of our non-bank competitors are not subject to the same extensive regulations we are and, therefore, may have greater flexibility in competing for business. As a result of these and other sources of competition, we could lose business to competitors or be forced to price products and services on less advantageous terms to retain or attract clients, either of which would adversely affect our profitability.

Climate change manifesting as physical or transition risks could adversely affect our operations, businesses and customers.

There is global concern over the risks of climate change and related environmental sustainability matters. The physical risks of climate change include discrete events, such as flooding and wildfires, and longer-term shifts in climate patterns, such as extreme heat, sea level rise, and more frequent and prolonged droughts. Such events could disrupt our operations or those of our clients, customers, or service providers, including through direct damage to assets and indirect impacts from supply chain disruption and market volatility.

WeCitizens ~~are~~Financial ~~also exposed to risks associated with the transition to a lower-carbon economy in response to concerns around climate change. Such risks may result from changes in policies~~Group, ~~laws and regulations, technologies, or market preferences that are intended to address climate change~~Inc. ~~These~~| changes could adversely impact our or our customers’ business, results of operations, financial condition and reputation. This could occur as a result of our or our customers’ involvement in, or decision not to participate in, certain industries or projects associated with exacerbating climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations related to climate change. For example, a number of states in which we operate have enacted or proposed statutes and regulations addressing climate change and sustainability issues, while certain other states have enacted, or have proposed to enact, divergent or sometimes conflicting statutes, regulations or policies. Ongoing legislative or regulatory uncertainties and changes regarding climate risk management and practices may result in higher regulatory, compliance, credit and reputational risks and costs.27

We are also exposed to risks associated with the transition to a lower-carbon economy in response to concerns around climate change. Such risks may result from changes in policies, laws and regulations, technologies, or market preferences that are intended to address climate change. These changes could adversely impact our or our customers’ business, results of operations, financial condition, and reputation. This could occur as a result of our or our customers’ involvement in, or decision not to participate in, certain industries or projects associated with exacerbating climate change, as well as any decisions we make to continue to conduct or change our activities in response to considerations related to climate change. For example, a number of states in which we operate have enacted or proposed statutes and regulations addressing climate change and sustainability issues, while certain other states have enacted, or have proposed to enact, divergent or sometimes conflicting statutes, regulations, or policies. Uncertainties and changes in legislation, regulations, and/or global standards related to climate risk management and practices may result in higher regulatory, compliance, credit, and/or reputational risks and costs.

Risks Related to Our Industry

We operate in an industry that is highly competitive, which could result in losing business or margin declines and have a material adverse effect on our business, financial condition, and results of operations.

We operate in a highly competitive industry, which could become even more competitive as a result of legislative, regulatory, and technological changes, as well as continued consolidation. We face aggressive competition from other domestic and foreign lending institutions and from numerous other providers of financial services, including non-banking financial institutions that are not subject to the same regulatory restrictions as banks and BHCs, securities firms and insurance companies, and competitors that may have greater financial resources.

With respect to non-banking financial institutions, technology and other changes have lowered barriers to entry and made it possible for non-banks to offer products and services traditionally provided by banks. For example, consumers can maintain funds that would have historically been held as bank deposits in brokerage accounts or mutual funds and can also complete transactions such as paying bills and/or transferring funds directly without the assistance of banks. In addition, the emergence, adoption, and evolution of new technologies that do not require intermediation, including distributed ledgers such as digital assets and blockchain, as well as advances in automation, artificial intelligence, and robotics, could significantly affect the competition for financial services. The process of eliminating banks as intermediaries, known as “disintermediation,” could result in the loss of fee income, as well as the loss of customer deposits and the related income generated from those deposits. Some of our non-bank competitors are not subject to the same regulations that we are and, therefore, may have greater flexibility in competing for business. As a result of these and other sources of competition, we could lose business to competitors or be forced to price products and services on less advantageous terms to retain or attract clients, either of which would adversely affect our profitability.

The conditions of other financial institutions or of the financial services industry could adversely affect our operations and financial condition.

Financial services institutions are typically interconnected as a result of trading, investment, liquidity, clearing, counterparty, and other relationships. Within the financial services industry, the default by any one institution could lead to defaults by other institutions. Concerns about, or a default by, one institution could lead to significant market and customer perception of the risk of similar problems at other institutions. This perception of risk could, in and of itself, lead to adverse impacts on liquidity, as the financial soundness of financial institutions is closely related as a result of ~~these~~the ~~credit,~~aforementioned ~~trading, clearing and other~~ relationships. Even the perceived lack of creditworthiness of, or questions about, a counterparty may lead to market-wide liquidity problems and losses or defaults by various institutions. This systemic risk may adversely affect financial intermediaries, such as clearing agencies, banks, and exchanges with which we interact on a daily basis, or key funding providers such as the FHLBs, any of which could have a material adverse effect on our access to liquidity or otherwise have a material adverse effect on our business, financial condition, and results of operations.

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Risks Related to Regulations Governing Our Industry

As a financial holding company and a bank holding company, we are subject to ~~comprehensive~~ regulation that could have a material adverse effect on our business and results of operations.

As a FHC and a BHC, we are subject to ~~comprehensive~~ regulation, supervision, and examination by the FRB. In addition, CBNA is subject to ~~comprehensive~~ regulation, supervision, and examination by the OCC. Our regulators supervise us through ~~regular~~ examinations and other means that allow them to gauge management’s ability to identify, assess, and control risk in all areas of operations in a safe and sound manner and to ensure compliance with laws and regulations. In the course of their supervision and examinations, our regulators may require improvements in various areas. We may be required to devote substantial resources to meet supervisory expectations or remediate supervisory findings. In addition, the failure to meet supervisory expectations can result in practical limitations on the ability of a bank, BHC, or FHC to engage in new activities, pursue growth opportunities, engage in acquisitions, return capital to shareholders through repurchases or dividends, or continue to conduct existing activities. If we are unable to implement and maintain any required actions in a timely and effective manner, we could become subject to informal (nonpublic) or formal (public) supervisory actions and public enforcement orders that could lead to significant restrictions on our existing business or on our ability to engage in any new business. Such forms of supervisory action could include, without limitation, written agreements, cease and desist orders, and consent orders and may, among other things, result in restrictions on our ability to pay dividends, requirements to increase capital, restrictions on our activities, the imposition of civil monetary penalties, and enforcement of such actions through injunctions or restraining orders. We could also be required to dispose of certain assets and liabilities within a prescribed period. The terms of any such supervisory or enforcement action could have a material adverse effect on our business, financial condition, and results of operations.

We are a BHC that has elected to become a FHC pursuant to the Bank Holding Company Act. FHCs are allowed to engage in certain financial activities in which a BHC is not otherwise permitted to engage. However, to maintain FHC status, a BHC and all of its depository institution subsidiaries must be “well capitalized” and “well managed.” If a BHC ceases to meet these capital and management requirements, there are many penalties it would be faced with, including the imposition of limitations or conditions on the conduct of its activities by the FRB, as well as the inability to undertake any of the broader financial activities permissible for FHCs or to acquire a company engaged in such financial activities without prior approval of the FRB. If a company does not return to compliance within 180 days, which period may be extended, the FRB may require divestiture of the company’s depository institutions. If we fail to meet FHC requirements and remediate deficiencies in a timely manner, there could be a material adverse effect on our business, financial condition, and results of operations.

Our regulators may impose restrictions or limitations on our operations.

From time to time, bank regulatory agencies take supervisory actions that restrict or limit a financial institution’s activities and lead it to raise capital or subject it to other requirements. In addition, as part of our ~~regular~~ examination process, our regulators may advise us to conduct significant remediation activities or operate under various restrictions as a prudential matter. Any such actions or restrictions, if and in whatever manner imposed, could adversely affect our costs and revenues. Moreover, efforts to comply with any such nonpublic supervisory actions or restrictions may require material investments in additional resources and systems, as well as a significant commitment of managerial time and attention. As a result, such supervisory actions or restrictions, if and in whatever manner imposed, could have a material adverse effect on our business and results of operations.

Citizens Financial Group, Inc. | 3029

The regulatory environment in which we operate continues to be subject to ~~significant and~~ evolving regulatory requirements that could have a material adverse effect on our business and earnings.

We are ~~heavily~~ regulated by multiple banking, consumer protection, securities, and other regulatory authorities at the federal and state levels. This regulatory oversight is primarily established to protect depositors, the DIF, consumers of financial products, and the financial system as a whole, not for the protection of shareholders or other investors. Changes to statutes, regulations, rules, or policies, including their interpretation, implementation, or enforcement, could affect us in substantial and unpredictable ways, including by, for example, subjecting us to additional costs, limiting the types of financial services and other products we may offer, limiting our ability to pursue acquisitions, and increasing the ability of third parties, including non-banks, to offer competing financial services and products. In recent years, we, together with the rest of the financial services industry, have faced particularly intense scrutiny, with many new regulatory initiatives and vigorous oversight and enforcement on the part of numerous regulatory and governmental authorities. Legislatures and regulators have pursued a broad array of initiatives intended to promote the safety and soundness of financial institutions, financial market stability, the transparency and liquidity of financial markets, and consumer and investor protection. Certain regulators and law enforcement authorities have ~~also recently~~ required admissions of wrongdoing and, in some cases, criminal pleas as part of the resolutions of matters brought by them against financial institutions. Any such resolution of a matter involving us could lead to increased exposure to civil litigation, could adversely affect our reputation, could result in penalties or limitations on our ability to do business or engage in certain activities, and could have other negative effects. In addition, a single event or issue may give rise to numerous and overlapping investigations and proceedings, including by multiple federal and state regulators and other governmental authorities.

We are also subject to laws and regulations relating to the privacy of the information of our customers, employees, counterparties, and others, and any failure to comply with these laws and regulations could expose us to liability and/or reputational damage. As new privacy-related laws and regulations are implemented, the time and resources needed for us to comply with those laws and regulations, as well as our potential liability for non-compliance and our reporting obligations in the case of data breaches, may significantly increase.

~~While~~Uncertainty ~~there~~exists ~~have~~with ~~been~~respect ~~significant revisions~~ to the ~~laws~~enactment and regulations applicable to us that have been finalized in recent years, there are other rules to implement changes that have yet to be proposed or enacted by our regulators. The final timing, scope and impact of ~~these changes to the regulatory framework applicable to financial institutions remains uncertain. Uncertainty exists with respect to~~ new laws orand regulations, or changes in the interpretation or enforcement of existing laws orand regulations, including potential deregulation in some areas. In addition, litigation challenging actions or regulations by federal or state authorities could, depending on the outcome, significantly affect the regulatory and supervisory framework affecting our operations. For more information on regulations to which we are subject ~~and recent initiatives to reform financial institution regulation~~, see the “Regulation and Supervision” section in Item 1.

We are subject to capital adequacy and liquidity standards, and if we fail to meet these standards our financial condition and operations would be adversely affected.

We are subject to several capital adequacy and liquidity standards. To the extent that we are unable to meet these standards, our ability to make distributions of capital will be limited and we may be subject to additional supervisory actions and limitations on our activities. See “Regulation and Supervision” in Item 1 for further discussion of the regulations to which we are subject.

~~Citizens~~The ~~Financial~~Parent ~~Group~~Company could be required to act as a “source of strength” to CBNA, ~~Inc.~~which |would 31have a material adverse effect on our business, financial condition, and results of operations.

~~The~~FRB ~~Parent~~policy ~~Company~~historically ~~could be~~ required BHCs to act as a “source of financial and managerial strength” to ~~CBNA,~~their ~~which~~subsidiary ~~would~~banks. ~~have~~This asupport ~~material~~may ~~adverse~~be ~~effect~~required onby the FRB at times when we might otherwise determine not to provide it or when doing so is not otherwise in the interests of CFG or our ~~business,~~stockholders ~~financial~~or ~~condition~~creditors, and ~~results~~may include one or more of ~~operations.~~the following:

~~FRB~~•The ~~policy~~Parent ~~historically~~Company ~~required~~may ~~BHCs~~be compelled to ~~act~~contribute ascapital ~~a source of financial and managerial strength~~ to ~~their~~CBNA, ~~subsidiary~~including ~~banks.~~by ~~The~~engaging ~~Dodd-Frank~~in ~~Act~~a ~~codified~~public ~~this~~offering ~~policy~~to asraise asuch ~~statutory requirement~~capital. ~~This~~Furthermore, ~~support~~any ~~may~~extensions beof ~~required~~credit byfrom the ~~FRB~~Parent atCompany ~~times when we might otherwise determine not~~ to ~~provide~~CBNA itthat orare ~~when~~included ~~doing~~in soCBNA’s iscapital ~~not~~would ~~otherwise~~be subordinate in ~~the~~right ~~interests~~ of ~~CFG~~payment orto ~~our~~depositors ~~stockholders or creditors,~~ and ~~may~~certain ~~include~~other ~~one~~indebtedness ~~or more~~ of ~~the following:~~CBNA;

•~~The~~In ~~Parent~~the ~~Company~~event ~~may~~of bea ~~compelled~~BHC’s ~~to contribute capital to CBNA~~bankruptcy, ~~including~~any bycommitment ~~engaging~~that inthe aBHC ~~public~~had ~~offering~~been required to ~~raise~~make ~~such~~by ~~capital.~~a ~~Furthermore,~~federal ~~any~~bank ~~extensions~~regulatory ofagency ~~credit~~to ~~from~~maintain the ~~Parent~~capital ~~Company~~of toa ~~CBNA~~subsidiary ~~that~~bank ~~are~~will ~~included in CBNA’s capital would~~ be ~~subordinate~~assumed inby ~~right~~the ofbankruptcy ~~payment~~trustee ~~to depositors~~ and ~~certain~~entitled ~~other~~to ~~indebtedness~~priority of ~~CBNA.~~payment; and

•In the event of a BHC’s bankruptcy, any commitment that the BHC had been required to make by a federal bank regulatory agency to maintain the capital of a subsidiary bank will be assumed by the bankruptcy trustee and entitled to priority of payment.

•In the event of impairment of the capital stock of CBNA, the Parent Company, as CBNA’s stockholder, could be assessed for the deficiency and required to pay that amount to CBNA.


						Citizens Financial Group, Inc. \| 30

The Parent Company depends on CBNA for substantially all of its revenue, and restrictions on dividends and other distributions by CBNA could affect its liquidity and ability to fulfill its obligations.

As a BHC, the Parent Company is a separate and distinct legal entity from CBNA, our banking subsidiary. The Parent Company typically receives substantially all of its revenue from dividends from CBNA and are the principal source of funds utilized to pay dividends on our equity and interest and principal on our debt. Various federal and/or state laws and regulations, as well as regulatory expectations, limit the amount of dividends that CBNA may pay to the Parent Company. Also, our right to participate in a distribution of assets upon a subsidiary’s liquidation or reorganization is subject to the prior claims of the subsidiary’s creditors. In the event CBNA is unable to pay dividends to the Parent Company, it may not be able to make debt service payments, pay obligations, or pay dividends on its common stock. The inability to receive dividends from CBNA could have a material adverse effect on our business, financial condition, and results of operations. See the “Regulation and Supervision” section in Item 1 for further discussion of dividends payable by CBNA as a national bank subsidiary.

From time-to-time, we may become or are subject to regulatory actions that may have a material impact on our business.

We may become or are involved, from time to time, in reviews, investigations, and proceedings (both formal and informal) by governmental and self-regulatory agencies regarding our business. These regulatory actions involve accounting, compliance, and operational matters, among others, some of which may result in adverse judgments, settlements, fines, penalties, injunctions, or other relief that may require changes to our business or otherwise materially impact our business.

In regulatory actions, such as those referred to above, it is inherently difficult to determine whether any loss is probable or whether it is possible to reasonably estimate the amount of any loss. We cannot predict with certainty if, how, or when such proceedings will be resolved or what the eventual fine, penalty, or other relief, conditions, or restrictions, if any, may be, particularly for actions that are in their early stages of investigation. We may be required to make significant restitution payments to CBNA customers arising from certain compliance issues and also may be required to pay civil money penalties in connection with certain of these issues. This uncertainty makes it difficult to estimate probable losses which, in turn, can lead to substantial disparities between the reserves we may establish for such proceedings and the eventual settlements, fines, or penalties. Adverse regulatory actions could have a material adverse effect on our business, financial condition, and results of operations.

Citizens Financial Group, Inc. | 32

We are and may be subject to litigation that may have a material impact on our business.

Our operations are diverse and complex and we operate in legal and regulatory environments that expose us to potentially significant litigation risk. In the normal course of business, we have been named, from time to time, as a defendant in various legal actions, including arbitrations, class actions, and other litigation. These actions arise in connection with our activities as a financial services institution, including with respect to alleged unfair or deceptive business practices, mis-selling of certain products, violations of contract or intellectual property rights, and other compliance or operational failures. Certain of the actual or threatened legal actions include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. In some cases, the entities that would otherwise be the primary defendants in such cases are bankrupt or in financial distress. Moreover, a number of recent judicial decisions have upheld the right of borrowers to sue lending institutions on the basis of various evolving legal theories, collectively termed “lender liability.” Generally, lender liability is founded on the premise that a lender has either violated a duty, whether implied or contractual, of good faith and fair dealing owed to the borrower or has assumed a degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or stockholders. This could increase the amount of private litigation to which we are subject. For more information regarding ongoing significant legal proceedings in which we may be involved, see Note 1917 in Item 8.


						Citizens Financial Group, Inc. \| 31

Compliance with anti-money laundering and anti-terrorism financing rules involves significant cost and effort.

