8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): January 17, 2024

 (Exact name of the registrant as specified in its charter)

Delaware		001-36636	05-0412693
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(I.R.S. Employer Identification Number)
One Citizens Plaza
Providence,	RI		02903
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: (203) 900-6715

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02   Results of Operations and Financial Condition.

On January 17, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2023 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

For the benefit of investors, the Company has posted on its website an investor presentation in connection with its earnings conference call. A copy of the investor presentation is being furnished as Exhibit 99.2.

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.

Item 9.01   Financial Statements and Exhibits.

	Exhibit Number	Description
(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated January 17, 2024
	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued January 17, 2024
	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for fourth quarter and full year 2023
	Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CITIZENS FINANCIAL GROUP, INC.
By:	/s/ John F. Woods
	John F. Woods
	Vice Chair and Chief Financial Officer

Date:  January 17, 2024

EX-99.1

Citizens Financial Group, Inc. Reports Fourth Quarter 2023 Net Income of

$189 millionand EPS of $0.34

Underlying Net Income of $426 million and EPS of $0.85*

CET1 ratio of 10.6%

2023 Net Income of $1.6 billion and EPS of $3.13; Underlying EPS of $3.88

	Key Financial Data	4Q23			3Q23			4Q22			Fourth Quarter 2023 Highlights
Income Statement	($s in millions)										■Underlying EPS of $0.85 and ROTCE of 11.8% ■Underlying PPNR of $721 million –NII down 2% QoQ given lower NIM, partly offset by a modest increase in interest-earning assets –Fees up 2% QoQ with improved Capital Markets and Wealth, partly offset by lower Mortgage Banking –Expenses stable QoQ including the Private Bank start-up investment ■Underlying efficiency ratio of 63.8%, or 61.9% excluding Private Bank start-up investment ■Provision for credit losses of $171 million; ACL/loans ratio up 4 bps QoQ to 1.59% ■Period-end loans down 3% and average loans down 2% QoQ given balance sheet optimization, including Non-Core portfolio run off ■Period-end and average deposits broadly stable –Total deposit costs up 16 bps QoQ ■Period-end LDR improved to 82% ■Strong CET1 ratio of 10.6%; TCE ratio of 6.7% ■TBV/share of $30.91, up 11% QoQ
	Total revenue	$	1,988		$	2,014		$	2,200
	Pre-provision profit	376			721			960
	Underlying pre-provision profit	721			743			1,003
	Provision for credit losses	171			172			132
	Net income	189			430			653
	Underlying net income	426			448			685
Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	146.0		$	149.7		$	156.7
	Average loans and leases	148.0			150.8			157.1
	Period-end deposits	177.3			178.2			180.7
	Average deposits	177.1			176.5			179.0
	Period-end loan-to-deposit ratio	82.3		%	84.0		%	86.7		%
	NCO ratio	0.46		%	0.40		%	0.22		%
Financial Metrics	Diluted EPS	$	0.34		$	0.85		$	1.25
	Underlying EPS	0.85			0.89			1.32
	ROTCE	4.7		%	12.0		%	18.5		%
	Underlying ROTCE	11.8			12.5			19.4
	Net interest margin, FTE	2.91			3.03			3.30
	Efficiency ratio	81.1			64.2			56.4
	Underlying efficiency ratio	63.8			63.1			54.4
	CET1	10.6		%	10.4		%	10.0		%
	TBV/Share	$	30.91		$	27.73		$	27.88

Notable Items		4Q23
	($s in millions except per share data)	Pre-tax $		EPS
	Integration related	$	(5)	$	(0.01)
	TOP and Other items	(115)		(0.15)
	FDIC special assessment	(225)		(0.35)
	Total:	$	(345)	$	(0.51)

Comments from Chairman and CEO Bruce Van Saun

“We continue to execute well and posted solid performance in Q4“ said Chairman and CEO Bruce Van Saun. “Our balance sheet is very strong, as we bolstered CET1 to 10.6%, lowered our LDR to 82%, enhanced our liquidity profile, which now exceeds

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.

Category 1 bank LCR requirements, and reduced FHLB advances to $3.8 billion. We are seeing less pressure on deposit costs and NIM, fees are beginning to rebound, expenses remain well controlled, and credit costs are as expected. Key strategic initiatives like the Private Bank, NYC Metro, TOP 9 and Non-Core are all on track, positioning us well for medium-term growth and enhanced returns. I would like to thank our colleague base for their hard work and dedication in serving our customers well and building a great bank.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on February 14, 2024 to shareholders of record at the close of business on January 31, 2024. There were no share repurchases during the quarter, given the decision to pause to cover the impact of the industry-wide FDIC special assessment.

2

Citizens Financial Group, Inc.

Earnings highlights(1):

	Quarterly Trends																			Full Year
										4Q23 change from																2023 change from 2022
($s in millions, except per share data)	4Q23			3Q23			4Q22			3Q23					4Q22					2023			2022
Earnings										$/bps			%		$/bps			%		$			$			$/bps
Net interest income	$	1,488		$	1,522		$	1,695		$	(34)		(2)	%	$	(207)		(12)	%	$	6,241		$	6,012		$	229
Noninterest income	500			492			505			8			2		(5)			(1)		1,983			2,009			(26)
Total revenue	1,988			2,014			2,200			(26)			(1)		(212)			(10)		8,224			8,021			203
Noninterest expense	1,612			1,293			1,240			319			25		372			30		5,507			4,892			615
Pre-provision profit	376			721			960			(345)			(48)		(584)			(61)		2,717			3,129			(412)
Provision for credit losses	171			172			132			(1)			(1)		39			30		687			474			213
Net income	189			430			653			(241)			(56)		(464)			(71)		1,608			2,073			(465)
Preferred dividends	30			30			32			—			—		(2)			(6)		117			113			4
Net income available to common stockholders	$	159		$	400		$	621		$	(241)		(60)	%	$	(462)		(74)	%	$	1,491		$	1,960		$	(469)
After-tax notable Items	237			18			32			219			NM		205			NM		357			352			5
Underlying net income	$	426		$	448		$	685		$	(22)		(5)	%	$	(259)		(38)	%	$	1,965		$	2,425		$	(460)
Underlying net income available to common stockholders	396			418			653			(22)			(5)		(257)			(39)		$	1,848		$	2,312		$	(464)
Average common shares outstanding
Basic (in millions)	466.2			469.5			493.3			(3.2)			(1)		(27.1)			(5)		475.1			476.0			(0.9)
Diluted (in millions)	468.2			471.2			495.5			(3.0)			(1)		(27.3)			(6)		476.7			477.8			(1.1)
Diluted earnings per share	$	0.34		$	0.85		$	1.25		$	(0.51)		(60)	%	$	(0.91)		(73)	%	$	3.13		$	4.10		$	(0.97)
Underlying diluted earnings per share	0.85			0.89			1.32			(0.04)			(4)		(0.47)			(36)		$	3.88		$	4.84		$	(0.96)
Performance metrics
Net interest margin	2.90		%	3.03		%	3.29		%	(13)		bps			(39)		bps			3.09		%	3.10		%	(1)		bps
Net interest margin, FTE	2.91			3.03			3.30			(12)					(39)					3.10			3.10			—
Effective income tax rate	7.6			21.5			21.2			(1,392)					(1,357)					20.8			21.9			(117)
Efficiency ratio	81.1			64.2			56.4			1,692					2,477					67.0			61.0			598
Underlying efficiency ratio	63.8			63.1			54.4			69					935					60.8			57.5			330
Return on average tangible common equity	4.7			12.0			18.5			(728)					(1,374)					10.9			13.9			(299)
Underlying return on average tangible common equity	11.8			12.5			19.4			(67)					(756)					13.5			16.4			(288)
Return on average total tangible assets	0.35			0.81			1.19			(46)					(84)					0.75			1.00			(25)
Underlying return on average total tangible assets	0.78		%	0.84		%	1.25		%	(6)		bps			(47)		bps			0.92		%	1.17		%	(25)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.6		%	10.4		%	10.0		%
Total capital ratio	13.7			13.4			12.8
Tier 1 leverage ratio	9.3			9.4			9.3
Tangible common equity ratio	6.7			5.9			6.3
Allowance for credit losses to loans and leases	1.59		%	1.55		%	1.43		%	4		bps			16		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.93		%	0.87		%	0.60		%	6		bps			33		bps
Allowance for credit losses to nonaccrual loans and leases	170			179			237			(9)					(67)
Net charge-offs as a % of average loans and leases	0.46		%	0.40		%	0.22		%	6		bps			24		bps			0.40		%	0.18		%	22		bps

1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

2) Current reporting-period regulatory capital ratios are preliminary.

3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

3

Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

	Quarterly Trends																			Full Year
										4Q23 change from																2023 Change
($s in millions, except per share data)	4Q23			3Q23			4Q22			3Q23					4Q22					2023			2022			from 2022
										$/bps			%		$/bps			%								%
Net interest income	$	1,488		$	1,522		$	1,695		$	(34)		(2)	%	$	(207)		(12)	%	$	6,241		$	6,012		4	%
Noninterest income	500			492			505			8			2		(5)			(1)		1,983			2,040			(3)
Total revenue	$	1,988		$	2,014		$	2,200		$	(26)		(1)	%	$	(212)		(10)	%	$	8,224		$	8,052		2	%
Noninterest expense	$	1,267		$	1,271		$	1,197		$	(4)		—	%	$	70		6	%	$	5,001		$	4,630		8	%
Provision for credit losses	171			172			132			(1)			(1)		39			30		687			305			125
Net income available to common stockholders	$	396		$	418		$	653		$	(22)		(5)	%	$	(257)		(39)	%	$	1,848		$	2,312		(20)	%
Performance metrics
EPS	$	0.85		$	0.89		$	1.32		$	(0.04)		(4)	%	$	(0.47)		(36)	%	$	3.88		$	4.84		(20)	%
Efficiency ratio	63.8		%	63.1		%	54.4		%	69		bps			935		bps			60.8			57.5			330
Return on average tangible common equity	11.8		%	12.5		%	19.4		%	(67)		bps			(756)		bps			13.5		%	16.4		%	(288)	bps

Consolidated balance sheet summary(1):

										4Q23 change from
($s in millions)	4Q23			3Q23			4Q22			3Q23					4Q22
										$/bps			%		$/bps			%
Total assets	$	221,964		$	225,270		$	226,733		$	(3,306)		(1)	%	$	(4,769)		(2)	%
Total loans and leases	145,959			149,746			156,662			(3,787)			(3)		(10,703)			(7)
Total loans held for sale	779			848			982			(69)			(8)		(203)			(21)
Deposits	177,342			178,197			180,724			(855)			—		(3,382)			(2)
Stockholders' equity	24,342			22,878			23,690			1,464			6		652			3
Stockholders' common equity	22,329			20,864			21,676			1,465			7		653			3
Tangible common equity	$	14,417		$	12,930		$	13,728		$	1,487		12	%	$	689		5	%
Loan-to-deposit ratio (period-end)(2)	82.3		%	84.0		%	86.7		%	(173)		bps			(439)		bps
Loan-to-deposit ratio (average)(2)	83.5		%	85.5		%	87.7		%	(192)		bps			(420)		bps
1) Represents period-end unless otherwise noted.
2) Excludes loans held for sale.

4

Citizens Financial Group, Inc.

Notable items:

Quarterly and full-year results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reduction actions. In addition, fourth quarter 2023 includes a notable item for an industry-wide FDIC special assessment. Full-year 2022 results include notable items representing the day-one CECL provision expense (“double count”) related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related	4Q23				3Q23				4Q22				FY 2023				FY 2022
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Noninterest income	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(31)	$	(23)
EPS Impact - Noninterest income			$	—			$	—			$	—			$	—			$	(0.05)
Salaries & benefits	$	(2)	$	(1)	$	(4)	$	(3)	$	(13)	$	(9)	$	(15)	$	(11)	$	(98)	$	(72)
Equipment and software	—		—		—		—		(1)		(1)		(4)		(3)		(1)		(1)
Outside services	(3)		(2)		(4)		(3)		(15)		(12)		(43)		(31)		(89)		(67)
Occupancy	—		—		—		—		—		—		(41)		(30)		(2)		(1)
Other expense	—		—		—		—		(6)		(4)		(1)		(1)		(23)		(16)
Noninterest expense	$	(5)	$	(3)	$	(8)	$	(6)	$	(35)	$	(26)	$	(104)	$	(76)	$	(213)	$	(157)
EPS Impact - Noninterest expense			$	(0.01)			$	(0.02)			$	(0.06)			$	(0.16)			$	(0.34)
ISBC/HSBC Day 1 CECL provision expense (“double count”)	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(169)	$	(126)
EPS Impact - Provision for credit losses			$	—			$	—			$	—			$	—			$	(0.26)
Tax integration cost	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	(6)
EPS Impact - Tax integration cost			$	—			$	—			$	—			$	—			$	(0.01)
Total integration related	$	(5)	$	(3)	$	(8)	$	(6)	$	(35)	$	(26)	$	(104)	$	(76)	$	(413)	$	(312)
EPS Impact - Total Integration-related			$	(0.01)			$	(0.02)			$	(0.06)			$	(0.16)			$	(0.66)
Other notable items - TOP & Other	4Q23				3Q23				4Q22				FY 2023				FY 2022
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Tax notable items	$	—	$	17	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	(3)
Salaries & benefits	(30)		(22)		(1)		—		(2)		(2)		(52)		(38)		(12)		(9)
Equipment and software	(37)		(27)		(6)		(5)		(1)		—		(47)		(35)		(9)		(6)
Outside services	(10)		(7)		(3)		(3)		(2)		(1)		(25)		(19)		(24)		(18)
Occupancy	(20)		(15)		(2)		(2)		(2)		(2)		(29)		(22)		(3)		(3)
FDIC special assessment(1)	(225)		(167)		—		—		—		—		(225)		(167)		—		—
Other expense	(18)		(13)		(2)		(2)		(1)		(1)		(24)		(17)		(1)		(1)
Noninterest expense	$	(340)	$	(251)	$	(14)	$	(12)	$	(8)	$	(6)	$	(402)	$	(298)	$	(49)	$	(37)
Total Other Notable Items	$	(340)	$	(234)	$	(14)	$	(12)	$	(8)	$	(6)	$	(402)	$	(281)	$	(49)	$	(40)
EPS Impact - Other Notable Items			$	(0.50)			$	(0.02)			$	(0.01)			$	(0.59)			$	(0.08)
Total Notable Items	$	(345)	$	(237)	$	(22)	$	(18)	$	(43)	$	(32)	$	(506)	$	(357)	$	(462)	$	(352)
Total EPS Impact			$	(0.51)			$	(0.04)			$	(0.07)			$	(0.75)			$	(0.74)
(1) The FDIC special assessment earnings per share impact is $(0.35) for fourth quarter 2023 and full year 2023.

5

Citizens Financial Group, Inc.

