Citizens Financial Group (CFG) Barclays 23rd Annual Global Financial Services Conference summary

Economic and business outlook

• Economic conditions remain stable but with some slowing and slight uptick in unemployment; mass affluent clients are performing well.

• A soft landing is expected if the Fed begins rate cuts, potentially providing momentum into 2025.

• Commercial clients are cautious, not fully on offense due to uncertainty around rate cuts.

Strategic initiatives and execution

• Focused on transforming consumer and commercial banking, scaling wealth and private banking, and opportunistically expanding through acquisitions.

• Successfully integrated HSBC East Coast and Investors Bank, filling gaps in the Northeast footprint.

• Attracting top talent, especially after First Republic's failure, to strengthen private banking.

• Execution of strategic initiatives is the main focus, aiming for medium-term positioning and financial performance.

Private bank and wealth build-out

• On track to meet targets for loans, AUM, and deposits; strong customer inflow and quality hires.

• Loan growth is accelerating, expected to further improve as rates decline.

• Working to enhance technology and operational processes for a premium client experience.