We are subject to rules and regulations regarding money laundering and the financing of terrorism. Monitoring compliance with anti-money laundering and anti-terrorism financing rules can put a significant financial burden on banks and other financial institutions and poses significant technical challenges. Although we believe our current policies and procedures are sufficient to comply with applicable rules and regulations, we cannot guarantee that our anti-money laundering and anti-terrorism financing policies and procedures completely prevent situations of money laundering or terrorism financing. Any such failure events may have severe consequences, including sanctions, fines, and reputational consequences, which could have a material adverse effect on our business, financial condition, or results of operations.

Risks Related to our Common Stock

Our stock price may be volatile, and you could lose all or part of your investment as a result.

You should consider an investment in our common stock to be risky, and you should invest in our common stock only if you can withstand a significant loss and wide fluctuation in the market value of your investment. The market price of our common stock could be subject to wide fluctuations in response to, among other things, the factors described in this “Risk Factors” section, and other factors, some of which are beyond our control. These factors include, but are not limited to, the following:

•quarterly variations in our results of operations or the quarterly financial results of companies perceived to be similar to us;

•changes in expectations as to our future financial performance, including financial estimates by securities analysts and investors;

•our announcements or our competitors’ announcements regarding new products or services, enhancements, significant contracts, acquisitions, or strategic investments;

•fluctuations in the market valuations of companies perceived by investors to be comparable to us;

•failures of financial institutions perceived to be similar to us;

•future sales of our common stock;

•additions or departures of members of our senior management or other key personnel;

•changes in industry conditions or perceptions; and

•changes in applicable laws, rules, or regulations and other dynamics.

Furthermore, stock markets experience price and volume fluctuations that affect the market price of equity securities of many companies. These fluctuations can be unrelated or disproportionate to the operating performance of these companies. Broad market fluctuations, as well as general economic, systemic, political, and market conditions, such as recessions, loss of investor confidence, interest rate changes, or international currency fluctuations, may negatively affect the market price of our common stock.

If any of the foregoing occurs, it could cause our stock price to fall and may expose us to securities class action litigation that, even if unsuccessful, could be costly to defend and a distraction to management.

Citizens Financial Group, Inc. | 33

We may not repurchase shares or pay cash dividends on our common stock.

Holders of our common stock are only entitled to receive dividends declared by our Board out of funds legally available for such payments. Although we have historically declared cash dividends on our common stock, we are not required to do so and may reduce or eliminate our common stock dividend in the future, which could adversely affect the market price of our common stock. Also, as a BHC, our ability to repurchase shares and declare and pay dividends is dependent on certain federal regulatory considerations, including the rules of the FRB regarding capital adequacy and dividends. We are also generally required to receive the FRB’s approval for any dividends, share repurchases, or redemption of capital securities if we are required to resubmit our capital plan. Further, if we are unable to satisfy the capital requirements applicable to us for any reason, we may be limited in our ability to repurchase shares and declare and pay dividends on our capital stock. See the “Regulation and Supervision” section in Item 1 for further discussion of the regulations to which we are subject.


						Citizens Financial Group, Inc. \| 32

“Anti-takeover” provisions and the regulations to which we are subject may make it more difficult for a third party to acquire control of us, even if the change in control would be beneficial to stockholders.

We are a BHC incorporated in the state of Delaware. Anti-takeover provisions in Delaware law and our restated certificate of incorporation and amended and restated bylaws, as well as regulatory approvals that would be required under federal law, could make it more difficult for a third party to take control of us and may prevent stockholders from receiving a premium for their shares of our common stock. These provisions could adversely affect the market price of our common stock and could reduce the amount that stockholders might get if we are sold.

Furthermore, banking laws impose notice, approval, and ongoing regulatory requirements on any stockholder or other party that seeks to acquire direct or indirect “control” of an FDIC-insured depository institution. These laws include the Bank Holding Company Act and the Change in Bank Control Act.

ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

The Company’s Cybersecurity Program (“CSP”) drives an end-to-end, continuous process that protects our customers, colleagues, assets, premises, systems, and information (electronic and non-electronic), and is designed to ensure compliance with current and emerging federal and state laws and regulations. The CSP is designed to ensure the effective implementation of the Corporate Security and Resilience Operating Model across all business lines of the Company and is under the supervision of the Chief Security Officer (“CSO”).

Operational Risk Management coordinates the development, maintenance, and day-to-day oversight of the Company’s Enterprise Risk Management Governance Framework (“the Framework”), which defines an integrated enterprise-wide approach to risk management. This centrally managed program is designed to ensure that all business lines play a role in the successful implementation of the CSP. The CSP aligns with the Framework, enabling the CSO to provide risk oversight to and drive accountability from the business lines.

The CSP is designed to assess and mitigate threats and risks to the Company. New and emerging threats are assessed through an intelligence lifecycle, which includes threat modeling. In addition, risk assessment processes drive risk identification and measurement related to security. Once risks are identified and measured, the Framework is leveraged to track and mitigate them. Control testing is utilized to demonstrate that risks are managed effectively, identify gaps in expected control operation, and develop appropriate remediation plans, in order to manage risk to the Company within tolerable limits.

As part of the Company’s Third Party Risk Management Program and in support of the CSP, reviews for cybersecurity, business continuity, fraud, and other policy-related topics are performed for the onboarding of new vendors and ongoing monitoring of existing vendors. Ratings assigned to a vendor determine review frequency and scope. Results are reported to key stakeholders and identified issues are tracked and monitored.

~~Citizens~~The ~~Financial~~Company ~~Group~~regularly reviews the nature of its business activities and modifies the CSP as appropriate. Many of the elements of the CSP are related to cyber defense and are in place to reduce our risk to a wide range of potential cyber threats that may target our assets and information daily. The effectiveness of the CSP is assessed and measured periodically by various lines of defense within the Company and is conducted primarily through risk assessments, ~~Inc~~assurance testing, and an independent audit. |External 34organizations are also routinely engaged to assess our CSP and test our perimeter defenses. The effectiveness of the CSP is reported periodically to the appropriate governance committees.

~~The~~Citizens ~~Company~~Financial regularly reviews the nature of its business activities and modifies the CSP as appropriate. Many of the elements of the CSP are cyber defense related and are in place to reduce our risk to a wide range of potential cyber threats that may target our assets and information daily. The effectiveness of the CSP is assessed and measured periodically by various lines of defense within the Company and is conducted primarily through risk assessmentsGroup, ~~assurance testing, and an independent audit~~Inc. ~~External~~| ~~organizations are also routinely engaged to assess our CSP and test our perimeter defenses. The effectiveness of the CSP is reported periodically to the appropriate governance committees.~~33

Governance

Under the guidance of our CSO, we maintain a comprehensive CSP designed to protect our employees, customers, assets, premises, systems, and information against unauthorized access, misuse, alteration, or destruction that could result in substantial harm or inconvenience to our customers, and loss or reputational damage. The CSP incorporates all of our security policies and covers the core elements of access control, infrastructure security, cybersecurity event and incident management, data protection, third-party vendor cyber risk oversight, and training and awareness. Independent assessment and benchmarking of the CSP are regularly completed, and the CSP is reviewed and assessed by federal regulators. While we look to numerous frameworks to ensure the CSP is maintained in line with regulatory expectations and industry best practices, the National Institute of Standards and Technology cybersecurity framework is the primary standard against which we benchmark ourselves.

Both the Risk and Audit Committees of our Board have oversight of the management of our cybersecurity risk. The Audit Committee is responsible for overseeing the CSP under its risk oversight responsibilities as it relates to financial controls. The Risk Committee is responsible for oversight of the management of cybersecurity risk consistent with the Framework.

The CSP is presented by the CSO to the Risk Committee annually for approval in conjunction with an annual cybersecurity briefing. This briefing provides an overall assessment of the effectiveness of the CSP and an outlook for the upcoming year. In addition to the annual cybersecurity briefing, the CSO provides updates on cybersecurity to the Risk Committee at each of its meetings. The Audit Committee and Board also receive regular cybersecurity updates as part of the reporting provided by the Technology/Cyber Oversight Committee, a management committee chaired by the CEO which provides executive oversight, guidance, and transparency to key transformative initiatives designed to enhance our technology stability, cyber defenses, and risk management capabilities. Further, to ensure the Board maintains the appropriate knowledge for providing effective oversight, it is provided with relevant cybersecurity training on an annual basis, with any additional training provided as requested.

ITEM 2. PROPERTIES

We lease five operations centers in Boston, Medford, and Westwood, Massachusetts; Pittsburgh, Pennsylvania; and Glen Allen, Virginia. We own two principal operations centers in Johnston and East Providence, Rhode Island. At December 31, ~~2024~~2025, our subsidiaries owned and operated a total of 5859 facilities and leased an additional 1,~~101~~032 facilities. We believe our current facilities are adequate to meet our needs. See Note 75 and Note 97 in Item 8 for more information regarding our premises and equipment, and leases, respectively.

ITEM 3. LEGAL PROCEEDINGS

Information required by this item is presented in Note 1917 in Item 8 and is incorporated herein by reference.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

Citizens Financial Group, Inc. | 3534

PART II

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Our common stock is traded on the New York Stock Exchange under the symbol “CFG.” As of February 4, ~~2025~~2026, our common stock was owned by 6,~~717~~410 holders of record (including Cede & Co.) and approximately ~~484~~723,000 beneficial shareholders whose shares were held in “street name” through a broker or bank. Information relating to compensation plans under which our equity securities are authorized for issuance is presented in Item 12.

The following graph shows the cumulative total shareholder return on our common stock during the five-year period ended December 31, ~~2024~~2025 compared to (i) the Standard & Poor’s 500® index; (ii) the KBW Nasdaq Bank Index (“BKX”), composed of 24 banking stocks representing large U.S. national money centers, regional banks and thrift institutions; and (iii) a group of other regional banks that constitute our peers. The graph assumes an initial investment of $100 at the closing price on December 31, ~~2019~~2020 and that all dividends were reinvested. The points on the graph represent the cumulative total return on the last trading day of the fiscal year indicated.

This graph shall not be deemed soliciting material or be filed with the SEC for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Citizens Financial Group, Inc. under the Securities Act of 1933, as amended, or the Exchange Act.

	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
	December 31,
CFG	$100	$93	$128	$111	$99	$136
	2020	2021	2022	2023	2024	2025
S&P 500 Index	100	118	152	125	157	197
CFG	$100	$137	$119	$106	$146	$202
KBW BKX Index	100	90	124	98	97	133
S&P 500 Index	100	129	105	133	166	196
Peer Regional Bank Average	100	89	120	100	99	126
KBW BKX Index	100	138	109	108	148	196
Peer Regional Bank Average	100	134	112	111	141	163

Citizens Financial Group, Inc. | 3635

Issuer Purchase of Equity Securities

Details of the repurchases of the Company’s common stock during the three months ended December 31, ~~2024~~2025 are included below:

Period	Total Number of Shares Repurchased(1)	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(2)	Maximum Dollar Amount of Shares That May Yet Be Purchased as Part of Publicly Announced Plans or Programs(2)
October 1, 2024 - October 31, 2024	4,530,928	$44.06	4,530,917	$725,357,995
October 1, 2025 - October 31, 2025	1,980,441	$53.36	1,980,429	$1,319,316,968
November 1, 2024 - November 30, 2024	285	$42.12	—	$725,357,995
November 1, 2025 - November 30, 2025	—	$—	—	$1,319,316,968
December 1, 2024 - December 31, 2024	575,505	$44.06	575,505	$700,000,000
December 1, 2025 - December 31, 2025	361,987	$53.36	361,987	$1,300,000,000

(1) Includes shares repurchased to satisfy applicable tax withholding obligations in connection with an employee share-based compensation plan and the forfeiture of unvested restricted stock awards.

(2) On June 2813, ~~2024~~2025, the Company announced that its Board of Directors increased the capacity under its common share repurchase program byto ~~an additional~~ $~~656~~1.5 ~~million~~billion, ~~which~~an ~~was~~increase ~~incremental~~of to$1.2 billion above the $~~594~~300 million of capacity remaining under the prior ~~February~~June ~~2023~~2024 authorization.

Common stock share repurchases may be executed in the open market or in privately negotiated transactions, including under Rule 10b5-1 plans and accelerated share repurchase and other structured transactions. The timing and exact amount of future share repurchases will be subject to various factors, including the Company’s capital position, financial performance, ~~capital~~balance ~~impacts~~sheet ~~of strategic initiatives~~growth, market conditions, and regulatory considerations.

ITEM 6. RESERVED

Not applicable.

Citizens Financial Group, Inc. | 3736

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

						Page
Introduction						3938
Financial Performance						40
Executive Summary						38
Results of Operations - 2024 compared with 2023						41
Consolidated Statement of Operations Analysis - 2025 compared with 2024						40
Net Interest Income						41
Consolidated Statement of Operations Analysis - 2024 compared with 2023						44
Noninterest Income						44
Consolidated Balance Sheet Analysis						45
Noninterest Expense						44
Business Segments						48
Provision for Credit Losses						45
Risk Management						50
Income Tax Expense						45
Credit Risk						51
Business Operating Segments						45
Market Risk						61
Results of Operations - 2023 compared with 2022						46
Liquidity Risk						67
Analysis of Financial Condition						47
Operational Risk						70
Securities						47
Compliance Risk						70
Loans and Leases						48
Capital						70
Credit Quality						50
Critical Accounting Estimates						73
Deposits						55
Accounting and Reporting Developments						76
Borrowed Funds						56
Non-GAAP Financial Measures						77
Capital and Regulatory Matters						56
Liquidity						59
Critical Accounting Estimates						62
Accounting and Reporting Developments						65
Risk Governance						66
Market Risk						71
Non-GAAP Financial Measures and Reconciliations						78

Citizens Financial Group, Inc. | 3837

INTRODUCTION

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $~~217~~226.54 billion in assets as of December 31, ~~2024~~2025. Headquartered in Providence, Rhode Island, we offer a broad range of retail, private banking, wealth management, and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. We help our 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, we provide an integrated experience that includes mobile and online banking, a full-service customer contact center, and the convenience of approximately 3,100 ATMs and ~~more~~approximately ~~than~~ 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management, and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrates banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs, and businesses. In Commercial Banking, we offer 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.

The following MD&A is intended to assist readers in their analysis of the accompanying Consolidated Financial Statements and supplemental financial information. It should be read in conjunction with the Consolidated Financial Statements and Notes to Consolidated Financial Statements in Item 8, as well as other information contained in this document.

~~Non-GAAP~~EXECUTIVE ~~Financial Measures~~SUMMARY

This ~~document~~summary ~~contains~~highlights ~~non-GAAP~~select financial ~~measures~~information ~~denoted~~of asthe ~~“Underlying”~~Company ~~results~~as ~~and~~well ~~“including~~as ~~AOCI~~information ~~impact.”~~regarding ~~Underlying results for any given reporting period exclude~~ certain ~~items~~significant ~~that~~events ~~may~~and ~~occur~~transactions inoccurring ~~that~~during ~~period~~the ~~which~~year ~~management~~ended ~~does~~December ~~not~~31, ~~consider~~2025. ~~indicative~~This ofsummary ~~our~~should ~~on-going~~be ~~financial~~read ~~performance.~~in Weconjunction ~~believe~~with ~~these~~this ~~non-GAAP~~entire ~~financial~~document ~~measures~~for ~~provide~~a ~~useful~~more ~~information~~complete tounderstanding ~~investors~~of ~~because~~trends, ~~they~~events, ~~are~~commitments, ~~used~~uncertainties, byliquidity, ~~management~~capital toresources, ~~evaluate~~and ~~our~~critical ~~operating~~accounting ~~performance~~policies and ~~make~~estimates. ~~day-to-day~~Each ~~operating~~of ~~decisions.~~these ~~In addition~~items, wetaken ~~believe~~individually ~~our~~or ~~Underlying~~collectively, ~~results~~could inhave ~~any~~an ~~given~~impact ~~reporting~~on ~~period~~the ~~reflect~~Company’s ~~our on-going~~ financial ~~performance~~condition, inresults ~~that~~of ~~period~~operations, and, ~~accordingly,~~cash ~~are~~flows. ~~useful~~For toadditional ~~consider~~information inregarding ~~addition to~~ our ~~GAAP~~ financial ~~results.~~performance Weand ~~further~~condition, ~~believe~~see ~~the~~“Consolidated ~~presentation~~Statement of ~~Underlying~~Operations ~~results~~Analysis ~~increases~~– ~~comparability~~2025 ofcompared ~~period-to-period~~with ~~results~~2024” and “Consolidated Balance Sheet Analysis.”

~~Other~~Key ~~companies~~Financial may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.Highlights

~~Non-GAAP~~•Net ~~measures~~income ~~are denoted throughout our MD&A by the use~~ of ~~the term “Underlying~~$1.”8 ~~Where~~billion ~~there~~increased is$322 ~~a reference to these metrics in that paragraph~~million, ~~all~~with ~~measures~~earnings ~~that~~per ~~follow~~diluted ~~are~~common onshare ~~the~~up ~~same~~$0.83 ~~basis~~to ~~when applicable~~$3.86 ~~For~~compared ~~more~~to ~~information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations~~2024.”

•Net interest income of $5.9 billion increased $220 million and net interest margin of 2.97% increased 13 basis points compared to 2024. The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields.

•Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.

