Citizens Financial Group, Inc. Publishes Results of its 2018 Dodd-Frank Act Annual Company-Run Stress Test
June 21 2018 - 4:33PM
Business Wire
Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today
published the results of its annual company-run 2018 stress test
conducted in accordance with the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010. The disclosure includes stress
test results for CFG and its subsidiary, Citizens Bank, N.A., under
the Board of Governors of the Federal Reserve System’s (“Federal
Reserve”) severely adverse scenario using supervisory prescribed
capital actions. The results do not reflect any capital actions
that Citizens may have requested under the Federal Reserve’s
Comprehensive Capital Analysis and Review (“CCAR”).
The Federal Reserve has indicated that it will release CCAR
results on June 28, 2018.
The Dodd-Frank Act company-run stress test disclosure, including
general descriptions of methodologies used in the stress test is
available at investor.citizensbank.com under “Regulatory Filings
and Disclosures.”
About Citizens Financial Group,
Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $153.5 billion in assets as of
March 31, 2018. Headquartered in Providence, Rhode Island, Citizens
offers a broad range of retail and commercial banking products and
services to individuals, small businesses, middle-market companies,
large corporations and institutions. Citizens helps its customers
reach their potential by listening to them and by understanding
their needs in order to offer tailored advice, ideas and solutions.
In Consumer Banking, Citizens provides an integrated experience
that includes mobile and online banking, a 24/7 customer contact
center and the convenience of approximately 3,300 ATMs and
approximately 1,150 branches in 11 states in the New England,
Mid-Atlantic and Midwest regions. Consumer Banking products and
services include a full range of banking, lending, savings, wealth
management and small business offerings. In Commercial Banking,
Citizens offers corporate, institutional and not-for-profit clients
a full range of wholesale banking products and services, including
lending and deposits, capital markets, treasury services, foreign
exchange and interest rate products, and asset finance. More
information is available at www.citizensbank.com or visit us on
Twitter, LinkedIn or Facebook.
Forward-Looking
Statements
This document contains forward-looking statements within the
Private Securities Litigation Reform Act of 1995. Statements
regarding potential future share repurchases and future dividends
are forward-looking statements. Also, 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” or similar expressions or future conditional verbs such
as “may,” “will,” “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 and political
conditions that adversely affect the general economy, housing
prices, the job market, consumer confidence and spending habits
which may affect, among other things, the level of nonperforming
assets, charge-offs and provision expense;
- The rate of growth in the economy and
employment levels, as well as general business and economic
conditions, and changes in the competitive environment;
- Our ability to implement our business
strategy, including the cost savings and efficiency components, and
achieve our financial performance goals;
- Our ability to meet heightened
supervisory requirements and expectations;
- Liabilities and business restrictions
resulting from litigation and regulatory investigations;
- Our capital and liquidity requirements
(including under regulatory capital standards, such as the U.S.
Basel III capital rules) and our ability to generate capital
internally or raise capital on favorable terms;
- 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;
- The effect of changes in the level of
checking or savings account deposits on our funding costs and net
interest margin;
- Financial services reform and other
current, pending or future legislation or regulation that could
have a negative effect on our revenue and businesses, including the
Dodd-Frank Act and other legislation and regulation relating to
bank products and services;
- A failure in or breach of our
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.
In addition to the above factors, we also caution that the
amount and timing of any future common stock dividends or share
repurchases will depend on our financial condition, earnings, cash
needs, regulatory constraints, capital requirements (including
requirements of our subsidiaries), and 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
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 “Risk Factors” in our Annual Report
on Form 10-K for the year ended December 31, 2017.
CFG-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20180621006312/en/
Citizens Financial Group, Inc.Media:Peter Lucht,
781-655-2288orInvestors:Ellen A. Taylor, 203-900-6854
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