Discussion of results:

Net interest income										4Q23 change from
($s in millions)	4Q23			3Q23			4Q22			3Q23					4Q22
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	2,166		$	2,194		$	1,919		$	(28)		(1)	%	$	247		13	%
Investment securities	339			290			258			49			17		81			31
Interest-bearing deposits in banks	171			111			75			60			54		96			128
Total interest income	$	2,676		$	2,595		$	2,252		$	81		3	%	$	424		19	%
Interest expense:
Deposits	$	974		$	898		$	396		$	76		8	%	$	578		146	%
Short-term borrowed funds	7			8			2			(1)			(13)		5			250
Long-term borrowed funds	207			167			159			40			24		48			30
Total interest expense	$	1,188		$	1,073		$	557		$	115		11	%	$	631		113	%
Net interest income	$	1,488		$	1,522		$	1,695		$	(34)		(2)	%	$	(207)		(12)	%
Net interest margin, FTE	2.91		%	3.03		%	3.30		%	(12)		bps			(39)		bps

Fourth quarter 2023 vs. third quarter 2023

Net interest income of $1.5 billion decreased 2%, reflecting lower net interest margin, partially offset by a 2% increase in average interest-earning assets. Higher cash and securities were partially offset by lower loans.

•Net interest margin of 2.91% decreased 12 basis points reflecting the impact of an increase in liquidity (cash and securities - 9 basis points) and higher funding costs (6 basis points), partially offset by the benefit of Non-Core run off (3 basis points). The targeted build in liquidity was achieved in the quarter.

Fourth quarter 2023 vs. fourth quarter 2022

Net interest income of $1.5 billion decreased 12%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.

•Net interest margin of 2.91% decreased 39 basis points, as higher funding costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.

6

Citizens Financial Group, Inc.

Noninterest Income							4Q23 change from
($s in millions)	4Q23		3Q23		4Q22		3Q23				4Q22
							$		%		$		%
Service charges and fees	$	104	$	105	$	105	$	(1)	(1)	%	$	(1)	(1)	%
Capital markets fees	87		67		98		20		30		(11)		(11)
Card fees	70		74		71		(4)		(5)		(1)		(1)
Trust and investment services fees	68		63		61		5		8		7		11
Mortgage banking fees	57		69		54		(12)		(17)		3		6
Foreign exchange and derivative products	43		48		35		(5)		(10)		8		23
Letter of credit and loan fees	42		43		41		(1)		(2)		1		2
Securities gains, net	9		5		4		4		80		5		125
Other income(1)	20		18		36		2		11		(16)		(44)
Noninterest income	$	500	$	492	$	505	$	8	2	%	$	(5)	(1)	%
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Fourth quarter 2023 vs. third quarter 2023

Noninterest income of $500 million increased $8 million, or 2%.

•Capital markets fees increased $20 million, given increased bond and equity underwriting and M&A advisory fees.

•Card fees decreased $4 million, primarily reflecting lower interchange and higher rewards expense.

•Trust and investment services fees increased $5 million, reflecting increased sales activity.

•Mortgage banking fees decreased $12 million, driven by lower production fees and MSR valuation, net of hedging, partially offset by higher servicing fees.

•Foreign exchange and derivative products revenue decreased $5 million, primarily reflecting lower client activity in interest rate hedging.

Fourth quarter 2023 vs. fourth quarter 2022

Noninterest income of $500 million decreased $5 million, or 1%.

•Capital markets fees decreased $11 million, primarily given lower M&A advisory fees.

•Trust and investment services fees increased $7 million, reflecting increased sales activity and asset management fees.

•Mortgage banking fees increased $3 million, driven by higher MSR valuation, net of hedging, partially offset by lower servicing and production fees.

•FX and derivative products revenue increased $8 million, primarily reflecting increased client activity in commodities hedging.

7

Citizens Financial Group, Inc.

Noninterest Expense							4Q23 change from
($s in millions)	4Q23		3Q23		4Q22		3Q23				4Q22
							$		%		$		%
Salaries and employee benefits	$	667	$	659	$	633	$	8	1	%	$	34	5	%
Equipment and software	215		191		170		24		13		45		26
Outside services	174		160		170		14		9		4		2
Occupancy	125		107		110		18		17		15		14
Other operating expense	431		176		157		255		145		274		175
Noninterest expense	$	1,612	$	1,293	$	1,240	$	319	25	%	$	372	30	%
Notable items	$	345	$	22	$	43	$	323	NM		$	302	NM
Underlying, as applicable
Salaries and employee benefits	$	635	$	654	$	618	$	(19)	(3)	%	$	17	3	%
Equipment and software	178		185		168		(7)		(4)		10		6
Outside services	161		153		153		8		5		8		5
Occupancy	105		105		108		—		—		(3)		(3)
Other operating expense	188		174		150		14		8		38		25
Underlying noninterest expense	$	1,267	$	1,271	$	1,197	$	(4)	—	%	$	70	6	%

Fourth quarter 2023 vs. third quarter 2023

Underlying noninterest expense of $1.27 billion was down slightly including the Private Bank start-up investment.

•Salaries and benefits decreased primarily reflecting headcount reduction initiatives.

•Equipment and software decreased given lower vendor costs.

•Outside services increased related to the execution of strategic initiatives.

•Other operating expense increased primarily due to higher fraud, deposit insurance and travel expenses, partially offset by lower advertising costs.

Reported noninterest expense of $1.61 billion increased $319 million, reflecting notable items of $323 million, namely the industry-wide FDIC special assessment of $225 million, and costs associated with the reduction of approximately 650 headcount, or 3.5%, the exit of the Wholesale Mortgage and Auto businesses, and facilities rationalization.

The effective tax rate was 7.6% in fourth quarter 2023. On an underlying basis, the effective tax rate of 22.3% increased modestly compared to 21.7% in third quarter 2023.

Fourth quarter 2023 vs. fourth quarter 2022

Underlying noninterest expense of $1.27 billion increased 6%; up 2% excluding $41 million in expenses related to the Private Bank start-up investment.

•Salaries and benefits increased reflecting the Private Bank start-up investment, partly offset by lower headcount.

•Equipment and software increased, reflecting higher software maintenance and amortization costs.

•Other operating expenses increased primarily driven by increased deposit insurance, pension costs and fraud expense.

The effective tax rate was 7.6% in fourth quarter 2023. On an underlying basis, the effective tax rate of 22.3% increased compared to 21.4% in fourth quarter 2022.

8

Citizens Financial Group, Inc.

Interest-earning assets							4Q23 change from
($s in millions)	4Q23		3Q23		4Q22		3Q23				4Q22
Period-end interest-earning assets							$		%		$		%
Investments	$	40,003	$	35,547	$	35,052	$	4,456	13	%	$	4,951	14	%
Interest-bearing deposits in banks	10,239		14,329		9,361		(4,090)		(29)		878		9
Commercial loans and leases	74,445		77,457		82,180		(3,012)		(4)		(7,735)		(9)
Retail loans	71,514		72,289		74,482		(775)		(1)		(2,968)		(4)
Total loans and leases	145,959		149,746		156,662		(3,787)		(3)		(10,703)		(7)
Loans held for sale, at fair value	676		749		774		(73)		(10)		(98)		(13)
Other loans held for sale	103		99		208		4		4		(105)		(50)
Total loans and leases and loans held for sale	146,738		150,594		157,644		(3,856)		(3)		(10,906)		(7)
Total period-end interest-earning assets	$	196,980	$	200,470	$	202,057	$	(3,490)	(2)	%	$	(5,077)	(3)	%
Average interest-earning assets
Investments	$	41,499	$	39,273	$	38,772	$	2,226	6	%	$	2,727	7	%
Interest-bearing deposits in banks	12,387		8,005		6,915		4,382		55		5,472		79
Commercial loans and leases	76,078		78,261		82,468		(2,183)		(3)		(6,390)		(8)
Retail loans	71,891		72,530		74,631		(639)		(1)		(2,740)		(4)
Total loans and leases	147,969		150,791		157,099		(2,822)		(2)		(9,130)		(6)
Loans held for sale, at fair value	1,047		1,204		1,179		(157)		(13)		(132)		(11)
Other loans held for sale	219		321		557		(102)		(32)		(338)		(61)
Total loans and leases and loans held for sale	149,235		152,316		158,835		(3,081)		(2)		(9,600)		(6)
Total average interest-earning assets	$	203,121	$	199,594	$	204,522	$	3,527	2	%	$	(1,401)	(1)	%

Fourth quarter 2023 vs. third quarter 2023

Period-end interest-earning assets of $197.0 billion decreased $3.5 billion, or 2%, reflecting a $4.1 billion decrease in cash held in interest-bearing deposits and a $3.9 billion decrease in total loans and leases and loans held for sale, partly offset by a $4.5 billion increase in investments in securities. The decrease in loans and leases reflects a $3.0 billion decrease in commercial given balance sheet optimization actions and market conditions driving lower client demand. Results also reflect a $775 million decrease in retail, given planned Non-Core portfolio run off.

Average interest-earning assets of $203.1 billion increased $3.5 billion, or 2%, reflecting a $4.4 billion increase in cash held in interest-bearing deposits and a $2.2 billion increase in investments, partly offset by a $2.8 billion decrease in total loans and leases. The decrease in loans and leases reflects a $2.2 billion decrease in commercial given balance sheet optimization actions and market conditions driving lower client demand, as well as a $639 million decrease in retail driven by the Non-Core portfolio run off.

The average effective duration of the securities portfolio was 3.9 years, compared with 5.2 years at September 30, 2023 and 5.8 years at December 31, 2022.

Fourth quarter 2023 vs. fourth quarter 2022

Period-end interest-earning assets of $197.0 billion decreased $5.1 billion, or 3%, reflecting a $10.9 billion decrease in total loans and leases and loans held for sale, partly offset by a $878 million increase in cash held in interest-bearing deposits and a $5.0 billion increase in investments in securities. The decrease in loans and leases reflects a $7.7 billion decrease in commercial given balance sheet optimization actions and lower client demand, and a $3.0 billion decrease in retail driven by the Non-Core portfolio run off and lower education largely offset by growth in mortgage and home equity.

Average interest-earning assets of $203.1 billion decreased $1.4 billion, or 1%, reflecting a $9.6 billion decrease in total loans and leases and loans held for sale, partially offset by a $5.5 billion increase in cash held in interest-bearing deposits and a $2.7 billion increase in investments in securities.

9

Citizens Financial Group, Inc.

Deposits							4Q23 change from
($s in millions)	4Q23		3Q23		4Q22		3Q23				4Q22
Period-end deposits							$		%		$		%
Demand	$	37,107	$	38,561	$	49,283	$	(1,454)	(4)	%	$	(12,176)	(25)	%
Money market	53,812		53,517		49,905		295		1		3,907		8
Checking with interest	31,876		33,355		39,721		(1,479)		(4)		(7,845)		(20)
Savings	27,983		29,139		29,805		(1,156)		(4)		(1,822)		(6)
Term	26,564		23,625		12,010		2,939		12		14,554		121
Total period-end deposits	$	177,342	$	178,197	$	180,724	$	(855)	—	%	$	(3,382)	(2)	%
Average deposits
Demand	$	38,390	$	39,728	$	50,706	$	(1,338)	(3)	%	$	(12,316)	(24)	%
Money market	53,003		52,057		50,228		946		2		2,775		6
Checking with interest	31,788		33,545		36,952		(1,757)		(5)		(5,164)		(14)
Savings	28,455		29,516		29,780		(1,061)		(4)		(1,325)		(4)
Term	25,492		21,604		11,378		3,888		18		14,114		124
Total average deposits	$	177,128	$	176,450	$	179,044	$	678	—	%	$	(1,916)	(1)	%

Fourth quarter 2023 vs. third quarter 2023

Total period-end deposits of $177.3 billion and average deposits of $177.1 billion were broadly stable. The spot decreases in demand of 4% and checking with interest of 4% reflect continued migration to higher rate alternatives, with increases in term, up 12%, and money market, up 1%. Efforts to optimize the liquidity value of deposits continue, with $3.5 billion in deposits from financial institutions and municipalities run off during the quarter.

Fourth quarter 2023 vs. fourth quarter 2022

Total period-end deposits of $177.3 billion decreased 2% while average deposits of $177.1 billion decreased 1%, primarily due to rate-related outflows. Higher interest rates drove migration of deposits from demand and checking with interest to term and money market accounts.

10

Citizens Financial Group, Inc.

Borrowed Funds							4Q23 change from
($s in millions)	4Q23		3Q23		4Q22		3Q23				4Q22
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	505	$	232	$	3	$	273	118 %		$	502	NM
Long-term borrowed funds
FHLB advances	3,786		7,036		8,519		(3,250)		(46)		(4,733)		(56)
Senior debt	5,170		5,258		5,555		(88)		(2)		(385)		(7)
Subordinated debt and other debt	1,819		1,815		1,813		4		—		6		—
Auto collateralized borrowings	2,692		3,245		—		(553)		(17)		2,692		100
Total borrowed funds	$	13,972	$	17,586	$	15,890	$	(3,614)	(21)	%	$	(1,918)	(12)	%
Average borrowed funds
Short-term borrowed funds	$	491	$	506	$	262	$	(15)	(3) %		$	229	87	%
Long-term borrowed funds
FHLB advances	5,751		4,023		8,818		1,728		43		(3,067)		(35)
Senior debt	5,217		5,259		5,397		(42)		(1)		(180)		(3)
Subordinated debt and other debt	1,816		1,814		1,812		2		—		4		—
Auto collateralized borrowings	2,904		2,106		—		798		38		2,904		100
Total average borrowed funds	$	16,179	$	13,708	$	16,289	$	2,471	18	%	$	(110)	(1)	%

Fourth quarter 2023 vs. third quarter 2023

Period-end borrowed funds decreased by $3.6 billion, primarily due to a decrease in FHLB advances of $3.3 billion and a decrease of $553 million in collateralized borrowings on auto loans, partly offset by a $273 million increase in short-term borrowings.

Average borrowed funds increased $2.5 billion, with an increase in FHLB advances of $1.7 billion, and an increase in collateralized borrowings on auto loans of $798 million.

Fourth quarter 2023 vs. fourth quarter 2022

Period-end borrowed funds decreased by $1.9 billion, primarily due to a decrease in FHLB advances of $4.7 billion and a decrease of $385 million in senior debt, partly offset by a $2.7 billion increase in collateralized borrowings on auto loans and a $502 million increase in short-term borrowed funds.

Average borrowed funds decreased by $110 million, reflecting a $3.1 billion decrease in FHLB advances, largely offset by a $2.9 billion increase in collateralized borrowings on auto loans.

11

Citizens Financial Group, Inc.

Capital										4Q23 change from
($s and shares in millions, except per share data)	4Q23			3Q23			4Q22			3Q23				4Q22
Period-end capital										$		%		$		%
Stockholders' equity	$	24,342		$	22,878		$	23,690		$	1,464	6	%	$	652	3	%
Stockholders' common equity	22,329			20,864			21,676			1,465		7		653		3
Tangible common equity	14,417			12,930			13,728			1,487		12		689		5
Tangible book value per common share	$	30.91		$	27.73		$	27.88		$	3.18	11	%	$	3.03	11	%
Common shares - at end of period	466.4			466.2			492.3			0.2		—		(25.9)		(5)
Common shares - average (diluted)	468.2			471.2			495.5			(3.0)		(1)	%	(27.3)		(6)	%
Common equity tier 1 capital ratio(1)	10.6		%	10.4		%	10.0		%
Total capital ratio(1)	13.7			13.4			12.8
Tangible common equity ratio	6.7			5.9			6.3
Tier 1 leverage ratio(1)	9.3			9.4			9.3
1) Current reporting-period regulatory capital ratios are preliminary.