•Noninterest expense of $5.3 billion increased $77 million compared to 2024, driven by salaries and employee benefits reflecting hiring related to the Private Bank and Private Wealth build-out, strong capital markets fee performance, and increased medical benefit costs, partially offset by a decline in other operating expense primarily driven by lower FDIC deposit insurance costs.

•Provision expense of $608 million decreased $79 million compared to 2024, reflecting improving loan mix and reduced CRE.

•The efficiency ratio of 64.40% compared to 67.03% in 2024.

•ROTCE of 11.20% compared to 9.81% in 2024.


						Citizens Financial Group, Inc. \| 38

•Tangible book value per common share of $38.07 increased 18% from 2024, driven by a decrease in common shares outstanding of eleven million and a net increase in tangible common equity of $2.1 billion. The increase in tangible common equity is primarily attributable to increases in AOCI of $1.6 billion and retained earnings of $933 million, including net income of $1.8 billion for the year ended December 31, 2025.

See “Non-GAAP Financial Measures” for more information regarding the ROTCE and tangible book value per common share non-GAAP financial measures presented herein.

Sale of Education Loans

During the first quarter of 2025, we entered into an agreement to sell $1.9 billion of education loans and subsequently reclassified these loans to LHFS. Upon reclassification to LHFS, a charge-off of $25 million was recognized, which was covered by existing reserves. This transaction settled ratably each quarter throughout 2025.

Share Repurchases

On June 13, 2025, we announced that our Board of Directors increased the capacity of our common share repurchase program to $1.5 billion, an increase of $1.2 billion above the $300 million of capacity remaining under the prior June 2024 authorization. During 2025, the Parent Company repurchased $600 million of its outstanding common stock, with remaining capacity of $1.3 billion as of December 31, 2025. See Note 15 and Item 5 for additional information on share repurchase activity.

Preferred Stock

On July 31, 2025, we issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share. Holders of Series I Preferred Stock will be entitled to receive dividend payments only when, as, and if declared by our Board of Directors. Dividends are payable quarterly in arrears on January 6, April 6, July 6, and October 6 of each year.

The net proceeds from the issuance of the Series I Preferred Stock were used to redeem all of the outstanding shares of our 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock on October 6, 2025.

For more information regarding our Series I Preferred Stock issuance and Series F Preferred Stock redemption, see Note 15.

Common Stock Dividend

On October 15, 2025, we announced that our Board of Directors declared a quarterly common stock dividend of $0.46 per share, a $0.04, or 9.5%, increase compared to the prior quarter. The dividend was paid on November 12, 2025 to shareholders of record at the close of business on October 29, 2025.

Other Developments

On July 4, 2025, H.R. 1, entitled the One Big Beautiful Bill Act, was signed into law. This bill includes a broad range of tax reform provisions affecting individuals and businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions, extending certain Inflation Reduction Act energy incentives while accelerating the phase-out of others, and implementing various other tax cuts and spending measures. We have completed our evaluation of the bill and do not expect it to have a material impact on our Consolidated Financial Statements.

See “Regulation and Supervision” in Item 1 for 2025 developments related to regulations to which we are subject.


						Citizens Financial Group, Inc. \| 39

~~FINANCIAL~~CONSOLIDATED ~~PERFORMANCE~~STATEMENT OF OPERATIONS ANALYSIS – 2025 compared with 2024

Key Highlights

Net income decreased $99 million, with earnings per diluted common share down $0.10 to $3.03 compared to 2023.

Results reflect notable items of $98 million or $0.21 per diluted common share, net of tax benefit, compared to $357 million or $0.75 per diluted common share, net of tax benefit, in 2023.

Table 1: Notable Items
	Year Ended December 31, 2024
		Less: notable items
(dollars in millions)	Reported results (GAAP)	Integration related costs(1)	TOP and other(2)	FDIC special assessment(3)	Underlying results (non-GAAP)
Noninterest income	$2,176	$—	$15	$—	$2,161
Noninterest expense	5,234	10	115	31	5,078
Income tax expense	379	(3)	(33)	(7)	422

	Year Ended December 31, 2023
		Less: notable items
(dollars in millions)	Reported results (GAAP)	Integration related costs(1)	TOP and other(2)	FDIC special assessment(3)	Underlying results (non-GAAP)
Noninterest income	$1,983	$—	$—	$—	$1,983
Noninterest expense	5,507	104	177	225	5,001
Income tax expense	422	(28)	(63)	(58)	571

(1) Includes integration related costs associated with acquisitions.

(2) Primarily includes our TOP revenue and efficiency initiatives for the years ended December 31, 2024 and 2023.

(3) Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in Item 1.

•Net income available to common stockholders decreased $119 million to $1.4 billion compared to 2023.

◦On an Underlying basis, net income available to common stockholders of $1.5 billion compared to $1.8 billion in 2023.

◦On an Underlying basis, earnings per diluted common share of $3.24 compared to $3.88 in 2023.

•Total revenue decreased $415 million to $7.8 billion compared to 2023, driven by a decrease of 10% in net interest income.

•The efficiency ratio of 67.0% was stable compared to 2023.

◦On an Underlying basis, the efficiency ratio of 65.2% compared to 60.8% in 2023.

•ROTCE of 9.8% compared to 10.9% in 2023.

◦On an Underlying basis, ROTCE of 10.5% compared to 13.5%.

•Tangible book value per common share of $32.34 increased 5% from 2023.

For additional information regarding our financial performance, see “Results of Operations — 2024 compared with 2023” included in this report.

Citizens Financial Group, Inc. | 40

RESULTS OF OPERATIONS — 2024 compared with 2023

Net Interest Income

Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of ~~our~~ net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that influence our net interest income include, but are not limited to, the pricing and mix of interest-earning assets and interest-bearing liabilities which, in turn, are impacted by external factors such as economic conditions, competition for loans and deposits, the monetary policy of the FRB, and market interest rates. For further discussion, refer to the “Market Risk” ~~and~~section ~~“Risk Governance” sections~~ of this report.


						Citizens Financial Group, Inc. \| 40

The following table presents the major components of our net interest income. Average balance represents amortized cost, excluding the unamortized basis adjustments related to the transfer of certain HTM securities from AFS. The yield/rate is based on annualized interest income or expense for the periods presented and includes the impact of hedging activities associated with the respective asset and liability categories.


Table 1: Major Components of Net Interest Income
	Year Ended December 31,
	2025				2024				Change
(dollars in millions)	Average Balance	Income/ Expense	Yield/ Rate		Average Balance	Income/ Expense	Yield/ Rate		Average Balance	Yield/ Rate (bps)
Assets
Interest-bearing cash and due from banks and deposits in banks	$8,624	$367	4.20	%	$9,566	$503	5.17	%	($942)	(97) bps
Taxable investment securities	46,449	1,713	3.69		44,627	1,658	3.71		1,822	(2)
Non-taxable investment securities	1	—	2.60		1	—	2.60		—	—
Total investment securities	46,450	1,713	3.69		44,628	1,658	3.71		1,822	(2)
Commercial and industrial	45,763	2,250	4.85		44,174	2,333	5.20		1,589	(35)
Commercial real estate	26,079	1,509	5.71		28,430	1,795	6.21		(2,351)	(50)
Total commercial	71,842	3,759	5.16		72,604	4,128	5.60		(762)	(44)
Residential mortgages	33,800	1,334	3.95		31,916	1,184	3.71		1,884	24
Home equity	17,695	1,246	7.04		15,603	1,231	7.89		2,092	(85)
Automobile	3,432	153	4.44		6,404	274	4.27		(2,972)	17
Education	9,075	533	5.87		11,340	613	5.41		(2,265)	46
Other retail	4,233	453	10.71		4,837	518	10.72		(604)	(1)
Total retail	68,235	3,719	5.45		70,100	3,820	5.45		(1,865)	—
Total loans and leases	140,077	7,478	5.30		142,704	7,948	5.52		(2,627)	(22)
Loans held for sale	1,897	105	5.55		1,174	77	6.51		723	(96)
Interest-earning assets	197,048	9,663	4.88		198,072	10,186	5.10		(1,024)	(22)
Noninterest-earning assets	21,549				20,952				597
Total assets	$218,597				$219,024				($427)
Liabilities and Stockholders’ Equity
Checking with interest	$34,397	$502	1.46	%	$32,943	$491	1.49	%	$1,454	(3)
Savings	25,189	337	1.34		27,100	476	1.76		(1,911)	(42)
Money market	56,475	1,521	2.69		53,053	1,705	3.21		3,422	(52)
Time	21,875	834	3.81		24,967	1,153	4.62		(3,092)	(81)
Total interest-bearing deposits	137,936	3,194	2.32		138,063	3,825	2.77		(127)	(45)
Short-term borrowed funds	601	22	3.62		252	15	5.73		349	(211)
Long-term borrowed funds	11,656	594	5.09		13,831	713	5.15		(2,175)	(6)
Total borrowed funds	12,257	616	5.02		14,083	728	5.16		(1,826)	(14)
Total interest-bearing liabilities	150,193	3,810	2.54		152,146	4,553	2.99		(1,953)	(45)
Noninterest-bearing demand deposits	37,746				36,457				1,289
Other noninterest-bearing liabilities	5,557				6,466				(909)
Total liabilities	193,496				195,069				(1,573)
Stockholders’ equity	25,101				23,955				1,146
Total liabilities and stockholders’ equity	$218,597				$219,024				($427)
Interest rate spread			2.34	%			2.11	%		23
Net interest income and net interest margin		$5,853	2.97	%		$5,633	2.84	%		13
Net interest income and net interest margin, FTE(1)		$5,869	2.98	%		$5,650	2.85	%		13
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$175,682	$3,194	1.82	%	$174,520	$3,825	2.19	%	$1,162	(37) bps

(1) Net interest income and net interest margin on an FTE basis are non-GAAP financial measures. See “Non-GAAP Financial Measures” for more information.

Net interest income increased $220 million, or 4%, and net interest margin increased 13 basis points compared to 2024. The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields.

Average interest-earning assets decreased $1.0 billion compared to 2024, driven by a decline in total loans and leases and cash held in interest-bearing deposits, partially offset by an increase in investment securities and loans held for sale.


						Citizens Financial Group, Inc. \| 41

~~The~~Average ~~following~~deposits ~~table~~increased ~~presents the major components of our net interest income~~$1.2 ~~Average~~billion ~~balance~~compared ~~represents~~to ~~amortized cost~~2024, ~~excluding~~driven ~~the~~primarily ~~unamortized~~by ~~basis~~growth ~~adjustments~~in ~~related to~~ the ~~transfer~~Private ~~of certain HTM securities from AFS~~Bank, ~~and~~partially ~~LHFS.~~offset ~~The~~by ~~yield/rate~~a isreduction ~~based~~in onhigher-cost ~~annualized~~brokered ~~interest income or expense for the periods presented and includes the impact of hedging activities associated with the respective asset and liability categories~~deposits.

Table 2: Major Components of Net Interest Income
	Year Ended December 31,
	2024				2023				Change
(dollars in millions)	AverageBalance	Income/Expense	Yield/Rate		AverageBalance	Income/Expense	Yield/Rate		AverageBalance	Yield/Rate (bps)
Assets
Interest-bearing cash and due from banks and deposits in banks	$9,566	$503	5.17	%	$8,531	$451	5.22	%	$1,035	(5) bps
Taxable investment securities	44,627	1,658	3.71		39,437	1,162	2.94		5,190	77
Non-taxable investment securities	1	—	2.60		2	—	2.68		(1)	(8)
Total investment securities	44,628	1,658	3.71		39,439	1,162	2.94		5,189	77
Commercial and industrial	44,174	2,333	5.20		49,998	3,002	5.92		(5,824)	(72)
Commercial real estate	28,430	1,795	6.21		29,206	1,804	6.09		(776)	12
Total commercial	72,604	4,128	5.60		79,204	4,806	5.99		(6,600)	(39)
Residential mortgages	31,916	1,184	3.71		30,660	1,052	3.43		1,256	28
Home equity	15,603	1,231	7.89		14,475	1,092	7.54		1,128	35
Automobile	6,404	274	4.27		10,374	429	4.13		(3,970)	14
Education	11,340	613	5.41		12,333	621	5.04		(993)	37
Other retail	4,837	518	10.72		5,171	489	9.46		(334)	126
Total retail	70,100	3,820	5.45		73,013	3,683	5.04		(2,913)	41
Total loans and leases	142,704	7,948	5.52		152,217	8,489	5.53		(9,513)	(1)
Loans held for sale(1)	1,174	77	6.51		1,499	102	6.75		(325)	(24)
Interest-earning assets	198,072	10,186	5.10		201,686	10,204	5.02		(3,614)	8
Noninterest-earning assets	20,952				20,535				417
Total assets	$219,024				$222,221				($3,197)
Liabilities and Stockholders’ Equity
Checking with interest	$32,943	$491	1.49	%	$33,960	$446	1.31	%	($1,017)	18
Money market	53,053	1,705	3.21		51,178	1,494	2.92		1,875	29
Savings	27,100	476	1.76		29,266	433	1.48		(2,166)	28
Time	24,967	1,153	4.62		19,320	772	4.00		5,647	62
Total interest-bearing deposits	138,063	3,825	2.77		133,724	3,145	2.35		4,339	42
Short-term borrowed funds	252	15	5.73		746	43	5.70		(494)	3
Long-term borrowed funds	13,831	713	5.15		15,853	775	4.86		(2,022)	29
Total borrowed funds	14,083	728	5.16		16,599	818	4.89		(2,516)	27
Total interest-bearing liabilities	152,146	4,553	2.99		150,323	3,963	2.63		1,823	36
Noninterest-bearing demand deposits	36,457				41,581				(5,124)
Other noninterest-bearing liabilities	6,466				6,711				(245)
Total liabilities	195,069				198,615				(3,546)
Stockholders’ equity	23,955				23,606				349
Total liabilities and stockholders’ equity	$219,024				$222,221				($3,197)
Interest rate spread			2.11	%			2.39	%		(28)
Net interest income and net interest margin		$5,633	2.84	%		$6,241	3.09	%		(25)
Net interest income and net interest margin, FTE(2)		$5,650	2.85	%		$6,258	3.10	%		(25)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$174,520	$3,825	2.19	%	$175,305	$3,145	1.79	%	($785)	40 bps

Average total borrowed funds decreased $1.8 billion compared to 2024, driven by a decline in auto collateralized borrowings, given runoff of the auto loan portfolio, and FHLB advances.

~~(1)~~The ~~See~~following ~~Note~~table 1presents ~~for~~changes ~~information~~in ~~regarding~~net ~~updates~~interest income attributable to ~~the~~volume ~~Consolidated~~and ~~Balance~~rate ~~Sheets~~changes ~~during~~for ~~2024.~~each major interest-earning asset and interest-bearing liability category:

(2) Net interest income and net interest margin is presented on a FTE basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial and industrial loans for the periods presented.


Table 2: Changes in Net Interest Income Due to Average Volume and Average Rate
	Year Ended December 31,
	2025 Versus 2024
(dollars in millions)	Average Volume(1)	Average Rate(1)	Net Change
Interest Income
Interest-bearing cash and due from banks and deposits in banks	($49)	($87)	($136)
Taxable investment securities	68	(13)	55

Total investment securities	68	(13)	55
Commercial and industrial	84	(167)	(83)
Commercial real estate	(146)	(140)	(286)
Total commercial	(62)	(307)	(369)
Residential mortgages	69	81	150
Home equity	165	(150)	15
Automobile	(127)	6	(121)
Education	(122)	42	(80)
Other retail	(65)	—	(65)
Total retail	(80)	(21)	(101)
Total loans and leases	(142)	(328)	(470)
Loans held for sale	46	(18)	28
Total interest income	($77)	($446)	($523)
Interest Expense
Checking with interest	$22	($11)	$11
Savings	(34)	(105)	(139)
Money market	111	(295)	(184)
Time	(143)	(176)	(319)
Total interest-bearing deposits	(44)	(587)	(631)
Short-term borrowed funds	20	(13)	7
Long-term borrowed funds	(119)	—	(119)
Total borrowed funds	(99)	(13)	(112)
Total interest expense	(143)	(600)	(743)
Net interest income	$66	$154	$220

Net interest income decreased $608 million, or 10%, compared to 2023, reflecting lower net interest margin and a decrease of 2% in average interest-earning assets.

Net interest margin on a FTE basis decreased 25 basis points compared to 2023, reflecting higher funding and swap costs and the impact of building liquidity, partially offset by higher interest-earning-asset yields and the benefit of Non-Core portfolio runoff.

Citizens Financial Group, Inc. | 42

Average interest-earning assets decreased $3.6 billion compared to 2023, driven by a decline in total loans and leases, partially offset by an increase in investment securities and cash held in interest-bearing deposits.

Average deposits were stable compared to 2023.

Average total borrowed funds decreased $2.5 billion compared to 2023, reflecting a decline in FHLB advances driven by Non-Core portfolio runoff, partially offset by a remix of funding to long-term senior debt and secured borrowings collateralized by loans.

