Citizens Financial Group CEO Touts Private Bank Growth, $450M AI Efficiency Push

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Sun, May 10, 2026 astatine 9:12 AM CDT 7 min read

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Citizens Financial CEO Bruce Van Saun said the bank’s private slope is scaling quickly, present with much than $16 cardinal successful deposits and contributing astir 10% of pretax income successful Q1. He said the portion could turn to the mid-teens arsenic a stock of pretax income implicit time.
The slope is pushing a large AI and automation initiative called “Reimagine the Bank,” targeting a $450 million pretax payment by 2028. Citizens expects astir $100 cardinal successful run-rate benefits by year-end from faster-payback efforts specified arsenic vendor consolidation, bureau consolidation, and AI-driven telephone halfway tools.
Van Saun said Citizens is seeing unchangeable recognition trends and steadfast indebtedness and deposit growth, portion keeping M&A a little priority. He said the slope is focused connected integrated maturation successful consumer, commercialized and backstage banking, and is aiming for a 16% to 18% instrumentality connected tangible communal equity by adjacent year.

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Citizens Financial Group (NYSE:CFG) Chairman and CEO Bruce Van Saun said the slope is benefiting from a decade-long translation since its 2014 nationalist listing, highlighting maturation opportunities crossed user banking, commercialized banking and backstage banking during a Barclays fiscal services lawsuit moderated by expert Jason Goldberg.

Van Saun described Citizens’ strategy arsenic a “triangle of businesses,” with the user slope providing stable, low-cost deposits; the commercialized slope offering expanded superior markets and advisory capabilities; and the backstage slope adding a faster-growing, higher-return platform.

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Van Saun said Citizens’ backstage slope has scaled rapidly aft the slope hired astir 150 erstwhile First Republic employees successful June pursuing First Republic’s failure. He said the concern present has much than $16 cardinal successful deposits, astir $7.5 cardinal successful loans and much than $10 cardinal successful wealthiness lawsuit assets.

According to Van Saun, the backstage slope is producing much than a 25% instrumentality connected equity and accounted for astir 10% of pretax income successful the archetypal quarter. He said Citizens expects the concern to scope the “mid-teens” arsenic a stock of pretax income implicit the mean term.

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Citizens began with backstage banking teams successful Boston, New York, Florida and Northern California and has since expanded successful Southern California, including Los Angeles, San Diego and Orange County. Van Saun said the slope is besides looking to physique further successful Florida, including Palm Beach and West Palm Beach, and is evaluating opportunities successful Greenwich, Boston suburbs and yet Philadelphia.

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