Fourth quarter 2023

•The CET1 capital ratio is 10.6% as of December 31, 2023 compared with 10.4% at September 30, 2023 and 10.0% at December 31, 2022.

•Total capital ratio of 13.7% compares with 13.4% at September 30, 2023 and 12.8% as of December 31, 2022.

•Tangible common equity ratio of 6.7% compares with 5.9% at September 30, 2023 and 6.3% as of December 31, 2022.

•Tangible book value per common share of $30.91 increased 11% compared with third quarter 2023 primarily due to AOCI impacts.

•Citizens paid $198 million in common dividends to shareholders during fourth quarter 2023. This compares with $200 million in common dividends during third quarter 2023 and $208 million during fourth quarter 2022.

•Citizens did not repurchase common shares during fourth quarter 2023, compared with $250 million repurchased in third quarter 2023 and $150 million in fourth quarter 2022.

12

Citizens Financial Group, Inc.

Credit quality review										4Q23 change from
($s in millions)	4Q23			3Q23			4Q22			3Q23					4Q22
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	1,364		$	1,296		$	944		$	68		5	%	$	420		44	%
90+ days past due and accruing(2)	333			248			367			85			34		(34)			(9)
Net charge-offs	171			153			88			18			12		83			94
Provision for credit losses	171			172			132			(1)			(1)		39			30
Allowance for credit losses	$	2,318		$	2,318		$	2,240		$	—		—	%	$	78		3	%
Nonaccrual loans and leases to loans and leases	0.93		%	0.87		%	0.60		%	6		bps			33
Net charge-offs as a % of total loans and leases	0.46			0.40			0.22			6					24
Allowance for credit losses to loans and leases	1.59			1.55			1.43			4					16
Allowance for credit losses to nonaccrual loans and leases	170		%	179		%	237		%	(9)		bps			(67)		bps
1)Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $243 million, $216 million, and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2023, September 30, 2023, and December 31, 2022, respectively.

Fourth quarter 2023 vs. third quarter 2023

•The nonaccrual loans to total loans ratio of 0.93% compares with 0.87% at September 30, 2023. Nonaccrual loans of $1.4 billion increased $68 million, or 5%, reflecting a $59 million increase in Commercial, primarily driven by an increase in C&I and a modest increase in the General Office segment of commercial real estate.

•Trends in credit quality such as criticized loans appear to be broadly stabilizing.

•Net charge-offs of $171 million, or 46 basis points of average loans and leases, increased 6 basis points compared with the prior quarter given a $1 million decrease in commercial and a $19 million increase in retail, driven by seasonal impacts and the continued normalization of credit losses.

•The fourth quarter 2023 provision for credit losses of $171 million compares with $172 million for third quarter 2023. The allowance for credit losses remained stable as the ratio to total loans of 1.59% increased from 1.55% as of September 30, 2023, reflecting continued runoff of the Non-Core portfolio and balance sheet optimization actions in commercial.

•The allowance for credit losses to nonaccrual loans and leases ratio of 170% compares with 179% as of September 30, 2023.

Fourth quarter 2023 vs. fourth quarter 2022

•The nonaccrual loans to total loans ratio of 0.93% increased from 0.60% at December 31, 2022.

•Nonaccrual loans increased $420 million, or 44%, primarily reflecting an increase in the General Office segment of commercial real estate.

•Net charge-offs of 46 basis points of average loans and leases compares with22 basis points in fourth quarter 2022.

•Net charge-offs of $171 million increased $83 million reflecting a $30 million increase in retail, primarily in education and other retail, and a $53 million increase in commercial driven by the General Office segment of commercial real estate.

•Provision for credit losses of $171 million compares with a $132 million provision in fourth quarter 2022.

•Allowance for credit losses of $2.3 billion increased $78 million compared with December 31, 2022. Allowance for credit losses ratio of 1.59% as of December 31, 2023, compares with 1.43% as of December 31, 2022.

•The allowance for credit losses to nonaccrual loans and leases ratio of 170% compares with 237% as of December 31, 2022.

13

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media:    Peter Lucht - (781) 655-2289

Investors: Kristin Silberberg - (203) 900-6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time:    9:00 am ET

Dial-in: (877) 226-8189, conference ID 6086305

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 17, 2024 through February 17, 2024. Please dial (866) 207-1041 and enter access code 9913757. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $222.0 billion in assets as of December 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,200 ATMs and more than 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.

14

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

15

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS									FULL YEAR
					4Q23 Change								2023 Change
		4Q23	3Q23	4Q22	3Q23			4Q22			2023	2022	2022
					$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$500	$492	$505	$8	2	%	($5)	(1	%)	$1,983	$2,009	($26)	(1	%)
Less: Notable items		—	—	—	—	—		—	—		—	(31)	31	100
Noninterest income, Underlying (non-GAAP)		$500	$492	$505	$8	2	%	($5)	(1	%)	$1,983	$2,040	($57)	(3	%)
Total revenue, Underlying:
Total revenue (GAAP)	A	$1,988	$2,014	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,021	$203	3	%
Less: Notable items		—	—	—	—	—		—	—		—	(31)	31	100
Total revenue, Underlying (non-GAAP)	B	$1,988	$2,014	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,052	$172	2	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,612	$1,293	$1,240	$319	25	%	$372	30	%	$5,507	$4,892	$615	13	%
Less: Notable items		345	22	43	323	NM		302	NM		506	262	244	93
Noninterest expense, Underlying (non-GAAP)	D	$1,267	$1,271	$1,197	($4)	—	%	$70	6	%	$5,001	$4,630	$371	8	%
Pre-provision profit:
Total revenue (GAAP)	A	$1,988	$2,014	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,021	$203	3	%
Less: Noninterest expense (GAAP)	C	1,612	1,293	1,240	319	25		372	30		5,507	4,892	615	13
Pre-provision profit (GAAP)		$376	$721	$960	($345)	(48	%)	($584)	(61	%)	$2,717	$3,129	($412)	(13	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,988	$2,014	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,052	$172	2	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,267	1,271	1,197	(4)	—		70	6		5,001	4,630	371	8
Pre-provision profit, Underlying (non-GAAP)		$721	$743	$1,003	($22)	(3	%)	($282)	(28	%)	$3,223	$3,422	($199)	(6	%)
Provision for credit losses, Underlying:
Provision for credit losses (GAAP)		$171	$172	$132	($1)	(1%)		$39	30%		$687	$474	$213	45	%
Less: Notable items		—	—	—	—	—		—	—		—	169	(169)	(100)
Provision for credit losses, Underlying (non-GAAP)		$171	$172	$132	($1)	(1%)		$39	30	%	$687	$305	$382	125	%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$205	$549	$828	($344)	(63	%)	($623)	(75	%)	$2,030	$2,655	($625)	(24	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(345)	(22)	(43)	(323)	NM		(302)	NM		(506)	(462)	(44)	(10)
Income before income tax expense, Underlying (non-GAAP)	F	$550	$571	$871	($21)	(4	%)	($321)	(37	%)	$2,536	$3,117	($581)	(19	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$16	$119	$175	($103)	(87	%)	($159)	(91	%)	$422	$582	($160)	(27	%)
Less: Income tax expense (benefit) related to notable items		(108)	(4)	(11)	(104)	NM		(97)	NM		(149)	(110)	(39)	(35)
Income tax expense, Underlying (non-GAAP)	H	$124	$123	$186	$1	1	%	($62)	(33	%)	$571	$692	($121)	(17	%)
Net income, Underlying:
Net income (GAAP)	I	$189	$430	$653	($241)	(56	%)	($464)	(71	%)	$1,608	$2,073	($465)	(22	%)
Add: Notable items, net of income tax benefit		237	18	32	219	NM		205	NM		357	352	5	1
Net income, Underlying (non-GAAP)	J	$426	$448	$685	($22)	(5	%)	($259)	(38	%)	$1,965	$2,425	($460)	(19	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$159	$400	$621	($241)	(60	%)	($462)	(74	%)	$1,491	$1,960	($469)	(24	%)
Add: Notable items, net of income tax benefit		237	18	32	219	NM		205	NM		357	352	5	1
Net income available to common stockholders, Underlying (non-GAAP)	L	$396	$418	$653	($22)	(5	%)	($257)	(39	%)	$1,848	$2,312	($464)	(20	%)

16

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS														FULL YEAR
								4Q23 Change												2023 Change
		4Q23		3Q23		4Q22		3Q23				4Q22				2023		2022		2022
								$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$1,988		$2,014		$2,200		($26)		(1.39	%)	($212)		(9.70	%)	$8,224		$8,021		$203		2.53	%
Less: Noninterest expense (GAAP)	C	1,612		1,293		1,240		319		24.60		372		30.00		5,507		4,892		615		12.58
Operating leverage										(25.99	%)			(39.70	%)							(10.05	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,988		$2,014		$2,200		($26)		(1.39	%)	($212)		(9.70	%)	$8,224		$8,052		$172		2.13	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,267		1,271		1,197		(4)		(0.30)		70		5.82		5,001		4,630		371		8.00
Operating leverage, Underlying (non-GAAP)										(1.09	%)			(15.52	%)							(5.87	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	81.13	%	64.21	%	56.36	%	1,692	bps			2,477	bps			66.97	%	60.99	%	598	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	63.77		63.08		54.42		69	bps			935	bps			60.81		57.51		330	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	7.59	%	21.51	%	21.16	%	(1,392)	bps			(1,357)	bps			20.76	%	21.93	%	(117)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	22.25		21.69		21.37		56	bps			88	bps			22.48		22.19		29	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$21,209		$21,177		$21,276		$32		—	%	($67)		—	%	$21,592		$21,724		($132)		(1	%)
Less: Average goodwill (GAAP)		8,188		8,188		8,171		—		—		17		—		8,184		7,872		312		4
Less: Average other intangibles (GAAP)		163		173		199		(10)		(6)		(36)		(18)		177		181		(4)		(2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		421		422		424		(1)		—		(3)		(1)		422		413		9		2
Average tangible common equity	N	$13,279		$13,238		$13,330		$41		—	%	($51)		—	%	$13,653		$14,084		($431)		(3	%)
Return on average tangible common equity	K/N	4.72	%	12.00	%	18.46	%	(728)	bps			(1,374)	bps			10.92	%	13.91	%	(299)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	11.84		12.51		19.40		(67)	bps			(756)	bps			13.53		16.41		(288)	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$223,653		$220,162		$224,970		$3,491		2	%	($1,317)		(1	%)	$222,221		$215,061		$7,160		3	%
Less: Average goodwill (GAAP)		8,188		8,188		8,171		—		—		17		—		8,184		7,872		312		4
Less: Average other intangibles (GAAP)		163		173		199		(10)		(6)		(36)		(18)		177		181		(4)		(2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		421		422		424		(1)		—		(3)		(1)		422		413		9		2
Average tangible assets	P	$215,723		$212,223		$217,024		$3,500		2	%	($1,301)		(1	%)	$214,282		$207,421		$6,861		3	%
Return on average total tangible assets	I/P	0.35	%	0.81	%	1.19	%	(46)	bps			(84)	bps			0.75	%	1.00	%	(25)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.78		0.84		1.25		(6)	bps			(47)	bps			0.92		1.17		(25)	bps

17

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS									FULL YEAR
					4Q23 Change								2023 Change
		4Q23	3Q23	4Q22	3Q23			4Q22			2023	2022	2022
					$/bps	%		$/bps	%				$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q	466,418,055	466,221,795	492,282,158	196,260	—	%	(25,864,103)	(5	%)	466,418,055	492,282,158	(25,864,103)	(5	%)
Common stockholders' equity (GAAP)		$22,329	$20,864	$21,676	$1,465	7		$653	3		$22,329	$21,676	$653	3
Less: Goodwill (GAAP)		8,188	8,188	8,173	—	—		15	—		8,188	8,173	15	—
Less: Other intangible assets (GAAP)		157	167	197	(10)	(6)		(40)	(20)		157	197	(40)	(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433	421	422	12	3		11	3		433	422	11	3
Tangible common equity	R	$14,417	$12,930	$13,728	$1,487	12	%	$689	5	%	$14,417	$13,728	$689	5	%
Tangible book value per common share	R/Q	$30.91	$27.73	$27.88	$3.18	11	%	$3.03	11	%	$30.91	$27.88	$3.03	11	%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	S	466,234,324	469,481,085	493,293,981	(3,246,761)	(1	%)	(27,059,657)	(5	%)	475,089,384	475,959,815	(870,431)	—	%
Average common shares outstanding - diluted (GAAP)	T	468,159,167	471,183,719	495,478,398	(3,024,552)	(1)		(27,319,231)	(6)		476,693,148	477,803,142	(1,109,994)	—
Net income per average common share - basic (GAAP)	K/S	$0.34	$0.85	$1.26	($0.51)	(60)		($0.92)	(73)		$3.14	$4.12	($0.98)	(24)
Net income per average common share - diluted (GAAP)	K/T	0.34	0.85	1.25	(0.51)	(60)		(0.91)	(73)		3.13	4.10	(0.97)	(24)
Net income per average common share - basic, Underlying (non-GAAP)	L/S	0.85	0.89	1.32	(0.04)	(4)		(0.47)	(36)		3.89	4.86	(0.97)	(20)
Net income per average common share - diluted, Underlying (non-GAAP)	L/T	0.85	0.89	1.32	(0.04)	(4)		(0.47)	(36)		3.88	4.84	(0.96)	(20)

18

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

	QUARTERLY TRENDS									FULL YEAR
				4Q23 Change								2023 Change
	4Q23	3Q23	4Q22	3Q23			4Q22			2023	2022	2022
				$/bps	%		$/bps	%				$/bps		%
Other income, Underlying:
Other income (GAAP)	$20	$18	$36	$2	11		($16)	(44%)		$78	$82	($4)		(5	%)
Less: Notable items	—	—	—	—	—		—	—		—	(31)	31		100
Other income, Underlying (non-GAAP)	$20	$18	$36	$2	11		($16)	(44	%)	$78	$113	($35)		(31	%)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$667	$659	$633	$8	1	%	$34	5	%	$2,599	$2,549	$50	—	2	%
Less: Notable items	32	5	15	27	NM		17	113		67	110	(43)		(39)
Salaries and employee benefits, Underlying (non-GAAP)	$635	$654	$618	($19)	(3	%)	$17	3	%	$2,532	$2,439	$93		4	%
Equipment and software, Underlying:
Equipment and software(GAAP)	$215	$191	$170	$24	13	%	$45	26	%	$756	$648	$108		17	%
Less: Notable items	37	6	2	31	NM		35	NM		51	10	41		NM
Equipment and software, Underlying (non-GAAP)	$178	$185	$168	($7)	(4	%)	$10	6	%	$705	$638	$67		11	%
Outside services, Underlying:
Outside services (GAAP)	$174	$160	$170	$14	9	%	$4	2	%	$687	$700	($13)	—	(2	%)
Less: Notable items	13	7	17	6	86		(4)	(24)		68	113	(45)		(40)
Outside services, Underlying (non-GAAP)	$161	$153	$153	$8	5	%	$8	5	%	$619	$587	$32		5	%
Occupancy, Underlying:
Occupancy (GAAP)	$125	$107	$110	$18	17	%	$15	14	%	$492	$410	$82		20	%
Less: Notable items	20	2	2	18	NM		18	NM		70	5	65		NM
Occupancy, Underlying (non-GAAP)	$105	$105	$108	$—	—	%	($3)	(3	%)	$422	$405	$17		4	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$431	$176	$157	$255	145	%	$274	175	%	$973	$585	$388	—	66	%
Less: Notable items	243	2	7	241	NM		236	NM		250	24	226		NM
Other operating expense, Underlying (non-GAAP)	$188	$174	$150	$14	8	%	$38	25	%	$723	$561	$162		29	%

19

Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of Private Bank

(in millions, except ratio data)

		4Q23
Total revenue, Underlying excluding Private Bank:
Total revenue (GAAP)		$1,988
Less: Notable items		—
Less: Private Bank Total revenue (GAAP)		5
Total revenue, Underlying excluding Private Bank (non-GAAP)	A	$1,983
Noninterest expense, Underlying excluding Private Bank:
Noninterest expense (GAAP)		$1,612
Less: Notable items		345
Noninterest expense, Underlying (non-GAAP)	B	$1,267
Private Bank Noninterest expense (GAAP)		$42
Less: Private Bank Notable Items		2
Noninterest expense, Underlying Private Bank (non-GAAP)	C	$40
Noninterest expense, Underlying excluding Private Bank (non-GAAP)	B-C	$1,227
Efficiency ratio, Underlying excluding Private Bank:
Efficiency ratio, excluding Private Bank (non-GAAP)	(B-C)/A	61.9	%

20

Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Investors acquisition and HSBC transaction;

•The effects of geopolitical instability, including the wars in Ukraine and Israel, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet heightened supervisory requirements and expectations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and

•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission.

Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

21

Citizens Financial Group, Inc.

CFG-IR

22

EX-99.2

4Q23 and 2023 Financial Results January 17, 2024

2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the Investors acquisition and HSBC transaction; • The effects of geopolitical instability, including the wars in Ukraine and Israel, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers; • A failure in or breach of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non- GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

3 4Q23 and FY2023 GAAP summary Full Year 4Q23 3Q23 4Q22 Q/Q Y/Y 2023 vs. 2022 $s in millions $/bps % $/bps % 2023 2022 $/bps % Net interest income $ 1,488 $ 1,522 $ 1,695 $ (34) (2) % $ (207) (12) % $ 6,241 $ 6,012 $ 229 4 % Noninterest income 500 492 505 8 2 (5) (1) 1,983 2,009 (26) (1) Total revenue 1,988 2,014 2,200 (26) (1) (212) (10) 8,224 8,021 203 3 Noninterest Expense 1,612 1,293 1,240 319 25 372 30 5,507 4,892 615 13 Pre-provision profit 376 721 960 (345) (48) (584) (61) 2,717 3,129 (412) (13) Provision for credit losses 171 172 132 (1) (1) 39 30 687 474 213 45 Income before income tax expense 205 549 828 (344) (63) (623) (75) 2,030 2,655 (625) (24) Income tax expense 16 119 175 (103) (87) (159) (91) 422 582 (160) (27) Net income $ 189 $ 430 $ 653 $ (241) (56) % $ (464) (71) % $ 1,608 $ 2,073 $ (465) (22) % Preferred dividends 30 30 32 — — (2) (6) 117 113 4 4 Net income available to common stockholders $ 159 $ 400 $ 621 $ (241) (60) % $ (462) (74) % $ 1,491 $ 1,960 $ (469) (24) % $s in billions Average interest-earning assets $ 203.1 $ 199.6 $ 204.5 $ 3.5 2 % $ (1.4) (1) % $ 201.7 $ 194.1 $ 7.6 4 % Average deposits $ 177.1 $ 176.5 $ 179.0 $ 0.7 — % $ (1.9) (1) % $ 175.3 $ 172.1 $ 3.2 2 % Performance metrics Net interest margin(1) 2.90 % 3.03 % 3.29 % (13) bps (39) bps 3.09 % 3.10 % (1) bps Net interest margin, FTE(1) 2.91 3.03 3.30 (12) (39) 3.10 3.10 — Loan-to-deposit ratio (period-end) 82.3 84.0 86.7 (173) (439) 82.3 86.7 (439) ROTCE 4.7 12.0 18.5 (728) (1,374) 10.9 13.9 (299) Efficiency ratio 81.1 64.2 56.4 1,692 2,477 67.0 61.0 598 Noninterest income as a % of total revenue 25 % 24 % 23 % 72 bps 224 bps 24 % 25 % (92) bps Full-time equivalent colleagues 17,570 18,214 18,889 (644) (4) (1,319) (7) 17,570 18,889 (1,319) (7) % Operating leverage (26.0) % (39.7) % (10.1) % Per common share Diluted earnings $ 0.34 $ 0.85 $ 1.25 $ (0.51) (60) % $ (0.91) (73) % $ 3.13 $ 4.10 $ (0.97) (24) % Tangible book value $ 30.91 $ 27.73 $ 27.88 $ 3.18 11 % $ 3.03 11 % $ 30.91 $ 27.88 $ 3.03 11 % Average diluted shares outstanding (in millions) 468.2 471.2 495.5 (3.0) (1) % (27.3) (6) % 476.7 477.8 (1.1) — % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

4 4Q23 and FY23 Underlying financial summary(1) Full Year Q/Q Y/Y 2023 2022 2023 vs. 2022 $s in millions 4Q23 $/bps % $/bps % $/bps % Net interest income $ 1,488 $ (34) (2) % $ (207) (12) % $ 6,241 $ 6,012 $ 229 4% Noninterest income 500 8 2 (5) (1) 1,983 2,040 (57) (3) Total revenue 1,988 (26) (1) (212) (10) 8,224 8,052 172 2 Noninterest expense 1,267 (4) — 70 6 5,001 4,630 371 8 Pre-provision profit 721 (22) (3) (282) (28) 3,223 3,422 (199) (6) Provision for credit losses 171 (1) (1) 39 30 687 305 382 125 Net income available to common stockholders $ 396 $ (22) (5) % $ (257) (39) % $ 1,848 $ 2,312 $ (464) (20)% Performance metrics Diluted EPS $ 0.85 $ (0.04) (4) % $ (0.47) (36) % $ 3.88 $ 4.84 $ (0.96) (20)% Efficiency ratio 63.8 69 bps 935 bps 60.8 57.5 330 bps Noninterest income as a % of total revenue 25 % 72 bps 224 bps 24 % 25 % (121) bps ROTCE 11.8 % (67) bps (756) bps 13.5 % 16.4 % (288) bps Tangible book value per share $ 30.91 $ 3.18 11 % $ 3.03 11 % $ 30.91 $ 27.88 $ 3.03 11% 4Q23 FY2023 Notable Items Impacts Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration related $ (5) $ (0.01) $ (104) $ (0.16) TOP and Other items (115) (0.15) (177) (0.24) FDIC special assessment (225) (0.35) (225) (0.35) Total: $ (345) $ (0.51) $ (506) $ (0.75) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

5 ■ CFG performance reflects solid Legacy Core results, investment in Private Bank and impact from Non-Core ■ Private Bank expected to reach breakeven in 2H2024 ■ Non-Core has run down $2.6 billion in 2H2023 4Q23 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $1,528 $4.8 $1,533 $(45) $1,488 Noninterest income 500 0.4 500 — 500 Total revenue 2,028 5.2 2,033 (45) 1,988 Noninterest Expense 1,199 40.6 1,239 28 1,267 Pre-provision profit 829 (35.3) 794 (73) 721 Provision for credit losses 147 — 147 24 171 Income before income tax expense 682 (35.3) 647 (97) 550 Income tax expense 158 (9.2) 149 (25) 124 Net income 524 (26.1) 498 (72) 426 Preferred dividends 30 — 30 — 30 Net income available to common stockholders $494 $(26.1) $468 $(72) $396 Contribution to total CFG Diluted EPS $1.06 $(0.06) $1.00 $(0.15) $0.85 $s in billions Interest-earning assets (spot) $186 $0.3 $186 $11.1 $197 Loans (spot) 135 0.3 135 11.1 146 Deposits (spot) 176 1.2 177 — 177 Risk-weighted assets (spot) 161 0.3 161 11.2 173 Performance metrics: Net interest margin, FTE(4) 3.18% NM 3.19% (1.54)% 2.91% Loan-to-deposit ratio (spot) 76.4 20.9 76.0 NM 82.3 CET1 capital ratio(5) 11.5 NM 11.5 NM 10.6 ROTCE 14.8 NM 14.3 NM 11.8 Efficiency ratio 59.2 NM 61.0 NM 63.8 Noninterest income as a % of total revenue 24.6 NM 24.6 NM 25.2 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

6 2023 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $6,365 $5.1 $6,370 $(129) $6,241 Noninterest income 1,983 0.5 1,983 — 1,983 Total revenue 8,347 5.5 8,353 (129) 8,224 Noninterest Expense 4,802 76.3 4,878 123 5,001 Pre-provision profit 3,546 (70.7) 3,475 (252) 3,223 Provision for credit losses 609 — 609 78 687 Income before income tax expense 2,937 (70.7) 2,866 (330) 2,536 Income tax expense 675 (18.4) 657 (86) 571 Net income 2,261 (52.3) 2,209 (244) 1,965 Preferred dividends 117 — 117 — 117 Net income available to common stockholders $2,144 $(52.3) $2,092 $(244) $1,848 Contribution to total CFG Diluted EPS $4.50 $(0.11) $4.39 $(0.51) $3.88 $s in billions Interest-earning assets (spot) $186 $0.3 $186 $11.1 $197 Loans (spot) 135 0.3 135 11.1 146 Deposits (spot) 176 1.2 177 — 177 Risk-weighted assets (spot) 161 0.3 161 11.2 173 Performance metrics: Net interest margin, FTE(4) 3.39% NM 3.40% (0.94)% 3.10% Loan-to-deposit ratio (spot) 76.4 20.9 76.0 NM 82.3 CET1 capital ratio(5) 11.5 NM 11.5 NM 10.6 ROTCE 15.7 NM 15.3 NM 13.5 Efficiency ratio 57.5 NM 58.4 NM 60.8 Noninterest income as a % of total revenue 23.8 NM 23.7 NM 24.1 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

7 Overview(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 4Q23: Quarter highlights – Underlying EPS of $0.85 and ROTCE of 11.8%; includes $(0.06) for the Private Bank start-up investment and $(0.15) impact from the Non- Core portfolio – Underlying PPNR of $721 million, with higher fees, slightly lower NII and stable expenses – Period-end loans down 3% and average loans down 2% QoQ given commercial balance sheet optimization and lower client demand, as well as Non-Core portfolio run off – Period-end and average deposits broadly stable – Strong CET1 ratio of 10.6%(2); 9.0% adjusted for AOCI opt-out removal; TCE ratio 6.7%, up 79 bps QoQ – Period-end LDR improved from 84% to 82% QoQ; ~67% consumer deposits; ~71% secured/insured(3) – Achieved target liquidity profile, with pro forma Category 1 Bank LCR rising from 109% to 117% QoQ ◦ Reduced period-end FHLB borrowings by $3.3 billion QoQ to $3.8 billion – Continue to be well reserved for credit issues: ACL 1.59% vs. ~1.3% pro forma day-one CECL ◦ General Office reserve of 10.2% at December 31, 2023 – Executing Non-Core strategy to run off non-strategic lending and high-cost funding ◦ $2.6 billion of Non-Core loan portfolio run off in 2H2023 ◦ $2.7 billion of auto-collateralized funding at year-end; third issuance of $1.5 billion executed in January 2024 – Citizens Private Bank launched and off to good start; ~$1.2 billion of deposits and ~$0.4 billion in investments at year end – Well positioned in NYC metro: performance tracking well, gaining market share – Poised to capitalize on increasing Private Capital opportunity – TOP 8 program achieved ~$115 million year-end pre-tax run rate benefit; TOP 9 targeting ~$135 million pre-tax run-rate benefit by year end 2024; targeting ~1-1.5% growth in 2024 Underlying expenses, a reduction of ~1.4% excluding the Private Bank impact Well positioned for medium-term relative outperformance through strategic initiatives Further balance sheet strengthening Solid 2023 full-year results – Underlying net income of $2.0 billion, with EPS of $3.88 and ROTCE of 13.5%; includes $(0.11) for the Private Bank start-up investment and $(0.51) impact from the Non-Core portfolio

8 3.03% 0.03% 0.03% (0.03)% (0.03)% (0.03)% 3.00% (0.09)% 2.91% 3Q23 Asset Yields Non-Core Impact Deposit Pricing NIB Migration Swaps Sub-total Liquidity Build 4Q23 $204.5B $202.6B $201.5B $199.6B $203.1B $1,695 $1,643 $1,588 $1,522 $1,488 3.30% 3.30% 3.17% 3.03% 2.91% 4Q22 1Q23 2Q23 3Q23 4Q23 ■ NII down 2%, reflecting lower NIM, partially offset by a 2% increase in average interest-earning assets, as higher cash and securities were partially offset by lower loans – NIM of 2.91% decreased 12 bps, reflecting the impact of increased liquidity (cash and securities - 9 bps) and higher funding costs (6 bps), partially offset by the benefit of Non-Core run off (3 bps) – Interest-earning asset yields up 7 bps to 5.20% – Interest-bearing deposit costs up 19 bps to 279 bps; cumulative beta of 51% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Net interest income decline reflects higher funding costs Linked Quarter NIM walk from 3Q23 to 4Q23 $s in millions $s in millions, except earning assets

9 ■ Noninterest income increased 2% – Capital markets fees increased $20 million given increased bond and equity underwriting and M&A advisory fees, though several M&A deals pushed to Q1 – Card fees decreased $4 million, primarily reflecting lower interchange and higher rewards expense – Trust and investment services fees increased $5 million, reflecting increased sales activity – Mortgage banking fees decreased $12 million, driven by lower production fees and MSR valuation, net of hedging, partially offset by higher servicing fees – FX and derivative products revenue decreased $5 million, reflecting lower client activity in interest rate hedging $505 $485 $506 $492 $500 4Q22 1Q23 2Q23 3Q23 4Q23 Noninterest income $s in millions Fees up 2% QoQ reflecting improvement in Capital Markets and Wealth See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Linked Quarter Year-Over-YearNoninterest income ■ Noninterest income decreased 1% – Capital markets fees decreased $11 million, primarily given lower M&A advisory fees – Trust and investment services fees increased $7 million, reflecting increased sales activity and asset management fees – Mortgage banking fees increased $3 million, driven by higher MSR valuation, net of hedging, partially offset by lower servicing and production fees – FX and derivative products revenue increased $8 million, primarily reflecting increased client activity in commodities hedging $s in millions 4Q23 3Q23 4Q22 $ Q/Q Y/Y Service charges and fees $ 104 $ 105 $ 105 $ (1) $ (1) Capital markets fees 87 67 98 20 (11) Card fees 70 74 71 (4) (1) Trust and investment services fees 68 63 61 5 7 Mortgage banking fees 57 69 54 (12) 3 FX and derivative products 43 48 35 (5) 8 Letter of credit and loan fees 42 43 41 (1) 1 Securities gains, net 9 5 4 4 5 Other income(1) 20 18 36 2 (16) Noninterest income, reported $ 500 $ 492 $ 505 $ 8 $ (5)