Table 3: Changes in Net Interest Income Due to Average Volume and Average Rate
	Year Ended December 31,
	2024 Versus 2023
(dollars in millions)	Average Volume(1)	Average Rate(1)	Net Change
Interest Income
Interest-bearing cash and due from banks and deposits in banks	$55	($3)	$52
Taxable investment securities	151	345	496
Non-taxable investment securities	—	—	—
Total investment securities	151	345	496
Commercial and industrial	(342)	(327)	(669)
Commercial real estate	(48)	39	(9)
Total commercial	(390)	(288)	(678)
Residential mortgages	44	88	132
Home equity	85	54	139
Automobile	(164)	9	(155)
Education	(50)	42	(8)
Other retail	(32)	61	29
Total retail	(117)	254	137
Total loans and leases	(507)	(34)	(541)
Loans held for sale(2)	(22)	(3)	(25)
Total interest income	($323)	$305	($18)
Interest Expense
Checking with interest	($14)	$59	$45
Money market	55	156	211
Savings	(32)	75	43
Time	226	155	381
Total interest-bearing deposits	235	445	680
Short-term borrowed funds	(28)	—	(28)
Long-term borrowed funds	(116)	54	(62)
Total borrowed funds	(144)	54	(90)
Total interest expense	91	499	590
Net interest income	($414)	($194)	($608)

(1) Volume and rate changes are allocated on a consistent basis using the respective percentage changes in average balances and average rates.

~~(2)~~Citizens ~~See~~Financial ~~Note~~Group, 1Inc. ~~for~~| ~~information regarding updates to the Consolidated Balance Sheets during 2024.~~42

Citizens Financial Group, Inc. | 43

Noninterest Income

Table 4: Noninterest Income
	Year Ended December 31,
(dollars in millions)	2024	2023	Change	Percent
Service charges and fees	$420	$410	$10	2	%
Capital markets fees	467	319	148	46
Card fees	368	296	72	24
Wealth fees(1)	294	259	35	14
Mortgage banking fees	209	242	(33)	(14)
Foreign exchange and derivative products	146	183	(37)	(20)
Letter of credit and loan fees	175	168	7	4
Securities gains, net	18	28	(10)	(36)
Other income(2)	79	78	1	1
Noninterest income	$2,176	$1,983	$193	10	%

The following table presents the components of noninterest income:

(1) See Note 1 for information regarding updates to the Consolidated Statements of Operations during 2024.


Table 3: Noninterest Income
	Year Ended December 31,
(dollars in millions)	2025	2024	Change	Percent
Service charges and fees	$444	$420	$24	6	%
Capital markets fees	511	467	44	9
Wealth fees	360	294	66	22
Card fees	346	368	(22)	(6)
Mortgage banking fees	233	209	24	11
Foreign exchange and derivative products	156	146	10	7
Letter of credit and loan fees	186	175	11	6
Securities gains, net	22	18	4	22
Other income(1)	136	79	57	72
Noninterest income	$2,394	$2,176	$218	10	%

(21) Includes bank-owned life insurance income and other income for all periods presented.

The primary drivers for the change in noninterest income for the year ended December 31, ~~2024~~2025, compared to ~~2023~~2024, are described below.:

•~~Capital~~Wealth ~~markets~~ fees increased ~~given~~reflecting ~~higher~~growth ~~underwriting~~in assets under management, ~~M&A~~primarily ~~advisory~~driven ~~and~~by ~~loan~~net ~~syndication~~inflows ~~fees.~~as well as market appreciation;

•~~Card~~Capital markets fees increased driven ~~primarily~~ by higher ~~credit~~loan ~~card~~syndication and equity underwriting fees, ~~including~~partially ~~favorable~~offset ~~vendor~~by ~~contract~~lower ~~negotiations.~~M&A fees;

•~~Wealth~~Mortgage banking fees ~~reflect~~ increased ~~sales~~driven ~~activity~~by ~~and~~ higher ~~asset~~MSR ~~management~~valuation ~~fees.~~results, net of hedging; and

•~~Foreign~~Service ~~exchange~~charges and ~~derivative~~fees ~~products~~increased ~~revenue~~driven ~~decreased~~primarily ~~given~~by ~~reduced~~higher ~~client~~overdraft ~~activity related to interest rate~~ and ~~commodities~~cash ~~hedging~~management fees.

•Mortgage banking fees declined reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.

Noninterest Expense

Table 5: Noninterest Expense
	Year Ended December 31,
(dollars in millions)	2024	2023	Change	Percent
Salaries and employee benefits	$2,657	$2,599	$58	2	%
Equipment and software	769	756	13	2
Outside services	639	687	(48)	(7)
Occupancy	447	492	(45)	(9)
Other operating expense	722	973	(251)	(26)
Noninterest expense	$5,234	$5,507	($273)	(5	%)

The following table presents the components of noninterest expense:

The decrease in noninterest expense for the year ended December 31, 2024, compared to 2023, was driven primarily by other operating expense associated with FDIC deposit insurance, reflecting an estimate of CBNA’s special assessment of $31 million and $225 million, respectively, recognized in 2024 and 2023. Other operating expense also reflects lower fraud losses and marketing and travel-related expenses. These decreases were partially offset by salaries and employee benefits reflecting hiring related to our Private Bank and Private Wealth build-out and commercial middle market bankers in expansion markets, and equipment and software given technology investments and maintenance.


Table 4: Noninterest Expense
	Year Ended December 31,
(dollars in millions)	2025	2024	Change	Percent
Salaries and employee benefits	$2,798	$2,657	$141	5	%
Equipment and software	783	769	14	2
Outside services	633	639	(6)	(1)
Occupancy	435	447	(12)	(3)
Other operating expense	662	722	(60)	(8)
Noninterest expense	$5,311	$5,234	$77	1	%

The primary drivers for the change in noninterest expense for the year ended December 31, 2025, compared to 2024, are described below:

•Salaries and employee benefits increased reflecting hiring related to the Private Bank and Private Wealth build-out, strong capital markets fee performance, and increased medical benefit costs; and

•Other operating expense declined driven primarily by lower FDIC deposit insurance costs, partially offset by higher operating costs.

For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in Item 1.

Citizens Financial Group, Inc. | 4443

Provision for Credit Losses

The provision for credit losses is the result of a detailed analysis performed to estimate our ACL. The total provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. Refer to “~~Analysis~~Risk ofManagement ~~Financial~~– ~~Condition —~~ Credit ~~Quality~~Risk” for more information.

Provision expense of $~~687~~608 million ~~for 2024 was stable~~ compared towith ~~2023.~~a ~~The~~ provision ~~expense~~of ~~for~~$687 ~~2024~~million ~~reflects~~for ~~higher reserves against the CRE office portfolio~~2024, ~~primarily~~reflecting ~~driven~~improving byloan ~~elevated~~mix ~~interest rates~~ and ~~return-to-office~~reduced ~~dynamics and unsecured products and education loans given recent inflationary pressures and government actions, partially offset by a decline in total loans and leases~~CRE.

Income Tax Expense

Income tax expense of $~~379~~497 million ~~decreased~~increased $43118 million, and our effective income tax rate of 2021.13% ~~decreased~~increased from 20.81% compared to ~~2023~~2024. These ~~decreases~~increases ~~reflect~~were driven by a ~~higher~~reduced benefit from tax-advantaged investments on higher pre-tax income.

~~Business~~CONSOLIDATED ~~Operating~~STATEMENT ~~Segments~~OF OPERATIONS ANALYSIS – 2024 compared with 2023

WeFor ~~have~~a ~~three~~description ~~business~~of ~~operating~~our ~~segments:~~results ~~Consumer~~of ~~Banking,~~operations ~~Commercial~~for ~~Banking~~2024, ~~and~~see ~~Non-Core.~~the ~~See~~“Results ~~Note~~of 26Operations ~~for~~– ~~more~~2024 ~~information~~compared ~~regarding~~with 2023” section of Item 7 in our ~~business~~2024 ~~operating~~Form ~~segments~~10-K.

~~The~~Citizens ~~following~~Financial ~~table~~Group, ~~presents certain financial data of our business operating segments~~Inc. ~~Total~~| ~~business operating segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations.~~44

Table 6: Selected Financial Data for Business Operating Segments
	Consumer Banking		Commercial Banking		Non-Core
	Year Ended December 31,		Year Ended December 31,		Year Ended December 31,
(dollars in millions)	2024	2023	2024	2023	2024	2023
Net interest income	$4,565	$4,187	$1,950	$2,292	($117)	($129)
Noninterest income	1,131	1,067	908	784	—	—
Total revenue	5,696	5,254	2,858	3,076	(117)	(129)
Noninterest expense	3,678	3,542	1,241	1,295	98	123
Profit (loss) before credit losses	2,018	1,712	1,617	1,781	(215)	(252)
Net charge-offs	331	280	353	250	61	78
Income (loss) before income tax expense (benefit)	1,687	1,432	1,264	1,531	(276)	(330)
Income tax expense (benefit)	434	373	291	378	(70)	(86)
Net income (loss)	$1,253	$1,059	$973	$1,153	($206)	($244)
Average Balances:
Total assets	$75,037	$72,693	$68,478	$76,028	$8,942	$13,745
Total loans and leases(1)	68,681	66,356	65,481	72,937	8,902	13,669
Deposits	121,745	116,980	44,472	47,155	—	—
Interest-earning assets	69,272	66,999	65,982	73,321	8,902	13,675

CONSOLIDATED BALANCE SHEET ANALYSIS

(1) Includes LHFS.

Consumer Banking

Net interest income increased $378 million compared to 2023, driven by higher net interest margin reflecting higher interest-earning asset yields and growth in average interest-earning assets. These increases were partially offset by higher funding costs.

Noninterest income increased $64 million compared to 2023, driven by wealth fees reflecting increased sales activity and higher asset management fees, higher credit card fees, and service charges and fees given higher overdraft and cash management fees. These increases were partially offset by mortgage banking fees reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.

Noninterest expense increased $136 million compared to 2023, driven primarily by salaries and benefits reflecting our Private Bank and Private Wealth build-out.

Net charge-offs increased $51 million compared to 2023, driven primarily by other retail and education.

Citizens Financial Group, Inc. | 45

Commercial Banking

Net interest income decreased $342 million compared to 2023, driven by lower net interest margin, a decline in average interest-earning assets and higher funding costs.

Noninterest income increased $124 million compared to 2023, driven by capital markets fees reflecting higher underwriting, M&A advisory and loan syndication fees, partially offset by foreign exchange and derivative products revenue given reduced client activity related to interest rate and commodities hedging.

Noninterest expense decreased $54 million compared to 2023, driven primarily by salaries and employee benefits reflecting lower headcount.

Net charge-offs increased $103 million compared to 2023, driven by the office segment of CRE, partially offset by a decline in commercial and industrial.

Non-Core

Net interest income increased $12 million compared to 2023, driven by a decline in funding costs relative to the highest-cost marginal funding sources during 2024, including secured borrowings collateralized by auto loans and FHLB advances.

Average loans and leases decreased $4.8 billion compared to 2023, driven by planned Non-Core portfolio runoff.

RESULTS OF OPERATIONS — 2023 compared with 2022

For a description of our results of operations for 2023, see the “Results of Operations — 2023 compared with 2022” section of Item 7 in our 2023 Form 10-K.

Citizens Financial Group, Inc. | 46

ANALYSIS OF FINANCIAL CONDITION

Securities

Table 7: Amortized Cost and Fair Value of Securities
	December 31, 2024		December 31, 2023
(dollars in millions)	Amortized Cost(1)	Fair Value	Amortized Cost(1)	Fair Value
U.S. Treasury and other	$3,631	$3,525	$4,493	$4,380
State and political subdivisions	1	1	1	1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	30,897	28,795	26,289	24,477
Other/non-agency	273	260	279	255
Total mortgage-backed securities	31,170	29,055	26,568	24,732
Collateralized loan obligations	184	184	667	664
Total debt securities available for sale	$34,986	$32,765	$31,729	$29,777
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	$8,187	$7,136	$8,696	$7,887
Total mortgage-backed securities	8,187	7,136	8,696	7,887
Asset-backed securities	412	404	488	463
Total debt securities held to maturity	$8,599	$7,540	$9,184	$8,350
Total debt securities available for sale and held to maturity	$43,585	$40,305	$40,913	$38,127
Equity securities, at cost(2)	$710	$710	$869	$869
Equity securities, at fair value(2)	220	220	173	173

The following table presents the major components of securities at amortized cost and fair value:

(1) Excludes portfolio level basis adjustments of $(75) million and $60 million, respectively, for securities designated in active fair value hedge relationships under the portfolio layer method at December 31, 2024 and 2023.


Table 5: Amortized Cost and Fair Value of Securities
	December 31,
	2025		2024
(dollars in millions)	Amortized Cost(1)	Fair Value	Amortized Cost(1)	Fair Value
U.S. Treasury and other	$3,163	$3,123	$3,631	$3,525
State and political subdivisions	1	1	1	1
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	33,379	32,220	30,897	28,795
Other/non-agency	268	264	273	260
Total mortgage-backed securities	33,647	32,484	31,170	29,055
Collateralized loan obligations	89	89	184	184
Total debt securities available for sale	$36,900	$35,697	$34,986	$32,765
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	$7,595	$6,812	$8,187	$7,136

Total mortgage-backed securities	7,595	6,812	8,187	7,136
Asset-backed securities	338	338	412	404
Total debt securities held to maturity	$7,933	$7,150	$8,599	$7,540
Total debt securities available for sale and held to maturity	$44,833	$42,847	$43,585	$40,305
Equity securities, at cost(2)	$807	$807	$710	$710
Equity securities, at fair value(2)	317	317	220	220

(21) ~~Included~~Excludes inportfolio ~~other~~level ~~assets~~basis adjustments of $17 million and $(75) million, respectively, for securities designated in active fair value hedge relationships under the ~~Consolidated~~portfolio ~~Balance~~layer ~~Sheets~~method at December 31, 2025 and 2024.

~~The~~(2) ~~primary~~Included ~~objective~~in ofOther ~~our~~assets ~~securities~~in ~~portfolio~~the isConsolidated toBalance ~~provide a readily available source of liquidity~~Sheets. ~~The portfolio primarily includes high quality, highly liquid investments reflecting our ongoing commitment to maintain strong contingent liquidity levels and pledging capacity.~~

AsThe ofprimary ~~December~~objective ~~31,~~of ~~2024,~~our ~~U.S. Treasuries and mortgage-backed~~ securities ~~issued~~portfolio byis ~~GNMA~~to ~~and~~provide ~~GSEs~~a ~~represented~~readily ~~98%~~available ofsource ~~the fair value~~ of ~~our~~liquidity. ~~debt~~The ~~securities~~ portfolio, ~~with~~primarily ~~approximately~~includes ~~$36.0 billion of unencumbered~~ high-quality ~~liquid~~and ~~securities~~highly ~~serving~~liquid asinvestments ~~potential~~that ~~collateral~~reflect ~~for~~our ~~borrowings~~ongoing ~~from~~commitment ~~the~~to ~~FHLB,~~maintain ~~FRB~~strong ~~discount~~contingent ~~window,~~liquidity levels and ~~the~~pledging ~~Fixed Income Clearing Corporation bilateral repurchase agreement market~~capacity.

~~For~~As ~~further~~of ~~discussion~~December 31, 2025, U.S. Treasuries and mortgage-backed securities issued by GNMA and GSEs represented 98% of the ~~use~~fair value of our debt securities asportfolio, ~~liquidity~~with ~~collateral~~approximately ~~and~~$39.1 ~~liquidity~~billion ~~requirements,~~of ~~see~~unencumbered ~~the~~high-quality ~~“Liquidity~~liquid ~~Risk~~securities ~~Management~~serving ~~and~~as ~~Governance”~~potential ~~and~~collateral ~~“Regulation~~for borrowings from the FHLB, FRB discount window, and ~~Supervision~~the —Fixed ~~Liquidity~~Income ~~Requirements”~~Clearing ~~sections~~Corporation inbilateral ~~this~~repurchase ~~document~~agreement market.

WeFor ~~manage~~further ~~our~~discussion ~~securities~~of ~~portfolio duration and convexity risk through asset selection and securities structure, and maintain duration levels within our risk appetite in~~ the ~~context~~use of our ~~broader~~securities ~~interest~~as ~~rate~~liquidity ~~risk~~collateral ~~framework~~ and ~~limits.~~liquidity ~~As of December 31~~requirements, ~~2024,~~see the ~~portfolio’s~~“Liquidity ~~average~~Risk” ~~effective~~and ~~duration,~~“Regulation ~~including~~and ~~recent~~Supervision ~~hedging~~– ~~actions~~Liquidity toRequirements” ~~reduce~~sections ~~duration,~~in ~~was~~this 3document.~~7 years compared to 3.9 years as of December 31, 2023.~~

~~Citizens~~We ~~Financial~~manage ~~Group~~our securities portfolio duration and convexity risk through asset selection and securities structure, ~~Inc~~and maintain duration levels within our risk appetite in the context of our broader interest rate risk framework and limits. |As 47of December 31, 2025, the portfolio’s average effective duration, including hedging actions to reduce duration, was 3.8 years compared with 3.7 years as of December 31, 2024.

