Company: CFG-PE
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000759944-25-000044
Chunk: 5

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 5
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ization and data analytics to deepen relationships in targeted segments and solidified our East Coast presence with our expansion in the New York Metro area.

Citizens Private Bank, launched in the middle of 2023, was a significant step forward in our strategy to accelerate growth in Wealth Management, improve capabilities to serve the high net-worth segment and expand in key geographies. A differentiated growth driver for the Company, this business became profitable in the fourth quarter of 2024 and made meaningful progress towards achieving scale, with $7.0 billion of deposits and $4.7 billion of assets under management ("AUM") entrusted to us by Private Bank clients and $3.1 billion of loans extended through December 31, 2024. Considering

#### 62025 Proxy Statement

#### About Citizens
this strong progress, we increased our stated year-end 2025 targets for deposits and AUM each by $1 billion (to $12 billion for deposits, and to $11 billion for AUM). The Private Bank is expected to contribute about 5% or more to Company earnings in 2025.

Commercial Banking has broadened its capabilities to grow fees through both organic investments and acquisitions, strengthened its client coverage model while developing expertise in targeted industry verticals and c apabilities to serve the private capital ecosystem, and built on its expansion into markets such as the Southeast and West. The addition of middle market teams in Florida and California and the strategic expansion of the New York City metro team have yielded positive early results and position Commercial Banking for growth in these key regions. Commercial Banking's investments resulted in strong capital markets fee growth in 2024 as the division has been able to increase share even as market recovery has been slower than expected. Commercial Banking continues to attract top talent and its registration as a swap dealer in 2024 and close partnership with enterprise payments are unlocking new fee and revenue opportunities. Both Consumer and Commercial Banking have significantly improved the quality and capabilities of our deposit franchise which i s evident in our improved performance in terms of stability and funding cost through the changing interest rate environment of 2024.

As a result of these investments and the successful execution of our strategic initiatives, as well as disciplined programs such as Balance Sheet Optimization ("BSO") and Tapping Our Potential ("TOP"), we are laying a strong foundation and positioning the Company for improving performance over the medium- and long-term.

The accompanying charts reflect our long-term results on two of the core financial metrics, EPS and ROTCE, which anchor our strategic plan. While our recent results