CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG) Files An 8-K Regulation FD Disclosure
Item7.01
| Regulation FD Disclosure. |
Citizens Financial Group, Inc. (the Company or CFG) is making
changes to its noninterest income presentation for 2017. To
assist investors in understanding these changes, the Company has
prepared historical supplemental quarterly financial information
for 2014, 2015 and 2016, which is attached as Exhibit 99.1.
CFG has determined that the reclassification of its noninterest
income will enhance transparency and provide additional
granularity, particularly with regard to fee income related to
customer activity.
Specifically, the fees tied to loan-related activity such as
annual line of credit fees, prepayment penalties and letters of
credit and trade services that were previously included in either
Service charges and fees or Foreign exchange and letter of credit
fees are now reported in Letter of credit and loan fees. Fees
related to customer interest rate and foreign exchange risk
management products that were previously included in Foreign
exchange or Other income are now reported in Foreign exchange and
interest rate products fees. Additionally, syndication fee income
related to our leasing business previously included in Other
income is now included in Capital markets fees. Finally,
Bank-owned life insurance is now included in Other income.
The supplemental information contained in this Form 8-K,
including in Exhibit 99.1, is being provided to assist investors
in understanding how the Companys noninterest income reporting
would have been presented in previously filed reports had such
results been reported to reflect the realignment discussed above.
This realignment does not affect any previously reported results.
The Companys first quarter 2017 earnings release and subsequent
financial reports that include noninterest income information
will reflect this realignment.
The supplemental information is being furnished to Item 7.01, and
shall not be deemed filed for purposes of Section18 of the
Securities Exchange Act of 1934, as amended, nor shall the
supplemental information be deemed incorporated by reference into
any filings under the Securities Act of 1933, as amended.
| Item9.01 | Financial Statements and Exhibits. |
| (d) | Exhibit99.1 |
Citizens Financial Group, Inc. supplemental information to reflect noninterest income realignment for full year and quarterly periods of 2016, 2015, and 2014, respectively. |
About CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG)
Citizens Financial Group, Inc. is a retail bank holding company in the United States. The Company offers a range of retail and commercial banking products and services to individuals, institutions and companies. The Company operates in two segments: Consumer Banking and Commercial Banking. The Company’s Consumer Banking serves retail customers and small businesses. The Company offers traditional banking products and services, including checking, savings, home loans, student loans, credit cards, business loans and financial management services. Its subsidiaries are Citizens Bank, N.A. (CBNA) and Citizens Bank of Pennsylvania (CBPA). Its Commercial Banking offers financial products and solutions, including loans, leases, trade financing, deposits, cash management, commercial cards, foreign exchange, interest rate risk management, corporate finance and capital markets advisory capabilities. CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG) Recent Trading Information
CITIZENS FINANCIAL GROUP, INC. (NYSE:CFG) closed its last trading session down -0.27 at 34.24 with 5,075,264 shares trading hands.