Table 8: Amortized Cost of AFS and HTM Securities by Contractual Maturity
	As of December 31, 2024
	Distribution of Maturities(1)
	1 Year or Less			After 1 Year Through 5 Years			After 5 Years Through 10 Years			After 10 Years			Total
(dollars in millions)	Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)
Amortized cost:
U.S. Treasury and other	$—	—	%	$3,115	2.71	%	$516	4.11	%	$—	—	%	$3,631	2.97	%
State and political subdivisions	—	—		—	—		—	—		1	2.60		1	2.60
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—		2,221	3.20		1,151	2.81		27,525	4.17		30,897	4.05
Other/non-agency	—	—		—	—		—	—		273	2.65		273	2.65
Collateralized loan obligations	—	—		—	—		100	6.29		84	6.14		184	6.23
Total debt securities available for sale	—	—		5,336	2.92		1,767	3.45		27,883	4.16		34,986	3.94
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—		—	—		—	—		8,187	2.30		8,187	2.30
Asset-backed securities	—	—		412	3.81		—	—		—	—		412	3.81
Total debt securities held to maturity	—	—		412	3.81		—	—		8,187	2.30		8,599	2.37
Total debt securities	$—	—	%	$5,748	2.98	%	$1,767	3.45	%	$36,070	3.74	%	$43,585	3.63	%


						Citizens Financial Group, Inc. \| 45

The following table presents the amortized cost and weighted-average yield of our securities portfolio by contractual maturity:


Table 6: Amortized Cost and Weighted-Average Yield of AFS and HTM Securities by Contractual Maturity
	As of December 31, 2025
	Distribution of Maturities(1)
	1 Year or Less			After 1 Year Through 5 Years			After 5 Years Through 10 Years			After 10 Years			Total
(dollars in millions)	Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)		Amount	Yield(2)
Amortized cost:
U.S. Treasury and other	$—	—	%	$2,359	2.76	%	$804	4.14	%	$—	—	%	$3,163	3.11	%
State and political subdivisions	—	—		—	—		—	—		1	2.60		1	2.60
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	110	2.98		2,305	3.21		1,018	2.80		29,946	4.21		33,379	4.10
Other/non-agency	—	—		—	—		—	—		268	2.67		268	2.67
Collateralized loan obligations	—	—		—	—		89	5.44		—	—		89	5.44
Total debt securities available for sale	110	2.98		4,664	2.99		1,911	3.49		30,215	4.20		36,900	4.01
Mortgage-backed securities:
Federal agencies and U.S. government sponsored entities	—	—		—	—		—	—		7,595	2.29		7,595	2.29

Asset-backed securities	—	—		338	5.67		—	—		—	—		338	5.67
Total debt securities held to maturity	—	—		338	5.67		—	—		7,595	2.29		7,933	2.43
Total debt securities	$110	2.98	%	$5,002	3.17	%	$1,911	3.49	%	$37,810	3.82	%	$44,833	3.73	%

(1) Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations with or without incurring penalties.

(2) The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security and considers the contractual

coupon, amortization of premiums, and accretion of discounts. Yields exclude the impact of related hedging derivatives.

Loans and Leases

Table 9: Composition of Loans and Leases, Excluding LHFS
	December 31,
(dollars in millions)	2024	2023	Change	Percent
Commercial and industrial	$42,551	$44,974	($2,423)	(5)	%
Commercial real estate	27,225	29,471	(2,246)	(8)
Total commercial	69,776	74,445	(4,669)	(6)
Residential mortgages	32,726	31,332	1,394	4
Home equity	16,495	15,040	1,455	10
Automobile	4,744	8,258	(3,514)	(43)
Education	10,812	11,834	(1,022)	(9)
Other retail	4,650	5,050	(400)	(8)
Total retail	69,427	71,514	(2,087)	(3)
Total loans and leases	$139,203	$145,959	($6,756)	(5	%)

The following table presents loans and leases, excluding LHFS:

See Note 1 for a description of changes made to the Company’s loans and leases presentation during 2024.


Table 7: Composition of Loans and Leases, Excluding LHFS
	December 31,
(dollars in millions)	2025	2024	Change	Percent
Commercial and industrial	$49,232	$42,551	$6,681	16	%
Commercial real estate	24,580	27,225	(2,645)	(10)
Total commercial	73,812	69,776	4,036	6
Residential mortgages	35,024	32,726	2,298	7
Home equity	19,069	16,495	2,574	16
Automobile	2,310	4,744	(2,434)	(51)
Education	8,416	10,812	(2,396)	(22)
Other retail	4,061	4,650	(589)	(13)
Total retail	68,880	69,427	(547)	(1)
Total loans and leases	$142,692	$139,203	$3,489	3	%

The ~~decrease~~increase in total loans and leases as of December 31, ~~2024~~2025 compared to December 31, ~~2023~~2024 reflects a $4.70 billion ~~decrease~~increase in commercial ~~given~~driven ~~market~~by ~~conditions~~net ~~resulting~~new inmoney ~~relatively~~originations ~~low~~in ~~client~~corporate ~~demand~~banking and ~~lower~~higher line of credit utilization, partially offset by ~~growth~~CRE inpaydowns. Retail reflects a $547 million decrease driven by an agreement entered into during the ~~Private~~first ~~Bank.~~quarter ~~Retail~~to ~~decreased~~sell $2.1.9 billion, ~~primarily~~of ~~driven~~education byloans, ~~planned~~as ~~Non-Core~~well ~~portfolio~~as runoff of the auto loan portfolio, ~~partially~~largely offset by growth in home equity and mortgage, including the Private Bank.

Citizens Financial Group, Inc. | 4846

Table 10: Fixed and Variable Rate Loans and Leases by Maturity
	December 31, 2024
(dollars in millions)	1 Year or Less(1)	After 1 Year Through 5 Years(1)	After 5 Years Through 15 Years(1)	After 15 Years(1)	Total Loans and Leases
Fixed rate:
Commercial and industrial	$1,075	$2,376	$527	$22	$4,000
Commercial real estate	1,557	3,143	2,586	30	7,316
Total commercial fixed rate	2,632	5,519	3,113	52	11,316
Variable rate:
Commercial and industrial	10,208	26,012	2,321	10	38,551
Commercial real estate	9,581	9,095	1,206	27	19,909
Total commercial variable rate(2)	19,789	35,107	3,527	37	58,460
Total commercial	22,421	40,626	6,640	89	69,776
Fixed rate:
Residential mortgages	657	2,630	7,005	8,911	19,203
Home equity	74	146	180	14	414
Automobile	1,735	3,003	6	—	4,744
Education	793	3,193	5,774	182	9,942
Other retail	910	1,016	94	67	2,087
Total retail fixed rate	4,169	9,988	13,059	9,174	36,390
Variable rate:
Residential mortgages	188	771	3,465	9,099	13,523
Home equity	403	3,223	11,989	466	16,081
Automobile	—	—	—	—	—
Education	101	347	408	14	870
Other retail	2,556	7	—	—	2,563
Total retail variable rate	3,248	4,348	15,862	9,579	33,037
Total retail	7,417	14,336	28,921	18,753	69,427
Total loans and leases	$29,838	$54,962	$35,561	$18,842	$139,203

The following table presents the maturity of our loans and leases portfolio by fixed and variable rate:


Table 8: Fixed and Variable Rate Loans and Leases by Maturity
	December 31, 2025
(dollars in millions)	1 Year or Less(1)	After 1 Year Through 5 Years(1)	After 5 Years Through 15 Years(1)	After 15 Years(1)	Total Loans and Leases
Fixed rate:
Commercial and industrial	$1,106	$2,256	$464	$14	$3,840
Commercial real estate	1,706	3,591	2,742	27	8,066
Total commercial fixed rate	2,812	5,847	3,206	41	11,906
Variable rate:
Commercial and industrial	10,627	32,109	2,557	99	45,392
Commercial real estate	9,141	6,555	805	13	16,514
Total commercial variable rate(2)	19,768	38,664	3,362	112	61,906
Total commercial	22,580	44,511	6,568	153	73,812
Fixed rate:
Residential mortgages	551	2,331	7,224	8,460	18,566
Home equity	164	107	103	6	380
Automobile	1,096	1,214	—	—	2,310
Education	524	2,445	4,817	—	7,786
Other retail	684	629	94	56	1,463
Total retail fixed rate	3,019	6,726	12,238	8,522	30,505
Variable rate:
Residential mortgages	207	858	4,102	11,291	16,458
Home equity	584	3,193	14,372	540	18,689
Automobile	—	—	—	—	—
Education	73	268	279	10	630
Other retail	2,558	40	—	—	2,598
Total retail variable rate	3,422	4,359	18,753	11,841	38,375
Total retail	6,441	11,085	30,991	20,363	68,880
Total loans and leases	$29,021	$55,596	$37,559	$20,516	$142,692

(1) Maturity is based on scheduled principal repayment date.

(2) Includes floating-rate commercial loans hedged to fixed rate to manage our exposure to the variability in interest cash flows. See “Market Risk” for additional information regarding our use of interest rate derivatives to hedge our loan portfolio.

Citizens Financial Group, Inc. | 49

Credit Quality

See Note 1 for a description of changes made to the Company’s loans and leases presentation during 2024.

The ACL is comprised of the ALLL and the allowance for unfunded lending commitments. As described in Note 6, the ACL is maintained at a level the Company believes to be appropriate to absorb expected lifetime credit losses over the contractual life of a loan or lease and on unfunded lending commitments, inclusive of recoveries. We consider extensive historical loss experience, including the impact of loss mitigation and restructuring programs that we offer to borrowers experiencing financial difficulty, as well as projected loss severity as a result of loan default.

Management evaluates the appropriateness of the ACL on a quarterly basis. The evaluation of both quantitative and qualitative information is performed by assessing groups of assets that share similar risk characteristics as well as certain individual loans and leases that do not share similar risk characteristics with the collective group. Loans are generally grouped by product type and are assessed for credit losses using econometric models.

The quantitative evaluation of the adequacy of the ACL utilizes a single economic forecast as its foundation and is primarily based on econometric models that use known or estimated data as of the balance sheet date and forecasted data over the reasonable and supportable period. Known and estimated data include current PD, LGD and EAD for commercial loans, timing and amount of expected draws for unfunded lending commitments, and FICO, LTV, and term for retail loans. The mix and level of loan balances, delinquency levels, assigned risk ratings, previous loss experience, current business conditions, amount and timing of expected future cash flows, and factors specific to commercial credits such as competition, business and management performance are also considered. Forward-looking economic assumptions include real GDP, unemployment rate, interest rate curve, and changes in collateral values. Historical information, such as financial statements for commercial customers or consumer credit ratings, may not be as relevant in estimating future expected losses as forecasted inputs to the models during volatile economic time periods.

Management additionally considers qualitative factors in determining the adequacy of the ACL. Qualitative adjustments are used to capture characteristics in the loan and lease portfolio that impact expected credit losses which are not fully reflected within our expected credit loss models. These factors include, but are not limited to: model imprecision, uncertainty in economic scenario assumptions, and emerging risks related to either changes in the economic environment that are affecting specific portfolios, or changes in portfolio concentrations over time that may affect model performance, credit underwriting policy exceptions, and results of internal audit and quality control reviews. The consideration of these qualitative items results in adjustments to amounts included in our ACL for each loan portfolio. The qualitative component of the ACL as of December 31, 2024 did not change significantly from December 31, 2023.

Loans and leases that do not share similar risk characteristics are individually assessed for expected credit losses. Nonaccrual commercial and industrial, and commercial real estate loans with an outstanding balance of $5 million or greater are assessed on an individual basis. Generally, measurement of the ACL on an individual loan or lease is the present value of its future cash flows or the fair value of its underlying collateral, if the loan or lease is collateral dependent.

The Company estimates expected credit losses associated with off-balance sheet financial instruments such as standby letters of credit, financial guarantees and unfunded loan commitments that are not unconditionally cancellable. Off-balance sheet financial instruments are subject to individual reviews and are analyzed and segregated by risk according to the Company’s internal risk rating scale. These risk classifications, in conjunction with historical loss experience, current and future economic conditions, timing and amount of expected draws, and performance trends within specific portfolio segments, are considered to estimate the allowance for unfunded lending commitments. The Company does not recognize a reserve for future draws from credit lines that are unconditionally cancellable (e.g., credit cards).

For additional information regarding the ACL, see “Critical Accounting Estimates — Allowance for Credit Losses” and Note 6.

Citizens Financial Group, Inc. | 50

Table 11: Allocation of the ALLL
	December 31,
	2024			2023
(dollars in millions)	Allowance	% of Total Loans and Leases(1)		Allowance	% of Total Loans and Leases(1)
Commercial and industrial	$480	31	%	$587	31	%
Commercial real estate	660	19		663	20
Total commercial	1,140	50		1,250	51
Residential mortgages	194	24		181	22
Home equity	112	12		100	10
Automobile	24	3		57	6
Education	292	8		259	8
Other retail	299	3		251	3
Total retail	921	50		848	49
Total loans and leases	$2,061	100	%	$2,098	100	%

(1) Represents the percentage of each loan category to total loans and leases.

Table 12: ACL and Related Coverage Ratios by Portfolio
	December 31,
	2024				2023
(dollars in millions)	Loans and Leases	Allowance	Coverage		Loans and Leases	Allowance	Coverage
Allowance for Loan and Lease Losses
Commercial and industrial	$42,551	$480	1.13	%	$44,974	$587	1.31	%
Commercial real estate	27,225	660	2.42		29,471	663	2.25
Total commercial	69,776	1,140	1.63		74,445	1,250	1.68
Residential mortgages	32,726	194	0.59		31,332	181	0.58
Home equity	16,495	112	0.68		15,040	100	0.66
Automobile	4,744	24	0.51		8,258	57	0.69
Education	10,812	292	2.70		11,834	259	2.18
Other retail	4,650	299	6.44		5,050	251	4.98
Total retail	69,427	921	1.33		71,514	848	1.19
Total loans and leases	$139,203	$2,061	1.48	%	$145,959	$2,098	1.44	%
Allowance for Unfunded Lending Commitments
Commercial(1)		$155	1.86	%		$175	1.91	%
Retail(2)		43	1.39			45	1.25
Total allowance for unfunded lending commitments		198				220
Allowance for credit losses	$139,203	$2,259	1.62	%	$145,959	$2,318	1.59	%

(1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.

(2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator.

The ACL as of December 31, 2024 compared to December 31, 2023 decreased $59 million, driven by a $130 million decline in commercial reflecting lower loan balances and charge-offs. Retail increased $71 million driven by higher reserves related to unsecured products and education loans given recent inflationary pressures and government actions.

Citizens Financial Group, Inc. | 51

Table 13: Nonaccrual Loans and Leases
	December 31,
(dollars in millions)	2024		2023		Change		Percent
Commercial and industrial	$241		$297		($56)		(19	%)
Commercial real estate	776		477		299		63
Total commercial	1,017		774		243		31
Residential mortgages	192		177		15		8
Home equity	283		285		(2)		(1)
Automobile	48		61		(13)		(21)
Education	56		28		28		100
Other retail	68		39		29		74
Total retail	647		590		57		10
Nonaccrual loans and leases	$1,664		$1,364		$300		22	%
Nonaccrual loans and leases to total loans and leases	1.20	%	0.93	%	27	bps
Allowance for loan and lease losses to nonaccrual loans and leases	124		154		(30	%)
Allowance for credit losses to nonaccrual loans and leases	136		170		(34	%)

The increase in nonaccrual loans and leases as of December 31, 2024 compared to December 31, 2023 was primarily driven by the general office segment of CRE.

Table 14: Ratio of Net Charge-Offs to Average Loans and Leases
	Year Ended December 31,
	2024				2023
(dollars in millions)	Net Charge-Offs	Average Balance	Ratio		Net Charge-Offs	Average Balance	Ratio
Commercial and industrial	$76	$44,174	0.17	%	$106	$49,998	0.21	%
Commercial real estate	300	28,430	1.05		161	29,206	0.56
Total commercial	376	72,604	0.52		267	79,204	0.34
Residential mortgages	—	31,916	—		2	30,660	—
Home equity	(7)	15,603	(0.04)		(10)	14,475	(0.07)
Automobile	41	6,404	0.65		55	10,374	0.53
Education	105	11,340	0.93		92	12,333	0.74
Other retail	231	4,837	4.75		203	5,171	3.93
Total retail	370	70,100	0.53		342	73,013	0.47
Total loans and leases	$746	$142,704	0.52	%	$609	$152,217	0.40	%

For the year ended December 31, 2024, net charge-offs increased $137 million and the net charge-off ratio increased 12 basis points compared to 2023. The increase in retail net charge-offs was driven by unsecured products in other retail, and education, partially offset by a decline in auto. The increase in commercial net charge-offs was primarily driven by the office segment of CRE, partially offset by a decline in commercial and industrial.

Commercial Loan Asset Quality

Our commercial portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans. We utilize internal risk ratings to monitor credit quality for commercial loans and leases. For more information on internal risk ratings see Note 6.

Total commercial criticized balances of $7.1 billion at December 31, 2024 decreased $1.3 billion compared to December 31, 2023.

Commercial and industrial criticized balances of $2.6 billion at December 31, 2024 decreased from $3.5 billion at December 31, 2023, primarily driven by declines in the healthcare and wholesale trade sectors.

Commercial real estate criticized balances of $4.5 billion at December 31, 2024 decreased from $5.0 billion at December 31, 2023, attributable to the continued impacts of interest rates and return-to-office dynamics on the Office sector and the continued impacts of interest rates on the Multi-family sector. Approximately 96% of commercial real estate loans remain current on payments as of December 31, 2024.

For more information on the distribution of commercial loans by vintage date and regulatory classification rating, see Note 6.

