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Citizens Financial Group CITIZENS FINANCIAL GROUP 2013 ANNUAL REPORT SECTION NAME a Customers Colleagues Community b CITIZENS FINANCIAL GROUP 2013 ANNUAL REPORT 2 Chairman’s Message 7 Citizens Financial Group Snapshot 8 Commercial Banking 18 Consumer Banking 28 Community 36 Financial Review 44 Executive Leadership and Directors CHAIRMAN’S MESSAGE THIS IS AN EXCITING The steps we took in 2013 – Throughout this report we TIME FOR CITIZENS and our focus in 2014 – describe our plans to achieve FINANCIAL GROUP. position us for a strong future. these goals and, in the process, build one of the nation’s top- Everything we focus on is performing regional banks – designed to help us: for our customers, colleagues, • Take exceptional care of communities and shareholders. customers every day • Deliver improved performance I want to thank all of our and returns colleagues for their commitment • Build an independent bank to our stakeholders. I also would that does things the right way like to thank Ellen Alemany, who • Develop great colleagues and retired last year as chairman and strengthen the communities chief executive officer, for her we serve many contributions. She led this 2 CITIZENS FINANCIAL GROUP 2013 ANNUAL REPORT company through the financial recognized our efforts in 2013, “We aim to deliver crisis and kept our customers naming us one of “The Best at the heart of every decision, Banks in America.” a great experience which remains an integral part to every customer, What makes us stand out? We of our culture. focus on building strong customer across every channel, Take exceptional care of relationships by delivering a every day.” our customers consistent, high-quality level We aim to deliver a great of service supported by a wide experience to every customer, range of products and services. across every channel, every We believe that we provide a day. When we do that well, distinctive customer experience we win more business, we grow, characterized by the personal we improve our performance touch of a local bank with the and we have the ability to do product selection of a larger even more for our customers financial institution. Our new and communities. One Deposit account, which you can read more about on page 20, Exceptional service and great is a great example. products trigger that virtuous circle. Our Consumer Banking Our Commercial Banking clients business gained momentum in give us high marks for the thought both areas last year. We grew leadership we provide. We offer a consumer customer satisfaction wide range of credit capabilities scores by 5 percent from 2012 to and sophisticated capital markets, 2013, compared to an industry cash management and other average of 3 percent, according services. We’ve built deep client to J.D. Power and Associates. relationships over the years, Consumers also gave our Apple® and last year we delivered loan and Android™ mobile applications growth of 7 percent. Our Middle the highest ratings of any bank Market team ranks among the top apps, according to Javelin Strategy five in customer and lead bank & Research’s November 2013 penetration based on Greenwich scorecard. Money magazine Associates research for 2013. CHAIRMAN’S LETTER 3 “Money magazine Deliver improved performance regions where we have the best and returns chance to make attractive returns, recognized our We have many great customer and to grow. That’s why we made efforts in 2013, capabilities. What we can do better is the decision to sell our 103 Chicago naming us one of leverage our strengths to improve our retail branches along with certain ‘The Best Banks financial performance and returns. assets and deposits. (Note that we We reported net income (excluding will maintain a presence in Chicago in America.’ ” a goodwill impairment charge) of through several commercial $654 million in 2013 compared with and consumer business lines not $643 million in 2012. Our return on included in the sale). tangible common equity (excluding a We will use the gain from the goodwill impairment charge), which Chicago transaction, which is is a key measure of our collective expected to close in mid-2014, results, was 5 percent. We clearly to invest in long-term growth can improve upon this by getting and improve the effectiveness the bank back in growth mode, of our operating platform. For sharpening our focus and executing example, we plan to hire additional several initiatives designed to run professionals in areas such as the bank better. mortgage, wealth management, I believe we can be successful in capital markets, small business delivering better performance given and auto finance over the next the solid foundation we have. We three years. We are focused operate in many highly attractive on getting the most out of these markets. We have a good business businesses, and we’re very pleased mix and a strong, clean balance with the high-quality colleagues sheet. And we have a talented we’ve been attracting to these roles. team focused on taking care of our We are looking to operate more customers – the key to delivering effectively and efficiently. In the sustainable franchise value. last quarter of 2013 our colleagues We plan to sharpen our focus contributed more than 5,000 ideas and invest more of our time and to simplify and improve how we do resources in the businesses and business with our customers and 4 CITIZENS FINANCIAL GROUP 2013 ANNUAL REPORT “We plan to R S I O NV T E Doing more for A S hire additional L T U O G R E our stakeholders R professionals CUSTOMERS Our goal is to create value for all stakeholders – in areas such as C O S and that starts with delivering a great customer E M U mortgage, wealth M experience. When we do that well, we grow G U A N E and we can invest more in our business, our I L T I L colleagues and our communities. E S C O management, capital markets, small business each other. We plan to implement bank with public shareholders. and auto finance many of those ideas throughout 2014. RBS expects to fully divest its over the next ownership interest in Citizens We know we need strong systems three years.” Financial Group by the end of 2016 and capabilities to compete. Since through a series of public stock 2009 we’ve invested more than offerings. The initial public offering $900 million to further strengthen is planned for the second half of our infrastructure and technology 2014. We expect to maintain a offerings. For example, we launched a new network to automate many strong commercial relationship of our teller processes, and we with RBS through the IPO process implemented a new platform that and beyond. At the same time we improves our ability to originate and welcome the opportunity to serve a service commercial loans. These broad shareholder base. enhancements make it easier for Regulatory relationships are critical customers to bank with us, while in this and any environment. We increasing colleague productivity continue to work closely with our and strengthening our risk controls. regulators to ensure we have the Our next phase proper controls in place because All of the activities I’ve outlined are we know long-term success only designed to support another major comes through doing business effort: to become a standalone the right way. CHAIRMAN’S LETTER 5 “I feel good about Great team dreams to life. We closed more I feel good about what we’ve than 26,000 mortgages for what we’ve accomplished and how we’re customers in 2013, including accomplished positioned. There are more than nearly 3,500 for first-time home and how we’re 18,000 reasons why. That’s how buyers. We also committed to many colleagues have worked funding $1 billion in affordable positioned.” hard to meet our customers’ needs housing and community and serve our stakeholders well. development projects over the next five years. Despite ongoing challenges across our industry, we Strong, vibrant communities maintained strong colleague make for better business – and engagement scores in 2013. We they raise our quality of life. I want to be known as a great place want to thank our colleagues for to build a career, and a place the great passion and effort that where one can make a difference. result in the progress described Our people are passionate about in this report. I also would like our values and understand the to thank our customers for their positive impact that we can have ongoing faith and trust. on our communities and society. We look forward to building on In 2013 our team volunteered the special bond we have created more than 76,000 hours to with everyone we serve – in 2014 community causes, up 27 percent and beyond. over 2012. In addition, as part of our multi-prong effort to strengthen our communities, our colleagues serve on more than 440 community boards across our footprint, and we contribute SINCERELY, actively to community causes. We also work hard to help our customers achieve personal BRUCE VAN SAUN Chairman and Chief Executive Officer, goals – and bring long-sought Citizens Financial Group, Inc. 6 CITIZENS FINANCIAL GROUP 2013 ANNUAL REPORT Citizens Financial Group Rankings among Snapshot U.S. retail banks* Who we are Citizens Financial Group, Inc., is a $122.2 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has approximately 1,370 branches, more than 3,500 ATMs and more than 18,600 th colleagues. It operates its branch network in 12 states and has IN ASSETS non-branch retail and commercial offices in more than 30 states.
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