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Royal Bank of Scotland Group Plc will write down the value of its U.S. unit, Citizens Financial Group, by about 4 billion pounds ($6.2 billion) next week, a person familiar with the matter said.
February 23 - Rhode Island
Citizens Financial Group in Providence, R.I., posted higher quarterly profits in its first full quarter since going public.
January 26 -
All 31 firms that took this year's Dodd-Frank Act Stress Test had enough capital to withstand the Fed's hypothetical severe economic scenario, but several of the largest banks were teetering on the edge of the leverage and risk-based capital requirements.
March 5
Citizens Financial Group has hired Eric Aboaf as chief financial officer, as John Fawcett said he will retire from that position next month.
Aboaf will join the Providence, R.I., company after working for 12 years with Citigroup, where he is global treasurer. He also worked as CFO of Citi's North American consumer group and institutional client group. Aboaf also previously worked at Bain & Co.
Fawcett, who is in his mid-50s, has been with Citizens since 2007, also joining the company from Citigroup. Fawcett is retiring because "now feels like a good time to take a step back, recharge my batteries, take some time with my family and consider what I'd like to do next," he said in
Aboaf will begin with $133-billion asset Citizens starting April 6, and Fawcett will stay at Citizens until April 30. Fawcett's "responsibilities through his retirement date... will include working with Aboaf on a smooth and effective transition," Citizens said in
As Citizens' CFO, Aboaf will be responsible for its financial planning, investor relations, strategy and capital management, among other duties. He will report to Bruce Van Saun, Citizens' chairman and chief executive.
During his time at Citizens, Fawcett helped guide the company through its operational separation from Royal Bank of Scotland, the sale of its Chicago region and its initial public offering, Van Saun said in the release.