Citizens Financial Group, Inc. | 52

Table 15: Commercial and Industrial Loans by Industry Sector
	December 31, 2024			December 31, 2023
(dollars in millions)	Balance	% of Total Loans and Leases		Balance	% of Total Loans and Leases
Industry sector
Finance and insurance
Capital call facilities	$6,070	4	%	$5,780	4	%
Other finance and insurance	6,446	5		6,021	4
Other manufacturing	3,491	3		3,748	2
Technology	2,818	2		3,351	2
Accommodation and food services	2,599	2		2,948	2
Health, pharma, and social assistance	2,322	2		2,598	2
Wholesale trade	2,010	1		2,467	2
Retail trade	2,000	1		2,379	2
Professional, scientific, and technical services	2,313	2		2,339	2
Other services	2,061	1		2,168	1
Energy and related	2,085	1		2,034	1
Arts, entertainment, and recreation	1,509	1		1,602	1
Administrative and waste management	1,352	1		1,599	1
Rental and leasing	923	1		1,073	1
Consumer products manufacturing	710	1		984	1
Automotive	1,026	1		898	1
Other	2,816	2		2,985	2
Total commercial and industrial	$42,551	31	%	$44,974	31	%

Citizens Financial Group, Inc. | 53

Table 16: Commercial Real Estate by Property Type and State
	December 31, 2024			December 31, 2023
(dollars in millions)	Balance	% of Total Loans and Leases		Balance	% of Total Loans and Leases
Property type
Multi-family	$9,791	7	%	$9,367	6	%
Office
Credit tenant lease and life sciences(1)	2,135	2		2,268	2
Other general office	2,930	2		3,648	3
Retail	2,940	2		3,407	2
Industrial	3,575	3		3,981	3
Co-op	1,802	1		1,796	1
Data center	1,024	1		841	1
Hospitality	418	—		608	—
Other	2,610	2		3,555	2
Total commercial real estate	$27,225	20	%	$29,471	20	%
State
New York	$6,643	5	%	$7,035	5	%
New Jersey	3,370	2		3,829	3
Pennsylvania	2,594	2		2,613	2
California	2,398	2		2,314	1
Texas	1,571	1		2,163	1
Massachusetts	1,682	1		1,897	1
Florida	1,123	1		1,087	1
Other Southeast(2)	2,789	2		3,056	2
Other	5,055	4		5,477	4
Total commercial real estate	$27,225	20	%	$29,471	20	%

(1) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries.

(2) Includes Georgia, Maryland, North Carolina, South Carolina and Virginia.

Citizens Financial Group, Inc. | 54

Retail Loan Asset Quality

We utilize credit scores provided by FICO, which are generally refreshed on a quarterly basis, and payment and delinquency status, among other data points, to monitor credit quality for retail loans. FICO credit scores represent current and historical national industry-wide consumer level credit performance data, which management believes are the strongest indicator of potential credit losses over the contractual life of the loan and a good predictor of a borrower’s future payment performance.

Table 17: Retail Loan Portfolio Analysis
	December 31, 2024										December 31, 2023
			Days Past Due and Accruing										Days Past Due and Accruing
	Current		30-59		60-89		90+		Nonaccrual		Current		30-59		60-89		90+		Nonaccrual
Residential mortgages	97.81	%	0.77	%	0.28	%	0.55	%	0.59	%	97.34	%	0.90	%	0.38	%	0.82	%	0.56	%
Home equity	97.59		0.53		0.16		—		1.72		97.34		0.55		0.22		—		1.89
Automobile	96.18		2.11		0.70		—		1.01		96.94		1.74		0.58		—		0.74
Education	98.83		0.42		0.21		0.02		0.52		99.14		0.41		0.19		0.02		0.24
Other retail	96.86		0.99		0.67		0.02		1.46		97.02		0.97		0.67		0.57		0.77
Total retail	97.75	%	0.76	%	0.30	%	0.26	%	0.93	%	97.56	%	0.85	%	0.36	%	0.40	%	0.83	%

Table 18: Retail Asset Quality Metrics
	December 31, 2024		December 31, 2023
Average refreshed FICO for total portfolio	775		772
CLTV ratio for secured real estate(1)	50	%	50	%

(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.

For more information on the aging of accruing and nonaccrual retail loans, and the distribution of retail loans by vintage date and FICO score, see Note 6.

Deposits

Table 19: Composition of Deposits
(dollars in millions)	December 31, 2024	% of Total Deposits		December 31, 2023	% of Total Deposits
Noninterest-bearing demand	$36,920	21	%	$37,107	21	%
Money market	55,321	32		53,812	30
Checking with interest	33,246	19		31,876	18
Savings	25,976	15		27,983	16
Time	23,313	13		26,564	15
Total deposits	$174,776	100	%	$177,342	100	%

The following table presents the composition of deposits:

Total deposits as of December 31, 2024 decreased compared to December 31, 2023, reflecting a decline in higher-cost Treasury deposits and lower commercial balances, largely offset by growth in Private Bank deposits.


Table 9: Composition of Deposits
(dollars in millions)	December 31, 2025	% of Total Deposits		December 31, 2024	% of Total Deposits
Noninterest-bearing demand	$40,417	22	%	$36,920	21	%
Checking with interest	37,428	20		33,246	19
Savings	24,353	13		25,976	15
Money market	60,062	33		55,321	32
Time	21,053	12		23,313	13
Total deposits	$183,313	100	%	$174,776	100	%

Table 20: Uninsured and Insured/Secured Deposits
(dollars in millions)	December 31, 2024		December 31, 2023
Total deposits	$174,776		$177,342
Estimated uninsured deposits(1)	76,764		73,584
Less: Uninsured affiliate deposits eliminated in consolidation	12,705		14,650
Less: Preferred deposits(1)(2)	6,902		7,486
CFG adjusted estimated uninsured deposits, excluding preferred deposits	57,157		51,448
Total estimated insured/secured deposits	$117,619		$125,894
Insured/secured deposits to total deposits	67	%	71	%

Total deposits as of December 31, 2025 increased compared to December 31, 2024, reflecting growth in the Private Bank and commercial, partially offset by a reduction in higher-cost Treasury brokered deposits.


						Citizens Financial Group, Inc. \| 47

The following table presents an analysis of estimated insured/secured deposits as a percentage of total deposits:


Table 10: Uninsured and Insured/Secured Deposits
	December 31,
(dollars in millions)	2025		2024
Estimated uninsured deposits(1)	$86,877		$76,764
Less: Uninsured affiliate deposits eliminated in consolidation	11,555		12,705
Less: Preferred deposits(1)(2)	6,923		6,902
CFG adjusted estimated uninsured deposits, excluding preferred deposits	68,399		57,157
Total estimated insured/secured deposits	$114,914		$117,619

Insured/secured deposits to total deposits	63	%	67	%

(1) As reported on CBNA’s Call Report.

(2) Represents uninsured deposits of states and political subdivisions that are secured or collateralized as required under state law.

~~Citizens~~Insured/secured ~~Financial~~deposit ~~Group~~balances continue to be broadly stable as of December 31, ~~Inc~~2025. |The 55decrease in the insured/secured deposits percentage during 2025 reflects growth in the private bank business, primarily corporate operating accounts which are generally more stable, and a decrease in insured Treasury brokered deposits as we continued to optimize our deposit mix.

Table 21: Time Deposits in Excess of the FDIC Insurance Limit by Remaining Maturity
(dollars in millions)			December 31, 2024
Three months or less			$1,499
After three months through six months			936
After six months through twelve months			597
After twelve months			19
Total time deposits(1)			$3,051

The following table presents time deposits in excess of the FDIC insurance limit by remaining maturity:


Table 11: Time Deposits in Excess of the FDIC Insurance Limit by Remaining Maturity
(dollars in millions)			December 31, 2025
Three months or less			$1,859
After three months through six months			795
After six months through twelve months			508
After twelve months			20
Total time deposits(1)			$3,182

(1) Includes time deposits per account in excess of $250,000.

Borrowed Funds

Total borrowed funds of $1211.43 billion as of December 31, ~~2024~~2025 decreased $1.61 billion compared to December 31, ~~2023~~2024, driven by a decline ~~of approximately $4.2 billion~~ in ~~FHLB~~secured ~~advances,~~borrowings ~~partially~~collateralized ~~offset~~ by ~~the~~loans ~~issuance~~and of senior debt, ~~and~~partially ~~secured~~offset ~~borrowings~~by ~~collateralized~~an byincrease ~~loans~~in FHLB advances. For more information regarding our borrowed funds, see “Liquidity Risk” and Note 1311.

~~CAPITAL~~BUSINESS ~~AND~~SEGMENTS ~~REGULATORY MATTERS~~

AsWe ahave ~~BHC~~two reportable business segments: Consumer Banking and ~~FHC,~~Commercial weBanking. The business segments are ~~subject~~determined tobased ~~regulation~~on the products and ~~supervision~~services byprovided, or the ~~FRB.~~type ~~Our~~of ~~banking~~customer ~~subsidiary,~~served. ~~CBNA,~~Each isbusiness segment has a ~~national~~segment ~~banking~~head ~~association~~that ~~primarily~~reports ~~regulated~~directly byto the ~~OCC.~~Chief ~~Our~~Executive ~~regulation~~Officer, ~~and~~who ~~supervision~~has ~~continues~~final toauthority ~~evolve~~over asresource ~~the~~allocation ~~legal~~decisions and ~~regulatory~~performance ~~frameworks~~assessment. ~~governing~~The ~~our~~business ~~operations~~segments ~~continue~~reflect tothis ~~change.~~management ~~See~~structure and the ~~“Regulation~~manner ~~and~~in ~~Supervision”~~which ~~section~~financial ininformation ~~Item~~is 1currently ~~for~~evaluated ~~more~~by ~~information~~the Chief Executive Officer.

~~Capital~~See ~~Adequacy~~Note ~~Process~~1 for information regarding segment changes made during the fourth quarter of 2025 and Note 24 for more information regarding our business segments.

~~Our~~Citizens ~~assessment~~Financial ~~of capital adequacy begins with our Board-approved risk appetite and risk management framework. This framework provides for the identification~~Group, ~~measurement and management of material risks~~Inc. ~~Capital~~| requirements are determined for actual and forecasted risk portfolios using applicable regulatory capital methodologies. The assessment also considers the possible impacts of approved and proposed changes to regulatory capital requirements. Key analytical frameworks, including scenario analysis and stress testing, supplement our base line forecast to help inform a range of potential outcomes. A governance framework supports our capital planning process, including capital management policies and procedures that document capital adequacy metrics and limits, as well as our Capital Contingency Plan and the active engagement of both the Board and senior management in oversight and decision-making.48

~~Forward-looking~~The ~~assessments~~following oftable ~~capital~~presents ~~adequacy~~certain ~~provide~~financial ~~for~~data ~~the development~~ of aour ~~single~~reportable ~~capital~~business ~~plan,~~segments. ~~which~~Total isbusiness ~~periodically~~segment ~~submitted~~financial toresults ~~the~~differ ~~FRB,~~from ~~that~~total ~~covers~~consolidated ~~both~~financial usresults. ~~and~~These ~~our~~differences ~~banking~~are ~~subsidiary.~~reflected Wein ~~prepare~~Other ~~this~~non-segment ~~plan~~operations, inconsisting ~~accordance~~primarily ~~with~~of ~~the~~treasury ~~Capital~~and ~~Plan~~community ~~Rule~~development, and weinclude ~~participate~~assets, ~~annually~~liabilities, incapital, ~~the~~revenues, ~~FRB’s~~provision ~~horizontal~~(benefit) ~~capital~~for ~~review~~credit aslosses, ~~part~~expenses, ofand ~~their~~income ~~normal~~tax ~~supervisory~~expense ~~process,~~(benefit) ~~which~~not ~~includes~~attributed anto ~~assessment~~the ofCompany’s ~~specific~~reportable ~~capital~~business ~~planning areas~~segments.

The FRB regularly supervises and evaluates our capital adequacy and capital planning processes, including the submission of an annual capital plan approved by our Board of Directors or one of its committees. Under the FRB’s capital requirements, we must maintain capital ratios above the sum of the regulatory minimum and SCB requirement to avoid restrictions on capital distributions and discretionary bonus payments. The FRB utilizes the supervisory stress test to determine our SCB, which is re-calibrated with each biennial supervisory stress test and updated annually to reflect our planned common stock dividends. As an institution subject to Category IV standards, we are subject to biennial supervisory stress testing in even-numbered years. Our SCB associated with the 2024 CCAR supervisory stress test was 4.5%, effective October 1, 2024 through September 30, 2025.


Table 12: Selected Financial Data for Business Segments
	Consumer Banking		Commercial Banking
	Year Ended December 31,		Year Ended December 31,
(dollars in millions)	2025	2024	2025	2024
Net interest income	$4,972	$4,564	$1,778	$1,950
Noninterest income	1,252	1,131	995	908
Total revenue	6,224	5,695	2,773	2,858
Noninterest expense	3,880	3,677	1,334	1,241
Profit (loss) before credit losses	2,344	2,018	1,439	1,617
Net charge-offs	328	331	309	353
Income (loss) before income tax expense (benefit)	2,016	1,687	1,130	1,264
Income tax expense (benefit)	510	434	265	291
Net income (loss)	$1,506	$1,253	$865	$973
Average Balances:
Total assets	$79,925	$75,064	$66,137	$68,478
Total loans and leases(1)	73,443	68,681	62,941	65,481
Deposits	128,275	121,745	43,657	44,472
Interest-earning assets	74,035	69,272	63,677	65,982

~~Regulations~~(1) Includes relating to capital planning, regulatory reporting, stress testing and capital buffer requirements applicable to firms like us are presently subject to rule-making and potential further guidance and interpretation by the applicable federal regulatorsLHFS. ~~We will continue to evaluate the impact of these and any other prudential regulatory changes, including their potential resultant changes in our regulatory and compliance costs and expenses.~~

~~Regulatory~~Consumer ~~Capital~~Banking ~~Ratios and Capital Composition~~

~~Under~~Net ~~the~~interest ~~current~~income ~~U.S.~~increased ~~Basel~~$408 ~~III~~million ~~capital~~compared ~~framework,~~to ~~we and our banking subsidiary~~2024, ~~CBNA,~~driven ~~must~~by ~~meet~~higher ~~the~~net ~~following~~interest ~~specific~~margin ~~minimum requirements: CET1 capital ratio of 4.5%, tier 1 capital ratio of 6.0%, total capital ratio of 8.0%~~ and ~~tier~~growth 1in ~~leverage~~average ~~ratio of 4.0%. As a BHC, our SCB of 4.5% is imposed on top of the three minimum risk~~interest-~~based~~earning ~~capital ratios listed above and a CCB of 2~~assets.~~5% is imposed on top of the three minimum risk-based capital ratios listed above for CBNA.~~

~~Citizens~~Noninterest ~~Financial~~income ~~Group~~increased $121 million compared to 2024, ~~Inc.~~driven |by 56wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily driven by net inflows as well as market appreciation, higher MSR valuation results, net of hedging, and higher overdraft and cash management fees.

~~For~~Noninterest ~~additional~~expense ~~discussion~~increased of$203 ~~the~~million ~~U.S.~~compared ~~Basel~~to ~~III~~2024, ~~capital~~driven ~~framework~~primarily by salaries and ~~its~~benefits ~~related~~reflecting ~~application,~~hiring ~~see~~related to the ~~“Regulation~~Private Bank and ~~Supervision”~~Private ~~section~~Wealth inbuild-out, ~~Item~~as 1.well ~~The~~as ~~table~~an ~~below~~increase ~~presents~~in ~~the~~medical ~~regulatory~~benefit ~~capital~~costs, ~~ratios~~and ~~for~~outside ~~CFG~~services ~~and~~given ~~CBNA~~investments ~~under~~across the Uenterprise.~~S. Basel III Standardized rules:~~

Table 22: Regulatory Capital Ratios Under the U.S. Basel III Standardized Rules
	December 31, 2024			December 31, 2023
(dollars in millions)	Amount	Ratio		Amount	Ratio		Required Minimum Capital Ratio(1)
CET1 capital
CFG	$17,900	10.8	%	$18,358	10.6	%	9.0	%
CBNA	20,250	12.3		19,411	11.3		7.0
Tier 1 capital
CFG	20,013	12.1		20,372	11.8		10.5
CBNA	20,250	12.3		19,411	11.3		8.5
Total capital
CFG	23,232	14.0		23,608	13.7		12.5
CBNA	23,362	14.2		22,453	13.0		10.5
Tier 1 leverage
CFG	20,013	9.4		20,372	9.3		4.0
CBNA	20,250	9.6		19,411	8.9		4.0
Risk-weighted assets
CFG	165,699			172,601
CBNA	164,986			172,094
Quarterly adjusted average assets(2)
CFG	212,555			219,591
CBNA	211,849			218,974

Net charge-offs were stable compared to 2024.

~~(1)~~Commercial ~~Represents~~Banking ~~minimum requirement under the current capital framework plus the SCB of 4.5% and CCB of 2.5% for CFG and CBNA, respectively. The SCB and CCB are not applicable to the Tier 1 leverage ratio.~~

~~(2)~~Net ~~Represents~~interest ~~total~~income ~~average~~decreased ~~assets~~$172 ~~less~~million ~~certain~~compared ~~amounts~~to ~~deducted~~2024, ~~from~~driven ~~Tier~~by 1lower ~~capital~~net interest margin and a decline in average interest-earning assets.

