8-KRegulation FDExhibits & Filings

CITIZENS FINANCIAL GROUP INC/RI 8-K Report, Regulation FD Disclosure (Mar 28, 2017)

Filed March 28, 2017For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) filed an 8-K on March 28, 2017, to announce changes in its presentation of noninterest income for 2017. The company is implementing a realignment of certain fee income categories to enhance transparency and provide greater detail regarding revenue streams, particularly those tied to customer activity. This filing includes supplemental historical financial information for 2014, 2015, and 2016, restated to reflect how these new reporting categories would have applied to past periods. This proactive measure aims to help investors understand the impact of these changes and how future financial reports will be presented. It's important to note that this realignment does not alter previously reported financial results but rather provides a clearer view of noninterest income components going forward.

Key Highlights

  • 1Citizens Financial Group (CFG) is changing its noninterest income presentation starting in 2017.
  • 2The company is reclassifying specific fee income categories to improve transparency and detail.
  • 3Key reclassifications include: loan-related fees, foreign exchange and interest rate product fees, capital markets fees, and other income.
  • 4Supplemental historical financial information for 2014, 2015, and 2016 has been provided to show the impact of these changes.
  • 5This realignment does not affect any previously reported financial results.
  • 6The changes will be reflected in the company's first quarter 2017 earnings release and subsequent filings.
  • 7The supplemental information is furnished under Item 7.01 and not considered 'filed' for regulatory purposes.

Frequently Asked Questions

The main purpose of this 8-K filing is to inform investors about upcoming changes to how Citizens Financial Group (CFG) will present its noninterest income starting in 2017, and to provide historical data reflecting these changes for better understanding.

No, the realignment of noninterest income presentation does not affect any previously reported financial results. It is a change in how the income is categorized and presented going forward.

The changes are designed to enhance transparency and provide additional granularity, particularly regarding fee income related to customer activity. This allows investors to gain a clearer understanding of the sources of CFG's noninterest income.

The supplemental historical financial information for 2014, 2015, and 2016, restated to reflect the noninterest income realignment, is attached as Exhibit 99.1 to this Form 8-K.