Citizens Financial Group Announces Risk Organization Succession Plan
April 12 2023 - 4:00PM
Business Wire
Citizens Financial Group, Inc. (NYSE: CFG) today announced that
Richard Stein will assume the role of Chief Risk Officer upon the
retirement of Malcolm Griggs in the first quarter of 2024. Upon
assuming the CRO role, Mr. Stein will report to Bruce Van Saun,
Chairman and CEO, and serve on the bank’s Executive Committee.
Stein will join Citizens from Fifth Third Bancorp, where he most
recently served as Executive Vice President and Chief Credit
Officer with responsibility for enterprise-wide credit risk
management. In that role he oversaw Consumer Credit, Special
Assets, Middle Market Credit, Commercial Credit, Capital Markets
Credit, and Commercial Real Estate Credit while managing all
regulatory and governance stakeholder relationships. He also held
increasingly responsible risk management roles at Comerica and Bank
of America over the course of his more than 25-year career.
A 34-year banking industry veteran, Griggs has been with
Citizens since 2014, helping guide the bank through a period of
dramatic transformation and growth since becoming an independent
public company. He was appointed Chief Risk Officer in 2016, having
previously served as Chief Credit Officer. He joined Citizens from
Citigroup and, over the course of more than 30 years, he has also
served in senior risk management leadership roles at Morgan
Stanley, Bank of America, Wachovia Corp., and Fifth Third
Bancorp.
“Richard is a highly experienced risk management executive whose
deep experience, drive, and sharp strategic insights will enable
him to provide strong and effective leadership for our risk
organization as we continue our efforts to become a top performing
bank,” said Bruce Van Saun. “We have designed a thoughtful
transition process that will further strengthen our risk management
capabilities while ensuring strong continuity.”
Added Van Saun: “Malcolm caps a long and highly successful
career in banking and risk management having made immeasurable
contributions to Citizens since joining us just after our IPO. He
has been a tremendous partner and valued advisor whose work to
embed risk management in our culture has helped to directly enable
the success of our growth strategy. We wish him all the best in his
life’s next chapter.”
About Citizens Financial Group,
Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and
largest financial institutions, with $226.7 billion in assets as of
December 31, 2022. 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
full-service customer contact center and the convenience of
approximately 3,400 ATMs and approximately 1,100 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. In Commercial Banking,
Citizens offers a broad complement of financial products and
solutions, including lending and leasing, deposit and treasury
management services, foreign exchange, interest rate and commodity
risk management solutions, as well as loan syndication, corporate
finance, merger and acquisition, and debt and equity capital
markets capabilities. More information is available at
www.citizensbank.com or visit us on Twitter, LinkedIn or
Facebook.
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