10 ■ Underlying noninterest expense of $1.27 billion increased 6%; up 2% excluding $41 million in expenses related to the Private Bank start-up investment – Reflects an increase in salaries and employee benefits primarily reflecting the Private Bank start-up investment, partly offset by lower headcount – Higher equipment and software expense driven by increased software maintenance and amortization costs – Higher other operating expense reflects increased deposit insurance, pension costs and fraud Noninterest expense(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Efficiency ratio Down slightly QoQ; remain highly disciplined on expenses Linked Quarter Year-Over-Year56.4% 60.9% 62.3% 64.2% 81.1% 54.4% 57.8% 58.9% 63.1% 63.8% Underlying Notable items 4Q22 1Q23 2Q23 3Q23 4Q23 4Q23 3Q23 4Q22 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 635 $ 654 $ 618 $ (19) $ 17 Equipment & software 178 185 168 (7) 10 Outside services 161 153 153 8 8 Occupancy 105 105 108 — (3) Other operating expense 188 174 150 14 38 Noninterest expense, underlying $ 1,267 $ 1,271 $ 1,197 $ (4) $ 70 Notable items (1) 345 22 43 323 302 Noninterest expense, reported $ 1,612 $ 1,293 $ 1,240 $ 319 $ 372 Full-time equivalents (FTEs) 17,570 18,214 18,889 (644) (1,319) ■ Underlying noninterest expense of $1.27 billion, decreased $4 million; broadly stable including the Private Bank start-up investment – Reflects a decrease in salaries and employee benefits given headcount reduction initiatives – Equipment and software decreased reflecting lower vendor costs – Outside services increased related to strategic initiatives – Other operating expense increased primarily due to higher fraud, deposit insurance and travel expenses, partially offset by lower advertising cost ■ Reported noninterest expense of $1.61 billion, increased $319 million reflecting notable items of $323 million, namely the industry-wide FDIC special assessment of $225 million, and costs associated with the reduction of ~650 headcount, or ~3.5%, the exit of the Wholesale Mortgage and Auto businesses, and facilities rationalization

11 $157.1 $156.5 $153.7 $150.8 $148.0 $140.4 $140.9 $139.3 $137.8 $136.3 $16.7 $15.6 $14.4 $13.0 $11.7 Core Non-Core Loan yield 4Q22 1Q23 2Q23 3Q23 4Q23 ~10% QoQ ■ Average loans down $2.8 billion, or 2%, driven by planned Non- Core portfolio run off – Core loans down 1% with commercial down $2.2 billion, or 3%, given C&I balance sheet optimization actions and lower client demand, and retail, up 1%, driven by growth in mortgage and home equity ■ Period-end loans down $3.8 billion, or 3%, driven by planned Non-Core portfolio run off – Core loans down 2% with retail growth in mortgage and home equity more than offset by commercial balance sheet optimization actions ■ Loan yield of 5.71%, up 5 bps QoQ Loans and leases $s in billions Loans down modestly reflecting continued balance sheet optimization ■ Average loans down $9.1 billion, or 6%, driven by Non-Core portfolio run off – Core loans down 3% with commercial down $6.4 billion, or 8%, driven by C&I balance sheet optimization actions and lower client demand, largely offset by retail, up 4%, driven by growth in mortgage and home equity ■ Period-end loans down $10.7 billion, or 7%, driven by Non-Core Portfolio run off – Core loans down 4% with commercial down $7.7 billion, or 9%, driven by C&I balance sheet optimization actions and lower client demand, largely offset by retail, up 3%, driven by growth in mortgage and home equity Average loans and leases $156.7 $154.7 $151.3 $149.7 $146.0 $140.6 $139.6 $137.6 $137.4 $134.9 $16.1 $15.1 $13.7 $12.3 $11.1 Core Non-Core 4Q22 1Q23 2Q23 3Q23 4Q23 $s in billions Period-end loans and leases 4.75% 5.25% 5.52% 5.66% 5.71% Linked Quarter Year-Over-Year ~10% QoQ ~1% QoQ ~2% QoQ

12 $179.0 $174.4 $173.2 $176.5 $177.1 4Q22 1Q23 2Q23 3Q23 4Q23 Deposit performance and cost of funds Deposits broadly stable QoQ $s in billions 4Q23 Average deposits 0.88% 1.28% 1.68% 2.02% 2.18% 1.23% 1.74% 2.21% 2.60% 2.79% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 4Q23 Period-end deposits Term Linked Quarter ■ Period-end deposits broadly stable, with lower Commercial offset by an increase in Consumer, driven by the Private Bank – Efforts to optimize the liquidity value of deposits continue, with ~$3.5 billion in deposits from financial institutions and municipalities run off during the quarter ■ Average deposits broadly stable, up $678 million – Consumer deposits up $495 million – Commercial down $259 million ■ Citizens Access 4Q23 average and period-end balance of $11.0 billion ■ Total deposit costs increased 16 bps ■ Interest-bearing deposit costs increased 19 bps; well-controlled cumulative beta of 51% ■ Total cost of funds of 244 bps, up 20 bps ■ Period-end deposits down $3.4 billion, or 2%; average deposits down $1.9 billion, or 1%, primarily due to rate-related outflows ■ Total deposit costs up 130 bps and interest-bearing deposit costs up 156 bps ■ Total cost of funds up 131 bps $s in billions $180.7 $172.2 $177.7 $178.2 $177.3 Commercial Consumer Other 4Q22 1Q23 2Q23 3Q23 4Q23

13 NIB 21% Money Market 30%Checking With Interest 18% Citizens Access Savings 6% Savings 10% Term 15% 65% 70% 71% 3Q23 3Q23 4Q23 53% 67% 67% 3Q23 3Q23 4Q23 Branch Deposits 48% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 7% (As of 12/31/23) Highly diversified and retail-oriented deposit base $177B Period-end deposits Peer Avg(1) Business mix Product mix See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Total deposits insured/secured(2) % Consumer Banking deposits Peer Avg(1) 46% 44% 42% 23% 22% 21% 23% 22% 21% NIB Low-cost deposits 2Q23 3Q23 4Q23 % NIB and low-cost deposits (3)

14 $2,240 $2,275 $2,299 $2,318 $2,318 1.43% 1.47% 1.52% 1.55% 1.59% Allowance for credit losses Allowance to loan coverage ratio 4Q22 1Q23 2Q23 3Q23 4Q23 $944 $996 $1,191 $1,296 $1,364 0.60% 0.64% 0.79% 0.87% 0.93% Nonaccrual loans Nonaccrual loans to total loans 4Q22 1Q23 2Q23 3Q23 4Q23 ■ NCOs of $171 million, or 46 bps of average loans and leases ■ Nonaccrual loans increased 5% QoQ to 93 bps of total loans primarily driven by an increase in C&I and a modest increase in the General Office segment of commercial real estate – Trends in credit quality such as criticized loans appear to be broadly stabilizing ■ Provision for credit losses of $171 million; ACL coverage ratio of 1.59%, up 4 bps QoQ reflecting stable reserves with lower loan balances given Non-Core run off and balance sheet optimization actions in commercial ■ ACL to nonaccrual loans and leases ratio of 170% compares with 179% as of 3Q23 and 237% as of 4Q22 $132 $168 $176 $172 $171 $88 $133 $152 $153 $171 0.22% 0.34% 0.40% 0.40% 0.46% Provision for credit losses Net charge-offs Net c/o ratio 4Q22 1Q23 2Q23 3Q23 4Q23 Credit quality overview $s in millions $s in millions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)

15 3Q23 4Q23 ACL % Coverage ACL % Coverage Retail $ 893 1.23 % $ 893 1.25 % Commercial 1,425 1.84 1,425 1.91 C&I 707 1.51 666 1.52 CRE 692 2.35 733 2.49 Leasing 26 2.14 26 2.24 Total $ 2,318 1.55 % $ 2,318 1.59 % Memo: General Office ACL $ 354 9.5 % $ 370 10.2 % NCOs $ 44 $ 48 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.59% primarily reflects the decrease in loan balances and includes higher reserves for CRE exposures, primarily General Office ■ The key macroeconomic assumptions underlying the reserve reflect a moderate recession over the two- year reasonable and supportable period ■ Qualitative factors and sensitivities are also incorporated in the allowance framework to account for other considerations not fully captured in reserve models $s in millions CommentaryAllowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~67% Avg. Loss Severity (%) ~46% Default rate (%) ~21-24% Scenario losses implied ~$370 million General Office ACL Coverage 10.2% CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.6 billion, down ~$100 million, or 3%, QoQ driven by paydowns and charge-offs ■ Strong ACL coverage of General Office; ACL informed by a specific CRE downside macro scenario combined with a loan-by-loan analysis – Increased ACL coverage for CRE General Office to 10.2% from 9.5% while absorbing ~$148 million over 2Q, 3Q and 4Q23 NCOs, which is another ~4% of loans ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary

16 ■ 4Q23 CET1 ratio of 10.6%(1) compares with 10.4% in 3Q23 – 9.0% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $30.91, up 11% QoQ, primarily due to AOCI impacts – Tangible common equity ratio of 6.7%, up 79 bps QoQ ■ Paid $198 million in common dividends to shareholders in 4Q23 ■ No share repurchases in 4Q23 given the decision to pause to cover the impact of the FDIC special assessment – Remaining Board-authorized capacity of $1.094 billion at December 31, 2023 – Expect to resume repurchases in 1Q24 ■ Capital ratios consistently remain top quartile of peer group (see slide 36) ■ Shareholder payout ratio of ~95% on an Underlying basis for FY2023 Capital position continues to strengthen $s in billions (period-end) 4Q22 1Q23 2Q23 3Q23 4Q23 Basel III basis(1)(2) Common equity tier 1 capital $ 18.6 $ 18.4 $ 18.4 $ 18.4 $ 18.4 Risk-weighted assets $ 185.2 $ 183.2 $ 179.0 $ 176.4 $ 172.6 Common equity tier 1 ratio 10.0 % 10.0 % 10.3 % 10.4 % 10.6 % Tier 1 capital ratio 11.1 % 11.1 % 11.4 % 11.5 % 11.8 % Total capital ratio 12.8 % 12.9 % 13.3 % 13.4 % 13.7 % Tangible common equity ratio 6.3 % 6.6 % 6.3 % 5.9 % 6.7 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. TBV/share CET1 $ % 3Q23 10.4% $27.73 Net Income 0.11 0.41 1.5% Common and preferred dividends (0.13) (0.49) (1.8) RWA decrease 0.23 Treasury stock — — — Goodwill and intangibles 0.01 0.03 0.1 AOCI — 3.18 11.5 Other 0.01 0.05 0.2 Total change 0.23 3.18 11.5% 4Q23 10.6% $30.91 CET1 ratio remains strong(3) Highlights

17 High-quality loans Wealth AUM DDA 33% CWI 5% Savings 58% Term 4% ■ Deliver a world-class service model ■ Market and expand the brand ■ Hire and lift-out multiple wealth teams ■ Open 5-6 new Private Bank offices Financial expectations 2024 Deposit growth Strategic focus areas Citizens Private Bank update ■ ~75% of deposits are Commercial ■ DDA/CWI is 38% of deposit mix ~$0.4B Commerical 62% Consumer 38% $1.21 $— 33% DDA CWI Interest Bearing 12/31/23 as of 12/31/2023 as of 12/31/23 with a yield of ~8% ~$0.3B Deposits Strong growth; accretive DDA mix focused on operating relationships Lending Diversified, high quality growth led by strong commercial pipeline Wealth Scale through hiring and addition of targeted expertise P&L Achieves breakeven in 2H24 $1.2B Strong momentum into 2024 Positioning for continued success

18 customer acquisition rate at HSBC branches vs. CFG legacy major metro in 2023 Business initiatives update Driven significant operational efficiency and client experience gains through digital transformation; expanded functionality of Digital Butler service Strong league table results Middle market bookrunner by deal count Enhanced sponsor coverage model to drive Private Capital strategy, seeing positive results; hired coverage bankers and strengthened industry teams Advisory, subscription finance, LBOs, public market capital; increasing lead lefts from Sponsors 12 months ended December 31, 2023 Capturing the Private Capital Opportunity Growing Commercial payments Improving client satisfaction and efficiency through digitization Sponsor #2 Overall #10 Growing payments fees by expanding payment capabilities - push to alternative channels, better client connectivity, enterprise resource planning (ERP)-based capabilities 2022 2023 Commercial payments fees 8% 95% Commercial client satisfaction, remains at all-time high Top 2-Box Score Building a leading NY/NJ Bank Elevated customer acquisition levels Gaining scale Outsized deposit growth 3% 14% Legacy Major Metro HSBC + ISBC 1.4x HSBC and ISBC consumer deposits per branch growth significantly outpaced legacy major metro branches in 2023 HSBC retail households per branch now exceeds legacy major metro 2,550 2,850 2,775 HSBC Conversion (Feb-22) HSBC (Dec-23) Legacy Major Metro (Dec-23)

19 Targeting ~1-1.5% growth in 2024 Underlying expense, a reduction of ~1.4% excluding the Private Bank impact Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 '19-21 TOP 6 2022 TOP 7 2023 TOP 8 2024 TOP 9 ~$200 TOP programs key to restoring positive operating leverage Transforming how we operate and deliver for customers and colleagues TOP program benefits $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$115 TOP 8 achieved pre-tax run-rate benefit of ~$115 million as of YE2023 TOP 9 targeting ~$135 million pre-tax run-rate benefit by YE2024 ~$135 TOP program/ expense management ■ Launched TOP 9; areas of focus include – Re-imagine operations with process reengineering, automation and AI – Simplify organization structure – Generate additional procurement efficiencies – Improve customer journeys utilizing generative AI – Exits of the Wholesale Mortgage and Auto businesses – Facilities rationalization ■ In addition, we are adjusting our expense base through further meaningful actions – ~650 headcount reduction in 4Q23 – Tightening on discretionary expense categories

20 ■ Non-Core portfolio of $11.1 billion retail loans at 12/31/23 – $1.2 billion QoQ decline in 4Q – ~4.2% WA loan yield (~95% fixed rate); ~5.8% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage Balance sheet optimization - loans Non-Core and Consumer portfolios $12.3 $11.1 $7.6 $4.7 $9.3 $8.3 $5.3 $3.0 $3.0 $2.8 $2.3 $1.7 Education and Other Retail (Purchased) Indirect Auto 3Q23 4Q23 4Q24 4Q25 Focusing on relationship-based lending with attractive risk-adjusted returns1 Commercial BSO ■ Originations in 2023 were highly selective, with a focus on generating a higher-return profile – Front-book originations with mid-teens return profile, reflecting multi-product relationships – Increased lead roles / bilateral originations from ~47% in FY22 to ~60% in FY23 – Spreads improved ~50 bps 4Q23 YoY, with similar-to-improving credit profile ■ Exited ~$6 billion in commercial credit-only client relationships in 2023, including loan sales – Single-digit return profile Enhancing risk profile, liquidity and returns