AtNoninterest ~~December~~income ~~31,~~increased ~~2024,~~$87 ~~CFG’s~~million ~~CET1 and tier 1 capital ratios increased~~ compared to ~~December 31~~2024, ~~2023.~~driven ~~Net income and a $6.9 billion decrease in RWA was partially offset~~ by ~~common~~capital ~~share~~markets ~~repurchases,~~fees ~~dividends,~~reflecting ~~and~~higher aloan ~~decrease~~syndication ~~in the modified CECL transition amount as we entered the third year of the CECL three-year transition period. Lower commercial~~ and ~~auto~~equity ~~loans~~underwriting ~~were~~fees, ~~the~~partially ~~key~~offset ~~drivers~~by ~~for~~lower ~~the~~M&A ~~decline in RWA~~fees. ~~An increase in preferred stock was also a contributing factor to the tier 1 capital ratio increase.~~

AtNoninterest ~~December~~expense ~~31,~~increased ~~2024,~~$93 ~~CBNA’s~~million ~~CET1 and tier 1 capital ratios increased~~ compared to ~~December 31~~2024, ~~2023.~~driven ~~Net income and a $7.1 billion decrease in RWA,~~ primarily ~~driven~~ by ~~lower~~salaries ~~commercial~~ and ~~auto~~benefits ~~loans,~~given ~~was~~strong ~~partially~~capital ~~offset~~markets byfee ~~dividend~~performance ~~payments~~and toincreased ~~the~~medical ~~Parent~~benefit ~~Company~~costs, and aoutside ~~decrease~~services ingiven ~~the~~investments ~~modified~~across ~~CECL transition amount as we entered~~ the ~~third year of the CECL three-year transition period~~enterprise.

AtNet ~~December~~charge-offs ~~31,~~decreased ~~2024,~~$44 ~~CFG’s~~million ~~and CBNA’s total capital ratios increased~~ compared to ~~December 31~~2024, ~~2023,~~ driven by ~~their~~CRE, ~~respective~~partially ~~changes~~offset inby ~~CET1~~an ~~and~~increase ~~tier~~in 1commercial ~~capital described above~~ and ~~a reduction in the modified AACL transition amount~~industrial.

AtCitizens ~~December~~Financial 31Group, ~~2024,~~Inc. ~~CFG’s~~| ~~and CBNA’s tier 1 leverage ratios increased compared to December 31, 2023, reflecting a decline in quarterly adjusted average assets and their respective changes in tier 1 capital described above.~~49

~~Citizens~~RISK ~~Financial Group, Inc. | 57~~MANAGEMENT

Table 23: Capital Composition Under the U.S. Basel III Capital Framework
(dollars in millions)	December 31, 2024	December 31, 2023
Total common stockholders’ equity	$22,141	$22,328
Exclusions:
Modified CECL transitional amount	96	192
Net unrealized (gains)/losses recorded in AOCI, net of tax:
Debt securities	2,369	2,338
Derivatives	925	1,087
Unamortized net periodic benefit costs	301	333
Deductions:
Goodwill, net of deferred tax liability	(7,768)	(7,779)
Other intangible assets, net of deferred tax liability	(128)	(134)
Deferred tax assets that arise from tax loss and credit carryforwards	(36)	(7)
Total common equity tier 1 capital	17,900	18,358
Qualifying preferred stock	2,113	2,014
Total tier 1 capital	20,013	20,372
Qualifying subordinated debt(1)	1,232	1,319
Allowance for credit losses	2,259	2,318
Exclusions from tier 2 capital:
Modified AACL transitional amount	(125)	(249)
Allowance on PCD assets	(147)	(152)
Adjusted allowance for credit losses	1,987	1,917
Total capital	$23,232	$23,608

We are committed to maintaining a strong, integrated, and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision-making body is setting our risk appetite to ensure that the level of risk that we are willing to accept in the attainment of our strategic business and financial objectives is clearly understood.

~~(1)~~To Asenable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of ~~December~~those 31activities, ~~2024~~to a number of Board and ~~2023~~executive management level risk committees. The Executive Risk Committee, chaired by the ~~amount~~Chief Risk Officer, is responsible for oversight of ~~non-qualifying~~risk ~~subordinated~~across ~~debt~~the ~~excluded~~enterprise ~~from~~and ~~regulatory~~actively ~~capital~~considers ~~was~~our ~~$469~~inherent ~~million~~material risks, analyzes our overall risk profile, and ~~$482~~seeks ~~million~~confirmation that the risks are being appropriately identified, ~~respectively~~assessed, and mitigated. ~~See~~Reporting ~~Note~~to 13the ~~for~~Executive ~~more~~Risk ~~details~~Committee onare ~~our~~the ~~outstanding~~following ~~subordinated~~committees ~~debt~~covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.

Capital Transactions

We completed the following capital transactions during 2024:

•Repurchased $1.1 billion of our outstanding common stock;

•Issued 400,000 shares of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock at an aggregate offering price of $400 million;

•Redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock on July 8, 2024;

•Declared quarterly common stock dividends of $0.42 per share, aggregating to $769 million; and

•Declared preferred stock dividends aggregating to $137 million.

For additional detail regarding our common and preferred stock dividends see Note 17.

On June 28, 2024, our Board of Directors increased the capacity of our common share repurchase program to $1.25 billion, an increase of $656 million above the $594 million of capacity remaining under the prior February 2023 authorization. All future capital distributions are subject to consideration and approval by our Board of Directors prior to execution. The timing and amount of future dividends and share repurchases will depend on various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations.

AOCI Impact on Regulatory Capital

Under the current applicable regulatory capital rules we have made the AOCI opt-out election, which enables us to exclude components of AOCI from regulatory capital. As noted in the “Capital and Stress Testing Requirements” section of “Regulation and Supervision” in Item 1, the regulatory agencies are considering the inclusion of AOCI components in regulatory capital for Category IV firms like us, notably the AOCI relative to securities and pension.

Citizens Financial Group, Inc. | 58

The following table presents our regulatory capital ratios including the AOCI impact from securities and pension, which we believe provides useful information in light of recent events and the potential for change in the regulatory capital framework.

Table 24: AOCI Impact on Regulatory Capital
	December 31, 2024
	CFG						CBNA
(dollars in millions)	CET1		Tier 1		Total		CET1		Tier 1		Total
Regulatory capital, including AOCI impact:
Regulatory capital (as reported)	$17,900		$20,013		$23,232		$20,250		$20,250		$23,362
Unrealized gains (losses) on securities and pension	(2,670)		(2,670)		(2,670)		(2,651)		(2,651)		(2,651)
Deferred tax assets - securities and pension AOCI	(33)		(33)		(33)		(34)		(34)		(34)
Regulatory capital, including AOCI impact (non-GAAP)	$15,197		$17,310		$20,529		$17,565		$17,565		$20,677
Risk-weighted assets, including AOCI impact:
Risk-weighted assets (as reported)	$165,699		$165,699		$165,699		$164,986		$164,986		$164,986
Unrealized gains (losses) on securities and pension	(702)		(702)		(702)		(683)		(683)		(683)
Deferred tax assets - securities and pension AOCI	2,198		2,198		2,198		2,179		2,179		2,179
Risk-weighted assets, including AOCI impact (non-GAAP)	$167,195		$167,195		$167,195		$166,482		$166,482		$166,482
Ratio:
Regulatory capital ratio (as reported)	10.8	%	12.1	%	14.0	%	12.3	%	12.3	%	14.2	%
Regulatory capital ratio, including AOCI impact (non-GAAP)	9.1	%	10.4	%	12.3	%	10.6	%	10.6	%	12.4	%

LIQUIDITY

We consider the effective and prudent management of liquidity fundamental to our safety and soundness. We define liquidity as our ability to meet our obligations when they come due. As a financial institution, we must maintain operating liquidity to meet expected daily and forecasted cash-flow requirements, as well as contingent liquidity to meet unexpected (stress scenario) funding requirements. Reflecting the importance of meeting all unexpected and stress-scenario funding requirements, we identify and manage contingent liquidity, consisting of cash balances at the FRB, unencumbered high-quality liquid securities and unused FHLB borrowing capacity. Separately, we also identify and manage asset liquidity as a subset of contingent liquidity, consisting of cash balances at the FRB and unencumbered high-quality liquid securities. We maintain additional secured borrowing capacity at the FRB discount window, but do not view this as a primary means of funding, but rather a potential source in a stressed environment or during a market disruption. We manage liquidity at the consolidated enterprise level and at each material legal entity.

Parent Company Liquidity

Our Parent Company’s primary sources of cash are dividends and interest received from CBNA resulting from investing in bank equity and subordinated debt as well as externally issued preferred stock, senior debt and subordinated debt. Uses of cash include the routine cash flow requirements as a bank holding company, including periodic share repurchases and payments of dividends, interest and expenses; the needs of subsidiaries, including CBNA for additional equity and, as required, its need for debt financing; and the support for extraordinary funding requirements when necessary. To the extent the Parent Company relies on wholesale borrowings, uses also include payments of related principal and interest.

During the year ended December 31, 2024, the Parent Company completed the following transactions:

•Issued $1.25 billion of 5.841% fixed-to-floating rate senior notes due 2030;

•Issued $750 million of 6.645% fixed-to-floating rate senior notes due 2035;

•Issued 400,000 shares of 7.375% fixed-rate non-cumulative perpetual Series H Preferred Stock at an aggregate offering price of $400 million;

•Redeemed all outstanding shares of the 9.205% floating rate non-cumulative perpetual Series D Preferred Stock on July 8, 2024; and

•Issued $1.25 billion of 5.718% fixed-to-floating rate senior notes due 2032.

Our Parent Company’s cash and cash equivalents represent a source of liquidity that can be used to meet various needs and totaled $2.7 billion and $2.9 billion as of December 31, 2024 and 2023, respectively.

Citizens Financial Group, Inc. | 59

During the years ended December 31, 2024 and 2023, the Parent Company declared dividends on common stock of $769 million and $808 million, respectively, and declared dividends on preferred stock of $137 million and $117 million, respectively.

During the year ended December 31, 2024, the Parent Company repurchased $1.1 billion of its outstanding common stock.

CBNA Liquidity

As CBNA’s primary business involves taking deposits and making loans, a key role of liquidity management is to ensure that customers have timely access to funds. Liquidity management also involves maintaining sufficient liquidity to repay wholesale borrowings, pay operating expenses and support extraordinary funding requirements when necessary. In the ordinary course of business, the liquidity of CBNA is managed by matching sources and uses of cash. The primary sources of bank liquidity include deposits from our consumer and commercial customers; payments of principal and interest on loans and debt securities; and wholesale borrowings, as needed, and as described under “Liquidity Risk Management and Governance.” The primary uses of bank liquidity include withdrawals and maturities of deposits; payment of interest on deposits; funding of loans and related commitments; and funding of securities purchases. To the extent that CBNA relies on wholesale borrowings, uses also include payments of related principal and interest. For further information on CBNA’s outstanding debt see Note 13.

During the year ended December 31, 2024, CBNA completed the following transactions:

•Issued $2.7 billion of secured borrowings collateralized by loans;

•Redeemed $650 million of 4.119% fixed-to-floating rate senior notes due 2025; and

•Redeemed $600 million of 6.064% fixed-to-floating rate senior notes due 2025.

Liquidity Risk

We rely on customer deposits to be our primary stable and low-cost source of funding. Our funding sources also include our ability to securitize loans in secondary markets, raise funds in the debt and equity capital markets, pledge loans and/or securities for borrowing from the FHLB, pledge securities as collateral for borrowing under repurchase agreements, and sell AFS securities.

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Credit ratings assigned by agencies such as Moody’s, Standard and Poor’s, and Fitch impact our access to unsecured wholesale market funds and to large uninsured customer deposits and are presented in the table below.

Table 25: Credit Ratings

December 31, 2024

Moody’s

Standard andPoor’s

Fitch

Citizens Financial Group, Inc.:

Long-term issuer

Baa1

BBB+

Short-term issuer

A-2

Subordinated debt

Baa1

BBB

Preferred Stock

Baa3

BB+

Citizens Bank, National Association:

Long-term issuer

A-

BBB+

Short-term issuer

(P) P-2

A-2

Long-term deposits

A-

Short-term deposits

P-1

We currently have a “stable” outlook at Standard & Poor’s, a “negative” outlook at Moody’s and a “positive” outlook at Fitch. Changes in our public credit ratings could affect both the cost and availability of our wholesale funding.

Existing and evolving regulatory liquidity requirements represent another key driver of systemic liquidity conditions and liquidity management practices. The FRB and OCC regularly evaluate our liquidity as part of the overall supervisory process. In addition, we are subject to existing and evolving regulatory liquidity requirements, some of which are subject to further rulemaking, guidance and interpretation by the applicable federal regulators. For further discussion, see the “Liquidity Requirements” section under “Regulation and Supervision” in Item 1.

Liquidity Risk Management and Governance

Liquidity risk is measured and managed by the Funding and Liquidity unit within our Treasury group in accordance with policy guidelines promulgated by our Board and the Asset Liability Committee. The Funding and Liquidity unit is responsible for maintaining a liquidity management framework that effectively manages liquidity risk. Processes within this framework include, but are not limited to, regular and comprehensive reporting, including current levels versus threshold limits for a broad set of liquidity metrics and early warning indicators, explanatory commentary relating to emerging risk trends and, as appropriate, recommended remedial strategies, liquidity stress testing, contingency funding plans, and collateral management.

Our Funding and Liquidity unit’s primary goals are to deliver and maintain prudent levels of operating liquidity to support expected and projected funding requirements, contingent liquidity to support unexpected funding requirements resulting from idiosyncratic, systemic, and combination stress events, and regulatory liquidity requirements in a timely manner from stable and cost-efficient funding sources. We seek to accomplish these goals by funding loans with stable deposits, by prudently controlling dependence on wholesale funding, particularly short-term unsecured funding, and by maintaining ample available liquidity, including a contingent liquidity buffer of unencumbered high-quality loans and securities.

We maintain a contingency funding plan designed to ensure that liquidity sources are sufficient to meet ongoing obligations and commitments, particularly in a stressed environment or during a market disruption. The plan identifies members of the liquidity contingency team and provides a framework for management to follow, including notification and escalation of potential liquidity stress events.

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As of December 31, 2024:

•Organically generated deposits continue to be our primary source of funding, resulting in a consolidated period-end loans-to-deposits ratio, excluding LHFS, of 79.6%;

◦Estimated insured/secured deposits comprise 67% of our consolidated deposit base of $174.8 billion.

•Our total available liquidity, comprised of contingent liquidity and available discount window capacity, was approximately $83.1 billion;

◦Contingent liquidity was $66.2 billion, consisting of unencumbered high-quality liquid securities of $36.0 billion, unused FHLB capacity of $21.1 billion, and our cash balances at the FRB of $9.1 billion; and

◦Available discount window capacity was $16.9 billion, defined as available total borrowing capacity from the FRB based on identified collateral, which is primarily secured by non-mortgage commercial and retail loans.

For a summary of our sources and uses of cash by type of activity for the years ended December 31, 2024, 2023 and 2022, see the Consolidated Statements of Cash Flows in Item 8.

The Funding and Liquidity unit monitors a variety of liquidity and funding metrics and early warning indicators and metrics, including specific risk thresholds limits. These monitoring tools are broadly classified as follows:

•Current liquidity sources and capacities, including cash balances at the FRB, free and liquid securities, and secured borrowing capacity at the FHLB and FRB discount window;

•Liquidity stress sources, including idiosyncratic, systemic and combined stresses, in addition to evolving regulatory requirements; and

•Current and prospective exposures, including secured and unsecured wholesale funding, and spot and cumulative cash-flow gaps across a variety of horizons.

Further, certain of these metrics are monitored individually for CBNA and for our consolidated enterprise on a daily basis, including cash position, unencumbered securities, asset liquidity and available FHLB borrowing capacity. In order to identify emerging trends and risks and inform funding decisions, specific metrics are also forecasted over a one-year horizon.

Contractual Obligations

In the ordinary course of business, we enter into contractual obligations that may require future cash payments, including customer deposit maturities and withdrawals, debt service, lease obligations and other cash commitments. For more information regarding these obligations, see Notes 9, 12 and 13.

Off-Balance Sheet Arrangements

We engage in a variety of activities that are not reflected in our Consolidated Balance Sheets that are generally referred to as “off-balance sheet arrangements.” For more information on these types of activities, see Note 19.

CRITICAL ACCOUNTING ESTIMATES

Our audited Consolidated Financial Statements included in this Report are prepared in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires us to establish accounting policies and make estimates that affect amounts reported in our audited Consolidated Financial Statements.

An accounting estimate requires assumptions and judgments about uncertain matters that could have a material effect on our audited Consolidated Financial Statements. Estimates are made using facts and circumstances known at a point in time. Changes in those facts and circumstances could produce results substantially different from those estimates. Our most significant accounting policies and estimates and their related application are discussed below. See Note 1 for further discussion of our significant accounting policies.

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Allowance for Credit Losses

The ACL of $2.3 billion at December 31, 2024 remained stable compared to December 31, 2023.

As of December 31, 2024, the ACL economic forecast over a two-year reasonable and supportable period was consistent with December 31, 2023, with peak unemployment of approximately 5.1% and start-to-trough real GDP decline of approximately 0.4%. These forecasts reflect a mild recession over the two-year reasonable and supportable period.

Our determination of the ACL is sensitive to changes in forecasted macroeconomic conditions during the reasonable and supportable forecast period. To illustrate the sensitivity, we applied a more pessimistic scenario than that described above which reflects deeper real GDP contraction across our two-year reasonable and supportable forecast period with peak unemployment of approximately 6.0% and start-to-trough real GDP decline of approximately 2.0%. Excluding consideration of qualitative adjustments, this scenario would result in a quantitative lifetime loss estimate of approximately 1.2x our modeled period-end ACL, or an increase of approximately $400 million. This analysis relates only to the modeled credit loss estimate and not to the overall period-end ACL, which includes qualitative adjustments.

