01—Abstract
Summary
Summary of the 8-K filed August 12, 2025. Cited figures are marked; the original filing is the authoritative source.
Citizens Financial Group (NYSE: CFG) announced on August 12, 2025 that Aunoy Banerjee, currently CFO of Barclays Bank PLC, will become Executive Vice President and Chief Financial Officer.
Banerjee joins Citizens on October 24, 2025, and will sit on the Executive Committee reporting to Chairman and CEO Bruce Van Saun. His remit covers Financial Planning & Analysis, Business Line Finance, Controller, Investor Relations, Treasury, Tax, Capital Management, and Property & Procurement, making him responsible for much of the bank's core financial and capital function. The transition follows the previously announced departure of current Vice Chair and CFO John Woods, whose last day is August 15, 2025.
Chris Emerson, EVP and Head of Corporate Planning & Enterprise Finance, will serve as interim CFO until Banerjee arrives. This leaves a roughly two-month gap in which a non-permanent CFO runs the finance function, which investors may watch closely given the bank's stated growth and transformation agenda. From a compensation standpoint, Banerjee's employment agreement sets a $700,000a base salary and guaranteed 2025 incentive pay of $3.7 million (reduced by any role-based allowance from Barclays), plus a buy-out award with an approximate grant-date value of $5 million to replace forfeited Barclays awards.
Severance and change-of-control protections are standard for an executive of this level, with a double-trigger payment of two times salary plus average bonus. The filing is primarily a leadership transition disclosure; it contains no new financial results or guidance.
02—Key points
Key Highlights
- Aunoy Banerjee, currently CFO of Barclays Bank PLC, named EVP and CFO of Citizens Financial Group effective upon joining on October 24, 2025.
- Current Vice Chair and CFO John Woods departs August 15, 2025; Chris Emerson, EVP and Head of Corporate Planning & Enterprise Finance, serves as interim CFO.
- Banerjee's 2025 compensation includes a $700,000 base salary and guaranteed incentive pay of $3.7 million, net of any Barclays role-based allowance.
- Buy-out award of approximately $5 million (cash and RSUs, four-year vesting) offsets awards forfeited at Barclays.
- Banerjee's portfolio spans FP&A, Controller, Investor Relations, Treasury, Tax, Capital Management, and Property & Procurement.
- Severance: two weeks' salary per year of service (minimum 26 weeks); double-trigger change-of-control payout of 2x salary plus average bonus within 24 months.
- Restrictive covenants include 12-month non-solicitation of employees and customers, plus perpetual confidentiality; Banerjee must give 120 days' notice to resign.
03—Questions
Frequently Asked Questions
Who is the new CFO of Citizens Financial Group and when does he start?
Aunoy Banerjee, age 47 and currently CFO of Barclays Bank PLC, will join Citizens as EVP and CFO on October 24, 2025. He has about 25 years of financial services experience, including eight years at State Street and eleven years at Citi.
Who is running the finance function until Banerjee arrives?
John Woods leaves on August 15, 2025. Chris Emerson, EVP and Head of Corporate Planning & Enterprise Finance, will serve as interim CFO until Banerjee joins.
What is Banerjee's compensation package?
He receives a $700,000 annual base salary and guaranteed 2025 incentive compensation of $3.7 million, reduced by any role-based allowance from Barclays. He also receives a buy-out award with an approximate grant-date value of $5 million, paid in cash and restricted stock units vesting over four years, to replace awards forfeited at his former employer.
What severance protections does the new CFO have?
If terminated without cause, he receives two weeks' salary per year of service with a minimum of 26 weeks' base salary, subject to a release of claims. If terminated without cause or for good reason within 24 months after a change of control, he receives two times the sum of base salary and the average cash bonus of the prior three years, plus a pro-rata bonus for the termination year.
Does this filing include any change to Citizens' financial results or outlook?
No. The 8-K is limited to executive leadership changes and compensation. The press release references the company's $218.3 billion in assets as of June 30, 2025, but provides no new earnings, guidance, or capital figures.
04—Continue