21 FY2024 Outlook vs. 2023 2023 Underlying(1) 2024 Underlying outlook Net interest income $6,241 Down 6-9%; net swaps impact of ~4-5% NIM 3.10%; 4Q23 2.91% FY2024 average 2.80-2.85%; 4Q24 exit NIM ~2.85% Loans $152.2B average loans $146.0B spot loans Average loans down 2-3% reflecting Non-Core run off and the 2023 decline Spot loans up 3-5% driven by Private Bank and 2H24 Commercial activity Earning assets $201.7B average earning assets Average earning assets up slightly reflecting 2023 liquidity build Noninterest income $1,983 Up 6-9%, market dependent Noninterest expense $5,001 Up ~1-1.5% Net charge-off ratio 40 bps ~50 bps; ACL likely to see releases over course of year CET1 ratio(2) 10.6% ~10.5%; share repurchases dependent on market conditions and loan growth Tax rate 22.5% ~21-22% ■ FY2024 average real GDP of ~1-2%, CPI of ~2-3% and FY2024 unemployment rate of ~4% ■ Forward curve as of early January: – YE2024 Fed Funds target of 4.25% with 25 bp cuts in May, June, July, September and December – 10-year Treasury rate ~3.90% by YE2024 ■ Focusing on driving strategic initiatives, balance sheet optimization and deepening customer relationships ■ Expect to return to sequential positive operating leverage in 2H24, with PPNR trough in 2Q24 ■ Terminal deposit beta in 2Q24 before rate cuts of low 50s, with 2024 spot deposit growth of 1-2% Full-year 2024 outlook commentary Key 2024 economic and rate assumptions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

22 $4,925 $(185) $85 CFG ex Private Bank FY23 TOP/ Other efficiencies Strategic investments Compensation/ Other CFG ex Private Bank FY24 $76 $76 Private Bank FY23 Full-year Impact Strategic investments Private Bank FY24 Underlying expenses in $s in millions Underlying expense outlook(1) Incremental expense growth impact of ~2.5-2.8% to total CFG Private Bank CFG ex Private Bank Down ~1.3-1.5% $5,001 $5,075 Total CFG FY23 Total CFG FY24 Total CFG Up ~1.0-1.5% ~ ~$25-$35 ~ ~$4,855 * *Adjustment to reflect annualized impact of Private Bank based on 2H23 expense run-rate See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ~$48-$63 ~$208 ~ 63

23 $(75) $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 Significant NII contribution from Non-Core and swaps in 2025 and beyond Terminated swaps (fixed impact; not dependent on rates) Active swaps - impact based on forward curve Expected incremental quarterly NII & NIM contribution from Non-Core and swaps portfolio relative to 4Q23* Non-Core portfolio - impact based on forward curve* Net impact $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 ** Excludes impact from the Core portfolio. Assumes forward curve as of early January which indicates a ~4.25% Fed funds rate by end of 2024 *Non-Core includes benefit from denominator effects; accounts for ~65% of the NIM tailwind by 4Q27 4Q24 4Q25 4Q26 4Q27 4Q23 to 4Q27 NIM Tailwind** Non-Core* ~25 bps Terminated swaps ~22 bps Active swaps ~10 bps Total ~57 bps + ~2 bps* + ~34bps Medium-term CFG NIM range Net Cumulative NIM Impact ~3.25-3.40% + ~57 bps Active swaps $ (48) Terminated swaps (117) Total swaps (165) Non-Core (45) Total NII $ (210) Net NIM impact ~(60) bps 4Q23 NII contribution $s in millions $s in millions + ~55 bps ~$(30) ~$110 ~$205 ~$210

24 Medium-term financial targets(1) Medium-term financial targets ROTCE(1) CET1 Dividend Payout Ratio Efficiency Ratio(1) ~16-18% ~10.0-10.5% ~35-40% Mid-50's % Key economic assumptions ■ Real GDP growth of ~1-2% for 2024; trending toward ~3% annually over the medium term ■ Unemployment rate of ~4% by YE2024; stable from there over the medium term ■ Expect Fed to finish cutting in 2025 after reaching Fed Funds target of ~3.25% by YE2025 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

25 Path to medium-term ROTCE target(1) ROTCE improvement drivers Legacy Core Private Bank Non-Core Total CFG Medium-term ROTCE ■ NII tailwind given swap portfolio run off ■ Positive operating leverage ■ Significant share repurchases ■ Prudent credit risk appetite (~35-40 bps NCOs) ~15-17% ~20-24% ■ Successful execution against business plan ■ Meaningful revenue growth ■ Positive operating leverage ■ Attractive credit profile ~16-18% ■ Runs off with capital and liquidity redeployed See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

26 1Q24 outlook vs. 4Q23 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 4Q23 Underlying(1) 1Q24 Underlying outlook Net interest income $1,488MM ■ Down ~3%; reflects day count impact of ~$12MM Noninterest income $500MM ■ Up mid-single digits Noninterest expense $1,267MM ■ Up 1-2% reflecting seasonal factors Net charge-offs 46 bps ■ ~50 bps; ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ ~10.5%; share repurchases expected of ~$300 million Tax rate 22.3% ■ ~21-22%

27 Investment thesis Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Citizens Private Bank successfully launched and gathering momentum into 2024 – Well positioned in NYC metro to gain market share; performance tracking well – All other initiatives tracking well: Private Capital, Citizens Pay, Citizens Access, TOP 9 launched Citizens has a robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable & experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is well positioned to deliver ~16 to 18% ROTCE over the medium-term given strategic initiatives and 2025 to 2027 NII tailwinds. Represents attractive opportunity for investors at current valuation and dividend yield – Committed to maintaining our strong capital and liquidity position, while further strengthening funding and performance with balance sheet optimization, including Non-Core strategy – Relative strength allows Citizens to take advantage of opportunities – Focused on deploying capital to best relationship/highest risk-adjusted return areas – Flexibility to continue returning capital to shareholders

Appendix ■ Financial Performance ■ Balance Sheet Optimization ■ Interest Rate Risk Management ■ Credit

29 Net income available to common shareholders and EPS $s in millions, except per share data ê3% $743 $721 3Q23 4Q23 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions ê2% $3.5 2 $3.5 6 ê4% $150.8 $148.0 3Q23 4Q23 $176.5 $177.1 3Q23 4Q23 1.08% 1.02% 0.84% 0.78% 3Q23 4Q23 15.3% 14.8% 12.5% 11.8% 3Q23 4Q23 $418 $396 $0.89 $0.85 3Q23 4Q23 ê5% Pre-provision profit $s in millions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ê67 bps ê6 bpsstable

30 $1,003 $721 4Q22 4Q23 Year-over-year Underlying results(1) Return on average total tangible assets ê28% Average loans $s in billions ê6% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê47 bps $3.5 6 $157.1 $148.0 4Q22 4Q23 $179.0 $177.1 4Q22 4Q23 1.40% 1.02%1.25% 0.78% 4Q22 4Q23 20.1% 14.8%19.4% 11.8% 4Q22 4Q23 ê1% Pre-provision profit $s in millions ê756 bps $653 $396$1.32 $0.85 4Q22 4Q23 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ê36% ê39%

31 $3,422 $3,223 FY2022 FY2023 Full year underlying results(1) Return on average total tangible assets ê6% Average loans $s in billions Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê25 bp $3.5 6 $149.3 $152.2 FY2022 FY2023 $172.1 $175.3 FY2022 FY2023 1.21% 1.13% 1.17% 0.92% FY2022 FY2023 é2% Pre-provision profit $s in millions ê288 bps $2,312 $1,848 $4.84 $3.88 FY2022 FY2023 ê20% ê20% *Excluding Private Bank & Non-Core has a (100) bps impact 16.4% 15.7% 13.5% FY2022 FY2023 é2% See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

32 4Q23 Scorecard *Excluded impact from FDIC special assessment 4Q23 Underlying outlook(1) 4Q23 Underlying results Net interest income Down ~2% Down ~2% Noninterest income Up 3-4%, market dependent Up 2% Noninterest expense Broadly stable* Flat Net charge-offs Mid-40s; ACL will continue to benefit from Non-Core loan run off 46 bps CET1 ratio(2) ~10.5% 10.6% Tax rate ~22% ~22.3% See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

33 Balance Sheet Optimization - Overview Deposits and wholesale funding (slide 34) Driving enhanced risk profile and returns Securities portfolio (slide 35) Capital (slide 36-37) 1 2 3 4 Loans (slide 20)

34 $180.7 $178.2 $(3.5) $2.6 $177.3 4Q22 3Q23 BSO actions Core growth 4Q23 Balance sheet optimization - deposits and wholesale funding Solid deposit performance in 2023 $15.9 $17.6 $14.0 $5.6 $5.3 $5.2 $1.8 $1.8 $1.8 $3.2 $2.7 $8.5 $7.0 $3.8 Senior debt Subordinated debt Other Collateralized borrowings FHLB 4Q22 3Q23 4Q23 Favorable remixing of wholesale funding 3Q23 YTD deposits -1.4%, outperforming H8* at -3.6% ■ FHLB down $4.7 billion in 2023 reflecting success in improving LDR with BSO initiatives ■ Raised ~$3 billion auto collateralized borrowings with two 2023 issuances – Down ~$0.6 billion QoQ with auto run off – Additional $1.5 billion issuance executed in January 2024 ■ Senior debt relatively stable in 2023; planning programmatic issuance for 2024 and beyond +1.5% QoQ deposit growth ex BSO actions $3.3B QoQ *Federal Reserve H8 data represents Large Bank deposit balances Commentary Commentary 2 3 ■ Improvements in deposit franchise demonstrated with better core deposit performance than most peers, while maintaining peer-like deposit beta ■ Efforts to optimize the liquidity value of deposits continue – During 4Q23, exited ~$3.5B in deposits with financial institutions and municipalities $4.7B YoY FHLB $s in billions $s in billions

35 Securities portfolio - high quality, low-risk store of liquidity; enhanced hedging to protect capital Balance sheet optimization - securities portfolio as of 12/31/23 ...with a high-quality portfolio ■ Maintain strong liquidity profile – LCR under Category I Bank rules at 12/31/23 in excess of requirements – Given likely regulatory changes with AOCI opt-out removal, actions were taken in 4Q to lower portfolio duration and protect capital from AFS mark-to-market volatility ◦ Added $5.4B pay-fixed swaps at ~3.8% WA pay rate ◦ Majority of cash flows invested on a floating- rate basis Investment portfolio strategy ■ 96% U.S. Treasury, Gov't or Gov't-backed securities ■ ~84% fixed-rate; ~71% fixed-rate with hedges ■ ~75% AFS/~25% HTM Highly liquid and well-diversified Maintaining strong liquidity, while shortening duration... U.S Treasuries 11% U.S Govt Guaranteed 21% "GSE" Fannie Mac and Freddie Mac 64% Other 4% $42 $47 $48 $32 $30 $27 $5$1 $3 $6$9 $14 $10 Cash Floating Fixed Hedged Fixed 4Q22 3Q23 4Q23Duration Securities 5.8 5.2 3.9 Cash & Securities 4.7 3.8 3.2 ~$38B(1) securities portfolio 2.66% 2.74% 2.81% 2.95% 3.25% 2.56% 2.41% 2.52% 2.57% CFG Peer Median 4Q22 1Q23 2Q23 3Q23 4Q23 ...and improving securities yields relative to peer median... $38B(1) 4 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. $s in billions

36 Balance sheet optimization - capital Capital ratios remain near top of peer group Tangible Common Equity CET1 Ratio adjusted for AOCI opt-out removal CET1 Ratio(1) 10.9% 10.8% 10.6% 10.4% 10.3% 10.1% 9.9% 9.8% 9.8% 9.8% 9.7% Peer 1 Peer 2 CFG (4Q23) CFG (3Q23) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 10.6% 9.0% 8.3% 7.9% 7.8% 7.5% 7.0% 6.5% 6.2% 6.2% 6.0% Peer 1 CFG (4Q23) CFG (3Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 7.8% 6.7% 5.9% 5.8% 5.7% 5.7% 5.0% 5.0% 4.6% 4.5% 4.0% Peer 1 CFG (4Q23) CFG (3Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 ■ Strong capital position and BSO activities have facilitated significant capital return to shareholders – ~95% shareholder payout ratio in 2023 on an Underlying basis reflects ~$808 million in dividends and ~$906 million in share repurchases ■ Well positioned for changing regulatory environment – CET1 ratio under current rules of 10.6%(1), and 9.0% adjusted for AOCI opt-out removal; among the strongest within the peer group – Expect both ratios to converge to the 10.0-10.5% range over the medium term 5A Peer data as of September 30, 2023. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

37 Balance sheet optimization - capital Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 Capital will benefit from projected AOCI accretion AOCI accretion benefit to generate significant capital... AOCI burndown contribution to TCE and CET1 - considering pulling forward appendix detail here ...As recent actions limit AOCI volatility to protect capital$(2.3) $(1.8) $(1.5) $(1.3) $(0.3) $(0.3) $(0.3) $(0.3) $(1.1) $(0.5) $(0.1) Swaps** Pension Securities 12/31/2023 12/31/2024 12/31/2025 12/31/2026 $(3.7) $(2.7) $(2.0) $(1.6) ~56% TCE CET1* $(2.7) $(2.2) $(1.8) $(1.6) 5B Commentary ■ Expect significant capital generation via accretion to AOCI as unrealized losses "burn off" – ~$1 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~60* bps to the CET1 ratio adjusted for AOCI opt-out removal ■ Recent hedging actions in Q4 to reduce duration of securities portfolio protects capital by limiting volatility in AOCI – Immediate 50 bps parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~25 bps Burn-off by YE2026~38% *CET1 adjusted for AOCI opt-out removal accretion based on forward curve in early January; CET1 ratio impact for illustrative purposes assumes the RWA balance at 12/31/23 Projected accretion based on forward curve at 12/31/2023(1) Accretes to CET1* **Unrealized losses in swap portfolio includes both active and terminated swaps See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

38 ■ Maintaining significant protection to downside in rates well into 2026 with receive-fixed swap portfolio Interest rate risk management - swaps $16.5 $25.8 $30.1 $21.9 $7.6 2023 2024 2025 2026 2027 $20.5 $21.1 $21.9 $29.5 $30.5 4Q23 1Q24 2Q24 3Q24 4Q24 W.A. receive-fixed rate at 12/31/23 4.3% 3.7% 3.1% 3.1% 3.1% 4.2% 3.2% 3.2% 3.5% 3.7% NII impact from active swaps ($MM)* $(48) $(88) $(121) $(135) $(111) $(123) $(454) $(116) $56 $48 NII impact from terminated swaps ($MM) $(117) $(115) $(115) $(115) $(114) $(441) $(459) $(426) $(230) $(40) Total NII impact ($MM) $(165) $(203) $(235) $(250) $(225) $(564) $(913) $(542) $(174) $8 Protecting NII from adverse outcomes while reducing earnings volatility through economic cycles Receive-fixed cash flow swaps (avg. notional in $ billions at 12/31/23) ■ Increase in the 2024 swap position is incorporated in the FY24 NII guidance ■ Significant contribution to NII over 2025 to 2027 as the Fed normalizes rates and swaps run off – Estimated incremental annual benefit of ~$371 million in 2025; ~$368 million in 2026; and ~$182 million in 2027 – The funded balance sheet is inherently asset sensitive which partly offsets these benefits *Based on the forward curve in early January; includes impacts from variation margin and daily compounding effects with SOFR

