Company: CFG-PE
Filing Date: 2025-07-23
Form Type: 424B2
Source: 0001193125-25-163534
Chunk: 8

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-07-23
Form: 424B2
Chunk 8
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 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;       |

S-v

| • |     | 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; and       |

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

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in this prospectus supplement and in our 2024 Form 10-K,as well as the other information included or incorporated by reference in this prospectus supplement and the accompanying prospectus. S-vi

SUMMARY

The following information should be read together with the information contained in or incorporated by reference in other parts of this prospectus supplement and in the accompanying prospectus. It may not contain all the information that is important to you. You should carefully read this entire prospectus supplement and the accompanying prospectus, as well as the information to which we refer you and the information incorporated by reference herein, before making a decision to invest in the Depositary Shares representing interests in our Series I Preferred Stock. To the extent the following information is inconsistent with the information in the accompanying prospectus, you should rely on the following information. If any statement in this prospectus supplement conflicts with any statement in a document which we have incorporated by reference, then you should consider only the statement in the