Because several quantitative and qualitative factors are considered in determining the ACL, this sensitivity analysis does not necessarily reflect the nature and extent of future changes in the ACL or even what the ACL would be under these economic circumstances. The sensitivity analysis is intended to provide insights into the impact of adverse changes in the macroeconomic environment and the corresponding impact to modeled loss estimates. The hypothetical determination does not incorporate the impact of management judgment or other qualitative factors that could be applied in the actual estimation of the ACL and does not imply any expectation of future deterioration in our loss rates.

It remains difficult to estimate how changes in economic forecasts might affect our ACL because such forecasts consider a wide variety of variables and inputs, and changes in the variables and inputs may not occur at the same time or in the same direction, and such changes may have differing impacts by product type. The variables and inputs may be idiosyncratically affected by risks to the economy, including changing monetary and fiscal policies, impacts from the recent stress on the banking industry, and their impact on inflationary trends. Changes in one or multiple of the key macroeconomic variables may have a material impact on our estimation of expected credit losses.

For additional information regarding the ACL, see Note 6.

Goodwill

The acquisition method of accounting requires that assets acquired and liabilities assumed in business combinations are recorded at fair value. Business combinations typically result in goodwill, which is subject to ongoing periodic impairment tests based on the fair values of the reporting units to which the goodwill has been attributed. At December 31, 2024, goodwill totaled $8.2 billion and is assigned to our reporting units as follows: $5.5 billion to Commercial Banking and $2.7 billion to Consumer Banking.

The process of evaluating the fair value of a reporting unit is subjective, involving management assumptions, estimates and forecasts, and the use of external or internal valuations. Valuation techniques include discounted cash flow and market approach analysis. In the fourth quarter of 2024, the quantitative impairment test estimated the fair value of the reporting units using an equal weighting of an income approach (i.e., discounted cash flows method) and market-based approach (i.e., the guideline public company method). The guideline public company method utilizes comparable public company information and key valuation multiples, and considers a market control premium associated with cost synergies and other cash flow benefits that arise from obtaining control over a reporting unit, and guideline transactions, when applicable.

Under the income approach, cash flow projections are based on multi-year financial forecasts developed for each reporting unit that consider key business drivers such as new business initiatives, customer retention standards, market share changes, anticipated loan and deposit growth, fees and expenses, forward interest rates, historical performance, credit performance, and industry and economic trends, among other considerations. The projection of net interest income and noninterest expense are the most significant inputs to the financial projections of the Commercial Banking and Consumer Banking reporting units. Discount rates are estimated based on the Capital Asset Pricing Model, which considers the risk-free interest rate, market risk premium, beta, and unsystematic risk adjustments specific to a particular reporting unit. The discount rates are also calibrated based on risks related to the projected cash flows of each reporting unit.

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We performed a quantitative goodwill impairment assessment in the fourth quarter of 2024 as part of our annual impairment assessment. Based on this quantitative assessment, we concluded that the estimated fair value of the Consumer Banking and Commercial Banking reporting units exceeded their carrying value; therefore, goodwill is not impaired.

For additional information regarding Goodwill, see Note 10.

Fair Value

We assess the fair value of assets and liabilities by applying various valuation methodologies which may involve a significant degree of judgment, particularly when active markets do not exist for the items being valued. Quoted market prices are used to estimate the fair value of certain assets such as trading assets, investment securities and residential real estate LHFS. Assumptions are used to estimate the fair value of items for which an observable active market does not exist and include discount rates, rates of return on assets, repayment rates, cash flows, default rates, costs of servicing and liquidation values. The use of different assumptions could produce significantly different fair value estimates, which could have a material impact on our results of operations, financial condition or fair value disclosures.

We also assess whether there are any declines in fair value below the carrying value of assets that require recognition of a loss in the Consolidated Statements of Operations, including certain investments, loans, goodwill, and core deposit and other intangible assets.

For additional information regarding our fair value measurements, see Note 20.

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ACCOUNTING AND REPORTING DEVELOPMENTS

Accounting standards issued but not adopted as of December 31, 2024

Pronouncement	Summary of Guidance	Effects on Financial Statements
Improvements to Income Tax DisclosuresIssued December 2023	•Requires an annual income tax rate reconciliation table that includes specific categories and other significant categories, disaggregated by nature, that exceed 5% of income tax expense at the statutory tax rate•Requires a qualitative description of the states and local jurisdictions that make up more than 50% of the effect of the state and local income tax category•Requires description of the nature, effect and underlying causes of the reconciling items and the judgment used in categorizing these items•Requires annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes, and further disaggregated by individual jurisdictions that exceed 5% of total income taxes paid, net of refunds received•Requires disclosure of 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign, and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign•Eliminates the requirement to disclose the nature and estimate of the change in unrecognized tax benefits expected in the next twelve months•Eliminates the requirement to disclose the cumulative amount of each type of temporary difference when a deferred tax liability is not recognized because of the exceptions to comprehensive recognition of deferred taxes related to subsidiaries and corporate joint ventures	•Required effective date: Annual financial statements for the year ending December 31, 2025. Early adoption is permitted.•Adoption is expected to have a meaningful impact on our required income tax disclosures in the Consolidated Financial Statements.
Disaggregation of Income Statement Expenses Issued November 2024	•Requires tabular disclosure of the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities•Within the same tabular disclosure, include certain expenses, gains, and losses that are already required to be disclosed•Requires a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively•Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses	•Required effective date: Annual financial statements for the year ending December 31, 2027, and interim reporting periods thereafter. Early adoption is permitted.•We are currently evaluating the impact of this standard on our required expense disclosures in the Consolidated Financial Statements.

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RISK GOVERNANCE

We are committed to maintaining a strong, integrated and proactive approach to the management of all risks to which we are exposed in pursuit of our business objectives. A key aspect of our Board’s responsibility as the main decision-making body is setting our risk appetite to ensure that the levels of risk that we are willing to accept in the attainment of our strategic business and financial objectives are clearly understood.

To enable our Board to carry out its objectives, it has delegated authority for risk management activities, as well as governance and oversight of those activities, to a number of Board and executive management level risk committees. The Executive Risk Committee, chaired by the Chief Risk Officer, is responsible for oversight of risk across the enterprise and actively considers our inherent material risks, analyzes our overall risk profile and seeks confirmation that the risks are being appropriately identified, assessed and mitigated. Reporting to the Executive Risk Committee are the following committees covering specific areas of risk: Compliance and Operational Risk, Model Risk, Credit Policy, Asset Liability, Business Initiatives Review, and Conduct and Ethics.

Risk Framework

Our risk management framework is embedded in our business through a “Three Lines of Defense” model ~~which~~that defines responsibilities ~~and accountabilities~~ for risk management activities.

First Line of Defense

The business lines, including their associated support functions, are the first line of defense and are ~~accountable~~responsible for identifying, assessing, managing, and controlling the risks associated with the products and services they provide. The business lines are responsible for performing regular risk assessments to identify and assess the material risks that arise in their area of responsibility, complying with relevant risk policies, testing and certifying the adequacy and effectiveness of ~~their~~ operational and financial reporting controls on a regular basis, establishing and documenting operating procedures, and establishing a governance structure for identifying and managing risk.

Second Line of Defense

The second line of defense includes independent monitoring and control functions ~~accountable~~responsible for the development and implementation of risk and control frameworks ~~and related policies~~, ~~and~~along ~~their~~with ~~associated~~related ~~implementation~~policies. This centralized risk function is independent from the business and is ~~accountable~~responsible for overseeing and challenging our business lines on the effective management of their risks including, but not limited to, credit, market, operational, regulatory, reputational, interest rate, liquidity, legal, and strategic risks.

Third Line of Defense

Our Internal Audit function is the third line of defense ~~providing~~and provides independent assurance of the effectiveness of our internal controls and governance practices so that risk is managed appropriately for the size, complexity, and risk profile of the organization. Internal Audit has complete and unrestricted access to all of our records, physical properties and personnel. Internal Audit issues a report following each internal review and provides an audit opinion to the Board’s Audit Committee on a quarterly basis.

Credit Review reports to the Chief ~~Audit~~Risk ~~Executive~~Officer and provides the Board, senior management, and other stakeholders with independent assurance on the quality of credit portfolios and adherence to agreed Credit Risk Appetite and Credit Policies and processes. In line with its procedures and regulatory expectations, the Credit Review function undertakes a program of portfolio testing, assessing and reporting through four Risk Pillars of Asset Quality, Rating and Data Integrity, Risk Management, and Credit Risk Appetite.

Risk Appetite

Risk appetite is a strategic business and risk management tool. Wethat we define ~~our risk appetite~~ as the maximum limit of acceptable risk beyond which we could be unable to achieve our strategic objectives and capital adequacy obligations.

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Our principal non-market risks include credit, operational, regulatory, reputational, liquidity, and strategic risks. We are also subject to certain market risks which include potential losses arising from changes in interest rates, foreign exchange rates, equity prices, commodity prices, and/or other relevant market rates or prices. Market risk in our business arises from trading activities that serve customer needs, including interest rate hedging, foreign exchange risk, and non-trading activities within capital markets. We have established enterprise-wide policies and methodologies to identify, measure, monitor, and report on market risk., We actively ~~manage~~managing both trading and non-trading market risks. See “Market Risk” for further information. Our risk appetite is reviewed and approved annually by the Board Risk Committee.

Credit Risk ~~Management~~

Credit risk represents the potential for loss arising from the failure of a customer, counterparty, or issuer to perform in accordance with the contractual terms of an obligation. While the majority of our credit risk is associated with lending activities, we do engage with other financial counterparties for a variety of purposes including investing, asset and liability management, and trading activities. Given the financial impact of credit risk on our earnings and balance sheet, the assessment, approval, and management of credit risk represents a significant part of our overall risk-management responsibility.

Our independent Credit Risk Function is responsible for reviewing and approving the credit risk appetite across all lines of business and credit products, approving larger and higher-risk credit transactions, monitoring portfolio performance, identifying problem credit exposures, and ensuring remedial management. Credit Risk actively monitors and manages concentrations of loan limits, loan types, industries, and geographies to ensure that our risk appetite is well balanced to achieve our goals.

Management and oversight of credit risk is the responsibility of each respective business line and the second line of defense. Our second line of defense, the independent Credit Risk Function, is led by the Chief Credit Officer who oversees all credit risk and reports to the Chief Risk Officer. The Chief Credit Officer, acting in a manner consistent with Board policies, has responsibility for, among other things, the governance process around policies, procedures, risk acceptance criteria, credit risk appetite, limits and authority delegation. The Chief Credit Officer and team also have responsibility for credit approvals for larger and higher-risk transactions and oversight of line of business credit risk activities. Reporting to the Chief Credit Officer are the heads of the second line of defense credit functions specializing in: Consumer Banking, Commercial Banking, Private Banking, Citizens Restructuring Management, Portfolio and Corporate Reporting, ACL Analytics, Current Expected Credit Loss, and Credit Policy and Administration. Each team under these leaders is composed of experienced credit professionals.

The primary mechanisms that govern our risk management include, but are not limited to, credit assessments, models, scorecards, credit limits, exposure management, concentration limits, balance sheet diversification, portfolio management, collateral requirements and individual credit policies tailored for Consumer and Commercial lending. Our policies outline the minimum acceptable lending standards and their alignment with our desired risk appetite. Material changes in our business model and strategies that identify a need to change our risk appetite or highlight a risk not previously contemplated are identified by the individual committees and presented to the Credit Policy Committee, Executive Risk Committee and the Board Risk Committee for approval, as appropriate.

We employ a comprehensive and integrated risk control program to proactively identify, measure, monitor, and mitigate existing and emerging credit risks across the credit life cycle including origination, account/portfolio management, and loss mitigation and recovery.

Consumer

We utilize several distinct business processes and channels to originate consumer credit, including traditional branch lending and mobile and online banking. Each distinct underwriting and origination activity includes unique credit risk characteristics, with loan pricing commensurate with the differing risk profiles. Consumer credit approvals are typically based on the financial strength and payment history of the borrower, type of exposure, and transaction structure, among other factors.

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Lending authority is granted to each first line approver by the second line of defense credit risk function to ensure proper oversight of the underwriting teams. We periodically evaluate the performance of each first line approver and annually reauthorize their delegated authority. Only senior members of the second line of defense credit risk function are authorized to approve significant exceptions to credit policies, which are not uncommon when compensating factors are present. Established exception limits, when reached or exceeded, trigger a comprehensive analysis.

For Consumer Banking, our teams use models to evaluate consumer loans across their life cycle. Credit scoring models are used to forecast the probability of default of an applicant prior to origination. When approving customers for a new loan or extension of an existing credit line, credit scores are used in conjunction with other credit risk variables such as affordability, length of term, collateral value, collateral type, and lien subordination.

Our consumer banking portfolio is comprised of five retail categories of loans ~~to consumers~~: residential mortgages, home equity, education, automobile, and other retail.

Residential Mortgages and Home Equity

Residential mortgages are loans to consumers to purchase or refinance 1-4 family residential properties and are generally structured with repayment terms ranging from 15 to 30 years. We originate both fixed- and adjustable-rate (traditional and interest-only) residential mortgages, with the properties securing such mortgages primarily located within our geographic footprint. We do not originate residential mortgages that allow negative amortization or multiple payment options. Residential mortgage applications are underwritten using consistent credit policies and processes, with a focus on higher-quality borrowers.

Residential mortgages are originated based on an appraisal completed during the credit underwriting process, with borrower performance tracked monthly by segmenting the mortgage portfolio into pools based on product type. The portfolio is also segmented based upon delinquency, nonperforming status, modification and bankruptcy status, FICO scores, LTV, and geographic concentrations as part of our overall risk management analysis and monitoring.

Home equity loans primarily include lines of credit secured by a first- or second-lien on the borrower’s residence, which enable the customer to borrow against the equity in their home or refinance existing mortgage debt. The product is a variable-rate, interest-only line of credit that allows the borrower to draw against the available line with no required principal payments during an initial 10-year revolving period. At the end of the revolving period, the home equity line of credit converts into a 15-year amortizing structure.

Home equity applications are underwritten using full income and credit standards with underwriting criteria based on minimum credit scores, debt-to-income ratios, and combined LTV ratios utilizing current collateral valuations. The underwriting for variable-rate lines of credit also incorporates a stress analysis for rising interest rates. We actively manage lines of credit and adjust their lending limit when we believe it is necessary based on a borrower’s FICO score and any associated credit deterioration.

Borrower performance of the home equity portfolio is tracked on a monthly basis for internal reporting and risk management purposes by segmenting the portfolio into pools, which are typically based on origination vintage tranches. ~~The~~For home equity loans where we hold a subordinated lien position the performance of any related mortgage loans is also tracked regardless of whether we hold a lien on such loans. A third-party service provider is utilized to obtain updated loan information, including lien and collateral data that is aggregated from both public and private sources.

LTV information on our outstanding residential mortgages and home equity portfolios is updated quarterly based on a combination of automated valuation model updates and relevant home price indices. LTV is the ratio of the loan’s outstanding principal balance to the current property value estimate. For home equity and second mortgages, CLTV is the ratio of the first mortgage original principal balance and the second lien outstanding principal balance combined to the current property value estimate.

Property values for both residential mortgages and home equity loans are refreshed quarterly after an account is established to allow for proactive identification of changing levels of credit risk and to facilitate our portfolio management, including workout and loss mitigation functions. Our approach to managing credit risk is highly analytical and, where appropriate, is automated to ensure consistency and efficiency.

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Education

The education portfolio is primarily comprised of two products, in-school loans and education refinance loans. An in-school loan is generally financed over a 5, 10, or 15-year term and provides for fixed or variable rate financing to students while enrolled in school, with the option to pay while in school or to defer payment until after graduation. An education refinance loan provides a refinancing option on an existing education loan for students and parents, with 5 to 20-year terms and fixed or variable rates.

The performance of the education portfolio is measured monthly, including updated FICO, or equivalent, scores. We analyze the portfolio by product channel and type, and regularly evaluate default and delinquency experience for internal reporting and risk management purposes.

Automobile

The automobile portfolio consists of loans originated primarily through independent franchised dealers, including some located in select states outside of our primary geographic footprint. This portfolio is in runoff as we discontinued the origination of automobile loans in 2023.

The performance of the automobile loan portfolio is measured monthly, including updated collateral values and FICO, or equivalent, scores. We analyze the portfolio by product channel and type and regularly evaluate default and delinquency experience for internal reporting and risk management purposes.

Other Retail

Other retail loans primarily consist of unsecured consumer lending products, including credit cards and point-of-sale loans originated through partnerships with third-party companies. These loans are underwritten in accordance with our established credit policies and guidelines. Certain point-of-sale loans originated with third-party companies include credit loss protection agreements provided by those companies, which mitigate our risk of loss. Given the variable nature of the credit card portfolio, we actively monitor interest rate impacts and portfolio performance to ensure alignment with our risk tolerance.

The following table presents certain asset quality metrics for our retail loan portfolio:


Table 13: Retail Asset Quality Metrics
	December 31,
	2025		2024
Average refreshed FICO for total portfolio	777		775
CLTV ratio for secured real estate(1)	50	%	50	%

(1) The real estate secured portfolio CLTV is calculated as the mortgage and second lien loan balance divided by the most recently available value of the property.

Commercial

Our commercial banking portfolio consists of traditional commercial and industrial loans, commercial leases, and commercial real estate loans.

For Commercial Banking, risk management includes defined credit products and policies and is separated into commercial and industrial loans, CRE<

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