39 $74.4B Commercial credit portfolio See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Commercial portfolio risk ratings(2) $s in billions 58% 59% 57% 25% 17% 17% 14% 17% 19% 3% 7% 7% 4Q19 3Q23 4Q23 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $74.4 Highlights $77.5($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.8 4 % Other Finance and Insurance 6.0 4 Other Manufacturing 3.6 2 Technology 3.3 2 Accommodation and Food Services 2.9 2 Health, Pharma, Social Assistance 2.6 2 Professional, Scientific, and Technical 2.3 1 Wholesale Trade 2.4 2 Retail Trade 2.4 2 Other Services 2.1 1 Energy & Related 2.0 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.9 1 Administrative and Waste Management 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 0.9 1 Other (1) 2.5 2 Total C&I $ 43.8 30 % CRE Multi-family $ 9.4 6 % Office 5.9 4 Industrial 4.0 3 Retail 3.4 2 Co-op 1.8 1 Data Center 0.8 1 Hospitality 0.6 — Other (1) 3.6 3 Total CRE $ 29.5 20 % Total Commercial loans & leases $ 74.4 51 % Total CFG $ 146.0 100 % Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$12 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

40 Suburban Class C 2% CBD Class C 4% Suburban Class A 42% CBD Class A 14% Suburban Class B 26% CBD Class B 12% 54% 100% 88% 100% 79% 61% 13% 42% 78% 85% 46% —% 12% —% 21% 39% 87% 58% 22% 15% New York, NY Washington, DC Dallas, TX Los Angeles, CA Philadelphia, PA Atlanta, GA Chicago, IL Boston, MA Baltimore, MD Seattle, WA Suburban CBD NY 14.0% VA 11.8% NJ 10.0% CA 9.5% TX 8.6% MD 6.3% PA 5.5% GA 4.7% IL 3.9% MA 3.5% OH 3.3% NC 2.7% WA 2.6% AZ 2.5% CO 2.3% Other 8.7% Commercial Real Estate - $5.9B Office portfolio: well diversified $3.6B General Office by state Other MN CT FL VT MO IN DC MI UT SC TN RI DE 24% 15% 61% General Office $3.6B Credit Tenant $1.4B Life Sciences $0.9B Property type $3.6B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$118 million $ 792 527 201 193 178 171 143 117 108 95 $ in millions (As of 12/31/23)

41 38% 43% 43% 33% 32% 32% 18% 16% 16% 5% 4% 4%6% 5% 5% 4Q19 3Q23 4Q23 43% 21% 12% 4% 13% 7% $71.5B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $61.6 $71.5 $s in billions $72.3 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~94% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~53% ■ Home equity – FICO ~765 – ~37% secured by 1st lien – ~98% CLTV less than 80% – ~87% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~725; incorporates loss sharing High quality, diverse portfolio * Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

42 Allocation of allowance for credit losses by product type September 30, 2023 December 31, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 46,753 $707 1.51 % $ 43,826 $666 1.52 % Commercial real estate 29,486 692 2.35 29,471 733 2.49 Leases 1,218 26 2.14 1,148 26 2.24 Total commercial 77,457 1,425 1.84 74,445 1,425 1.91 Residential mortgages 30,983 181 0.59 31,332 181 0.58 Home equity 14,729 144 0.97 15,040 137 0.91 Automobile 9,290 56 0.60 8,258 57 0.69 Education 12,134 270 2.23 11,834 266 2.25 Other retail 5,153 242 4.69 5,050 252 4.98 Total retail loans 72,289 893 1.23 71,514 893 1.25 Allowance for credit losses(2) $149,746 $2,318 1.55 % $145,959 $2,318 1.59 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

43 Delinquency by product type See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. September 30, 2023 (%) December 31, 2023 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.40 % 0.05 % 0.02 % 0.01 % 0.52 % 99.14 % 0.14 % 0.04 % 0.01 % 0.67 % Commercial real estate 98.01 0.25 0.14 0.01 1.59 97.53 0.51 0.20 0.14 1.62 Leases 99.75 — — — 0.25 99.65 0.09 — — 0.26 Total commercial 98.87 0.13 0.07 0.01 0.92 98.52 0.28 0.10 0.06 1.04 Residential mortgages(1) 98.17 0.36 0.16 0.70 0.61 97.34 0.90 0.38 0.82 0.56 Home equity 97.43 0.56 0.19 — 1.82 97.34 0.55 0.22 — 1.89 Automobile 97.21 1.58 0.54 — 0.67 96.94 1.74 0.58 — 0.74 Education 99.19 0.39 0.21 0.02 0.19 99.14 0.41 0.19 0.02 0.24 Other retail 97.30 0.95 0.60 0.41 0.74 97.02 0.97 0.67 0.57 0.77 Total retail 98.01 0.60 0.26 0.33 0.80 97.56 0.85 0.36 0.40 0.83 Total 98.44 % 0.36 % 0.16 % 0.17 % 0.87 % 98.05 % 0.56 % 0.23 % 0.23 % 0.93 %

44 Notable items(1) Quarterly and full-year results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other expense reduction actions. In addition, fourth quarter 2023 includes a notable item for the FDIC special assessment. Full-year 2022 results include notable items representing the day-one CECL provision expense (“double count”) related to the HSBC and ISBC transactions. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - Integration-related 4Q23 3Q23 4Q22 FY 2023 FY 2022 $s in millions, except per share data Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Noninterest income $ — $ — $ — $ — $ — $ — $ — $ — $ (31) $ (23) EPS Impact -Noninterest income $ — $ — $ — $ — $ (0.05) Salaries & benefits $ (2) $ (1) $ (4) $ (3) $ (13) $ (9) $ (15) $ (11) $ (98) $ (72) Equipment and software — — — — (1) (1) (4) (3) (1) (1) Outside services (3) (2) (4) (3) (15) (12) (43) (31) (89) (67) Occupancy — — — — — — (41) (30) (2) (1) Other expense — — — — (6) (4) (1) (1) (23) (16) Noninterest expense $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (213) $ (157) EPS Impact - Noninterest expense $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.34) ISBC/HSBC Day 1 CECL provision expense (“double count”) $ — $ — $ — $ — $ — $ — $ — $ — $ (169) $ (126) EPS Impact - Provision for credit losses $ — $ — $ — $ — $ (0.26) Tax integration cost — — — — — — — — — (6) EPS Impact - Tax integration cost $ — $ — $ — $ — $ (0.01) Total Integration Costs $ (5) $ (3) $ (8) $ (6) $ (35) $ (26) $ (104) $ (76) $ (413) $ (312) EPS Impact - Total Integration-related $ (0.01) $ (0.02) $ (0.06) $ (0.16) $ (0.66) Other notable items - TOP & Other 4Q23 3Q23 4Q22 FY 2023 FY 2022 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ 17 $ — $ — $ — $ — $ — $ 17 $ — $ (3) Salaries & benefits $ (30) $ (22) $ (1) $ — $ (2) $ (2) $ (52) $ (38) $ (12) $ (9) Equipment and software (37) (27) (6) (5) (1) — (47) (35) (9) (6) Outside services (10) (7) (3) (3) (2) (1) (25) (19) (24) (18) Occupancy (20) (15) (2) (2) (2) (2) (29) (22) (3) (3) FDIC Assessment(1) (225) (167) — — — — (225) (167) — — Other expense (18) (13) (2) (2) (1) (1) (24) (17) (1) (1) Noninterest expense $ (340) $ (251) $ (14) $ (12) $ (8) $ (6) $ (402) $ (298) $ (49) $ (37) Total Other Notable Items $ (340) $ (234) $ (14) $ (12) $ (8) $ (6) $ (402) $ (281) $ (49) $ (40) EPS Impact - Other Notable Items $ (0.50) $ (0.02) $ (0.01) $ (0.59) $ (0.08) Total Notable Items $ (345) $ (237) $ (22) $ (18) $ (43) $ (32) $ (506) $ (357) $ (462) $ (352) Total EPS Impact $ (0.51) $ (0.04) $ (0.07) $ (0.75) $ (0.74) (1) The FDIC special assessment earnings per share impact is $(0.35) for fourth quarter 2023 and full year 2023.

45 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 4Q23 and FY2023 GAAP financial summary 1) See general note a). Notes on slide 4 - 4Q23 and FY23 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 4Q23 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 6 - 2023 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 7 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). 3) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. Notes on slide 9 - Noninterest income 1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 10 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 44 for more detail. Notes on slide 13 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 14 - Credit quality overview 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 16 - Capital position continues to strengthen 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c).

46 Notes continued Notes on slide 21 - FY 2024 Outlook vs. 2023 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 22 - Underlying expense outlook 1) See note on non-GAAP financial measures. Notes on slide 24 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 25 - Path to medium-term ROTCE target 1) See note on non-GAAP financial measures. Notes on slide 26 - 1Q24 outlook vs. 4Q23 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 29 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 30 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 31 - Full year underlying results 1) See note on non-GAAP financial measures. Notes on slide 32 - 4Q23 Scorecard 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 35 - Balance sheet optimization - securities portfolio 1) Represents fair value balances. Notes on slide 36 - Balance sheet optimization - capital 1) See general note d). Notes on slide 37 - Balance sheet optimization - capital 1) See general note c). Notes on slide 39 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Reflects period end balances. Notes on slide 41 - Retail credit porftolio 1) See general note c). 2) Reflects period end balances. Notes on slide 42 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 43 - Delinquency by product type 1) 90+ days past due and accruing includes $243 million and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA at December 31, 2023 and September 30, 2023, respectively. Notes on slide 44 - Notable items 1) See note on non-GAAP financial measures.

47 Notes continued Notes on slide 56 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 57 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At December 31, 2023, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d).

48 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $500 $492 $505 $8 2% ($5) (1%) $1,983 $2,009 ($26) (1%) Less: Notable items — — — — — — — — (31) 31 100 Noninterest income, Underlying (non-GAAP) B $500 $492 $505 $8 2% ($5) (1%) $1,983 $2,040 ($57) (3%) Total revenue, Underlying: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,021 $203 3% Less: Notable items — — — — — — — — (31) 31 100 Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,052 $172 2% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,612 $1,293 $1,240 $319 25% $372 30% $5,507 $4,892 $615 13% Less: Notable items 345 22 43 323 NM 302 NM 506 262 244 93 Noninterest expense, Underlying (non-GAAP) F $1,267 $1,271 $1,197 ($4) —% $70 6% $5,001 $4,630 $371 8% Pre-provision profit: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,021 $203 3% Less: Noninterest expense (GAAP) E 1,612 1,293 1,240 319 25 372 30 5,507 4,892 615 13 Pre-provision profit (GAAP) $376 $721 $960 ($345) (48%) ($584) (61%) $2,717 $3,129 ($412) (13%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1%) ($212) (10%) $8,224 $8,052 $172 2% Less: Noninterest expense, Underlying (non-GAAP) F 1,267 1,271 1,197 (4) — 70 6 5,001 4,630 371 8 Pre-provision profit, Underlying (non-GAAP) $721 $743 $1,003 ($22) (3%) ($282) (28%) $3,223 $3,422 ($199) (6%) Provision for credit losses, Underlying: Provision for credit losses (GAAP) $171 $172 $132 ($1) (1%) $39 30% $687 $474 $213 45% Less: Notable items — — — — — — — — 169 (169) (100) Provision for credit losses, Underlying (non-GAAP) $171 $172 $132 ($1) (1%) $39 30% $687 $305 $382 125% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $205 $549 $828 ($344) (63%) ($623) (75%) $2,030 $2,655 ($625) (24%) Less: Income (expense) before income tax expense (benefit) related to notable items (345) (22) (43) (323) NM (302) NM (506) (462) (44) (10) Income before income tax expense, Underlying (non- GAAP) H $550 $571 $871 ($21) (4%) ($321) (37%) $2,536 $3,117 ($581) (19%) Income tax expense, Underlying: Income tax expense (GAAP) I $16 $119 $175 ($103) (87%) ($159) (91%) $422 $582 ($160) (27%) items (108) (4) (11) (104) NM (97) NM (149) (110) (39) (35) Income tax expense, Underlying (non-GAAP) J $124 $123 $186 $1 1% ($62) (33%) $571 $692 ($121) (17%) Net income, Underlying: Net income (GAAP) K $189 $430 $653 ($241) (56%) ($464) (71%) $1,608 $2,073 ($465) (22%) Add: Notable items, net of income tax benefit 237 18 32 219 NM 205 NM 357 352 5 1 Net income, Underlying (non-GAAP) L $426 $448 $685 ($22) (5%) ($259) (38%) $1,965 $2,425 ($460) (19%) Underlying: Net income available to common stockholders (GAAP) M $159 $400 $621 ($241) (60%) ($462) (74%) $1,491 $1,960 ($469) (24%) Add: Notable items, net of income tax benefit 237 18 32 219 NM 205 NM 357 352 5 1 Underlying (non-GAAP) N $396 $418 $653 ($22) (5%) ($257) (39%) $1,848 $2,312 ($464) (20%)

49 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,988 $2,014 $2,200 ($26) (1.39%) ($212) (9.70%) $8,224 $8,021 $203 2.53% Less: Noninterest expense (GAAP) E 1,612 1,293 1,240 319 24.60 372 30.00 5,507 4,892 615 12.58 Operating leverage (25.99%) (39.70%) (10.05%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,988 $2,014 $2,200 ($26) (1.39%) ($212) (9.70%) $8,224 $8,052 $172 2.13% Less: Noninterest expense, Underlying (non-GAAP) F 1,267 1,271 1,197 (4) (0.30) 70 5.82 5,001 4,630 371 8.00 Operating leverage, Underlying (non-GAAP) (1.09%) (15.52%) (5.87%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 81.13 % 64.21% 56.36 % 1,692 bps 2,477 bps 66.97 % 60.99 % 598 bps Efficiency ratio, Underlying (non-GAAP) F/D 63.77 63.08 54.42 69 bps 935 bps 60.81 57.51 330 bpsEffective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 7.59% 21.51% 21.16 % (1,392) bps (1,357) bps 20.76 % 21.93 % (117) bps Effective income tax rate, Underlying (non-GAAP) J/H 22.25 21.69 21.37 56 bps 88 bps 22.48 22.19 29 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,209 $21,177 $21,276 $32 —% ($67) —% $21,592 $21,724 ($132) (1%) Less: Average goodwill (GAAP) 8,188 8,188 8,171 — — 17 — 8,184 7,872 312 4 Less: Average other intangibles (GAAP) 163 173 199 (10) (6) (36) (18) 177 181 (4) (2) Add: Average deferred tax liabilities related to goodwill (GAAP) 421 422 424 (1) — (3) (1) 422 413 9 2 Average tangible common equity P $13,279 $13,238 $13,330 $41 —% ($51) —% $13,653 $14,084 ($431) (3%) Return on average tangible common equity M/P 4.72 % 12.00% 18.46 % (728) bps (1,374) bps 10.92 % 13.91 % (299) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 11.84 12.51 19.40 (67) bps (756) bps 13.53 16.41 (288) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $223,653 $220,162 $224,970 $3,491 2% ($1,317) (1%) $222,221 $215,061 $7,160 3% Return on average total assets K/Q 0.33 % 0.78% 1.15 % (45) bps (82) bps 0.72 % 0.96 % (24) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.76 0.81 1.21 (5) bps (45) bps 0.88 1.13 (25) bps $s in millions, except share, per share and ratio data

50 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $223,653 $220,162 $224,970 $3,491 2% ($1,317) (1%) $222,221 $215,061 $7,160 3% Less: Average goodwill (GAAP) 8,188 8,188 8,171 — — 17 — 8,184 7,872 312 4 Less: Average other intangibles (GAAP) 163 173 199 (10) (6) (36) (18) 177 181 (4) (2) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421 422 424 (1) — (3) (1) 422 413 9 2 Average tangible assets R $215,723 $212,223 $217,024 $3,500 2% ($1,301) (1%) $214,282 $207,421 $6,861 3% Return on average total tangible assets K/R 0.35 % 0.81% 1.19 % (46) bps (84) bps 0.75 % 1.00 % (25) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.78 0.84 1.25 (6) bps (47) bps 0.92 1.17 (25) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 466,418,055 466,221,795 492,282,158 196,260 —% (25,864,103) (5%) 466,418,055 492,282,158 (25,864,103) (5%) Common stockholders' equity (GAAP) $22,329 $20,864 $21,676 $1,465 7 $653 3 $22,329 $21,676 $653 3 Less: Goodwill (GAAP) 8,188 8,188 8,173 — — 15 — 8,188 8,173 15 — Less: Other intangible assets (GAAP) 157 167 197 (10) (6) (40) (20) 157 197 (40) (20) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 433 421 422 12 3 11 3 433 422 11 3 Tangible common equity T $14,417 $12,930 $13,728 $1,487 12% $689 5% $14,417 $13,728 $689 5% Tangible book value per common share T/S $30.91 $27.73 $27.88 $3.18 11% $3.03 11% $30.91 $27.88 $3.03 11% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 466,234,324 469,481,085 493,293,981 (3,246,761) (1%) (27,059,657) (5%) 475,089,384 475,959,815 (870,431) —% Average common shares outstanding - diluted (GAAP) V 468,159,167 471,183,719 495,478,398 (3,024,552) (1) (27,319,231) (6) 476,693,148 477,803,142 (1,109,994) — Net income per average common share - basic (GAAP) M/U $0.34 $0.85 $1.26 ($0.51) (60) ($0.92) (73) $3.14 $4.12 ($0.98) (24) Net income per average common share - diluted (GAAP) M/V 0.34 0.85 1.25 (0.51) (60) (0.91) (73) 3.13 4.10 (0.97) (24) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.85 0.89 1.32 (0.04) (4) (0.47) (36) 3.89 4.86 (0.97) (20) Net income per average common share - diluted, Underlying (non-GAAP) N/V 0.85 0.89 1.32 (0.04) (4) (0.47) (36) 3.88 4.84 (0.96) (20) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% $1.68 $1.62 $0.06 4 Dividend payout ratio W/(M/U) 124 % 49 % 33 % 7,412 bps 9,053 bps 54 % 39 % 1,450 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 49 47 32 200 bps 1,700 bps 43 33 1,000 bps $s in millions, except share, per share and ratio data

51 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q23 Change 2023 Change 4Q23 3Q23 4Q22 3Q23 4Q22 2023 2022 2022 $/bps % $/bps % $/bps % Other income, Underlying Other income (GAAP) $20 $18 $36 $2 11% ($16) (44%) $78 $82 ($4) (5%) Less: Notable items — — — — — — — — (31) 31 100 Other income, Underlying (non-GAAP) $20 $18 $36 $2 11% ($16) (44%) $78 $113 ($35) (31%) Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $667 $659 $633 $8 1% $34 5% $2,599 $2,549 $50 2% Less: Notable items 32 5 15 27 NM 17 113 67 110 (43) (39) Salaries and employee benefits, Underlying (non-GAAP) $635 $654 $618 ($19) (3%) $17 3% $2,532 $2,439 $93 4% Equipment and software, Underlying: Equipment and software (GAAP) $215 $191 $170 $24 13% $45 26% $756 $648 $108 17% Less: Notable items 37 6 2 31 NM 35 NM 51 10 41 NM Equipment and software, Underlying (non- GAAP) $178 $185 $168 ($7) (4%) $10 6% $705 $638 $67 11% Outside services, Underlying: Outside services (GAAP) $174 $160 $170 $14 9% $4 2% $687 $700 ($13) (2%) Less: Notable items 13 7 17 6 86 (4) (24) 68 113 (45) (40) Outside services, Underlying (non-GAAP) $161 $153 $153 $8 5% $8 5% $619 $587 $32 5% Occupancy, Underlying: Occupancy (GAAP) $125 $107 $110 $18 17% $15 14% $492 $410 $82 20% Less: Notable items 20 2 2 18 NM 18 NM 70 5 65 NM Occupancy, Underlying (non-GAAP) $105 $105 $108 $— —% ($3) (3%) $422 $405 $17 4% Other operating expense, Underlying: Other operating expense (GAAP) $431 $176 $157 $255 145% $274 175% $973 $585 $388 66% Less: Notable items 243 2 7 241 NM 236 NM 250 24 226 NM Other operating expense, Underlying (non- GAAP) $188 $174 $150 $14 8% $38 25% $723 $561 $162 29% $s in millions, except share, per share and ratio data

52 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q23 1Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $506 $485 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $506 $485 Total revenue, Underlying: Total revenue (GAAP) C $2,094 $2,128 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,094 $2,128 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,306 $1,296 Less: Notable items 73 66 Noninterest expense, Underlying (non-GAAP) F $1,233 $1,230 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 62.3 % 60.9% Efficiency ratio, Underlying (non-GAAP) F/D 58.9 57.8

53 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 4Q23 3Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,358 $ 18,360 Less: AFS securities - AOCI 1,511 2,341 HTM securities - AOCI(1) 827 854 DTA for AFS/HTM securities 14 26 Pension 333 367 DTA for Pension 1 2 CET 1 capital adjusted for AOCI opt-out removal A $15,672 $14,770 Risk-weighted assets 172,601 176,407 Less: HTM securities - AOCI 146 151 AFS securities - AOCI 243 376 DTA for AFS/HTM securities (1,901) (2,585) Pension 333 364 DTA for Pension (287) (318) Risk-weighted assets adjusted for AOCI opt-out removal B $174,067 $178,419 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.0 % 8.3 % $s in millions, except share, per share and ratio data (1 "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

54 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 3Q23 4Q22 2023 2022 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $159 $400 $621 $1,491 $1,960 Add: Notable items, net of income tax benefit 237 18 32 357 352 Net income available to common stockholders, Underlying (non-GAAP) A $396 $418 $653 $1,848 $2,312 Private Bank Net income available to common stockholders, (GAAP) (27) (27) — (59) — Less: Private Bank Notable Items (1) (1) — (7) — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($26) ($26) $— ($52) $— Non-Core Net income available to common stockholders, (GAAP) C ($72) ($67) ($23) ($244) $142 Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $494 $511 $676 $2,144 $2,170 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,209 $21,177 $21,276 $21,592 $21,724 Less: Average goodwill (GAAP) 8,188 8,188 8,171 8,184 7,872 Less: Average other intangibles (GAAP) 163 173 199 177 181 Add: Average deferred tax liabilities related to goodwill (GAAP) 421 422 424 422 413 Average tangible common equity E $13,279 $13,238 $13,330 $13,653 $14,084 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 14.8 % 15.3 % 20.1 % 15.7 % 15.4 %

55 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q23 3Q23 4Q22 2023 2022 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $223,653 $220,162 $224,970 $222,221 $215,061 Less: Average goodwill (GAAP) 8,188 8,188 8,171 8,184 7,872 Less: Average other intangibles (GAAP) 163 173 199 177 181 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 421 422 424 422 413 Average tangible assets $215,723 $212,223 $217,024 $214,282 $207,421 Less: Private Bank Average total assets (GAAP) 83 5 — 22 — Less: Non-Core Average total assets (GAAP) 11,776 13,113 16,752 13,745 18,121 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $203,864 $199,106 $200,272 $200,515 $189,300 Net income, Underlying: Net income (GAAP) $189 $430 $653 $1,608 $2,073 Add: Notable items, net of income tax benefit 237 18 32 357 352 Net income, Underlying (non-GAAP) B $426 $448 $685 $1,965 $2,425 Private Bank Net income (GAAP) (27) (27) — (59) — Less: Private Bank Notables (1) (1) — (7) — Net income Private Bank, Underlying (non-GAAP) C ($26) ($26) $— ($52) $— Non-Core Net income (GAAP) D (72) (67) (23) (244) 142 Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $524 $541 $708 $2,261 $2,283 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 1.02 % 1.08 % 1.40 % 1.13 % 1.21 %

56 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q 2023 (GAAP) 4Q 2023 Notables 4Q 2023 (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 551 $ 1,081 $ (104) $ 1,528 $ 4.8 $ (45) $ — $ — $ — $ 1,528 $ 4.8 $ (45) $ 1,488 Noninterest income 196 265 39 500 0.4 — — — — 500 0.4 — 500 Total revenue 747 1,346 (65) 2,028 5.2 (45) — — — 2,028 5.2 (45) 1,988 Noninterest Expense 324 863 355 1,542 42.2 28 343 1.7 — 1,199 40.6 28 1,267 Pre-provision profit 423 483 (420) 486 (37.0) (73) (343) (1.7) — 829 (35.3) (73) 721 Provision for credit losses 65 82 — 147 — 24 — — — 147 — 24 171 Income before income tax expense 358 401 (420) 339 (37.0) (97) (343) (1.7) — 682 (35.3) (97) 550 Income tax expense 89 105 (143) 51 (9.6) (25) (107) (0.4) — 158 (9.2) (25) 124 Net income 269 296 (277) 288 (27.4) (72) (236) (1.3) — 524 (26.1) (72) 426 Preferred dividends — — 30 30 — — — — — 30 — — 30 Net income available to common stockholders $ 269 $ 296 $ (308) $ 258 $ (27.4) $ (72) $ (236) $ (1.3) $ — $ 494 $ (26.1) $ (72) $ 396 Contribution to total CFG Diluted EPS $ 0.57 $ 0.64 $ (0.66) $ 0.55 $ (0.06) $ (0.15) $ (0.51) $ — $ — $ 1.06 $ (0.06) $ (0.15) $ 0.85 $s in billions Interest-earning assets (spot) $ 69 $ 68 $ 49 $ 186 $ 0.3 $ 11 $— $— $— $186 $0.3 $11 $197 Loans (spot) 68 66 1 135 0.3 11 — — — 135 0.3 11 146 Deposits (spot) 46 119 11 176 1.2 — — — — 176 1.2 — 177 Risk-weighted assets (spot) $ 90 $ 56 $ 15 $ 161 $ 0.3 $ 11 $— $— $— $161 $0.3 $11 $173 Performance metrics: Net interest margin, FTE(4) 3.18 % (1.54) % 3.18 % (1.54) % 2.91 % Loans-to-deposit ratio (spot) 76.4 % 20.9 % 76.4 % 20.9 % 82.3 % CET1 capital ratio(5) 11.5 % 11.5 % 10.6 % ROTCE 7.7 % 14.8 % 11.8 % Efficiency ratio 76.1 % 59.2 % 63.8 % Noninterest income as a % of total revenue 24.6 % 24.6 % 25.2 % (3) *Select totals may not sum due to rounding

57 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q 2023 YTD (GAAP) 4Q 2023 YTD Notables 4Q 2023 YTD (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 2,292 $ 4,182 $ (109) $ 6,365 $ 5.1 $ (129) $ — $ — $ — $ 6,365 $ 5.1 $ (129) $ 6,241 Noninterest income 784 1,067 132 1,983 0.5 — — — — 1,983 0.5 — 1,983 Total revenue 3,076 5,248 23 8,347 5.5 (129) — — — 8,347 5.5 (129) 8,224 Noninterest Expense 1,295 3,457 547 5,299 85.2 123 497 9 — 4,802 76.3 123 5,001 Pre-provision profit 1,781 1,792 (524) 3,049 (79.7) (252) (497) (9) — 3,546 (70.7) (252) 3,223 Provision for credit losses 250 280 79 609 — 78 — — — 609 — 78 687 Income before income tax expense 1,531 1,512 (603) 2,440 (79.7) (330) (497) (9) — 2,937 (70.7) (330) 2,536 Income tax expense 378 394 (243) 529 (20.8) (86) (146) (2) — 675 (18.4) (86) 571 Net income 1,153 1,118 (360) 1,911 (58.9) (244) (350) (7) — 2,261 (52.3) (244) 1,965 Preferred dividends — — 117 117 — — — — — 117 — — 117 Net income available to common stockholders $ 1,153 $ 1,118 $ (477) $ 1,794 $ (58.9) $ (244) $ (350) $ (7) $ — $ 2,144 $ (52.3) $ (244) $ 1,848 Contribution to total CFG Diluted EPS $ 2.42 $ 2.33 $ (1.00) $ 3.75 $ (0.12) $ (0.51) $ (0.75) $ (0.01) $ — $ 4.50 $ (0.11) $ (0.51) $ 3.88 $s in billions Interest-earning assets (spot) $ 69 $ 68 $ 49 $ 186 $ 0.3 $ 11 $— $— $— $186 $0.3 $11 $197 Loans (spot) 68 66 1 135 0.3 11 — — — 135 0.3 11 146 Deposits (spot) 46 119 11 176 1.2 — — — — 176 1.2 — 177 Risk-weighted assets (spot) $ 90 $ 56 $ 15 $ 161 $ 0.3 $ 11 $— $— $— $161 $0.3 $11 $173 Performance metrics: Net interest margin, FTE(4) 3.39 % (0.94) % 3.39 % (0.94) % 3.10 % Loans-to-deposit ratio (spot) 76.4 % 20.9 % 76.4 % 20.9 % 82.3 % CET1 capital ratio(5) 11.5 % 11.5 % 10.6 % ROTCE 13.1 % 15.7 % 13.5 % Efficiency ratio 63.5 % 57.5 % 60.8 % Noninterest income as a % of total revenue 23.8 % 23.8 % 24.1 % (3) *Select totals may not sum due to rounding

EX-99.3

Financial Supplement

Fourth Quarter and Full Year 2023

1

Table of Contents	Page
Consolidated Financial Highlights	3
Consolidated Statements of Operations (unaudited)	5
Consolidated Balance Sheets (unaudited)	6
Loans and Deposits	7
Average Balance Sheets, Annualized Yields and Rates	8
Mortgage Banking Fees	10
Segment Financial Highlights	11
Credit-Related Information:
Nonaccrual loans and leases	15
Loans and Leases 90 Days or More Past Due and Accruing	16
Charge-offs, Recoveries, and Related Ratios	17
Summary of Changes in the Components of the Allowance for Credit Losses	19
Capital and Ratios	20
Non-GAAP Financial Measures and Reconciliations	21
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

2

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)

	QUARTERLY TRENDS																		FULL YEAR
											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$1,988		$2,014		$2,094		$2,128		$2,200		($26)		(1	%)	($212)		(10	%)	$8,224		$8,021		$203		3	%
Noninterest expense	1,612		1,293		1,306		1,296		1,240		319		25		372		30		5,507		4,892		615		13
Profit before provision (benefit) for credit losses	376		721		788		832		960		(345)		(48)		(584)		(61)		2,717		3,129		(412)		(13)
Provision (benefit) for credit losses	171		172		176		168		132		(1)		(1)		39		30		687		474		213		45
NET INCOME	189		430		478		511		653		(241)		(56)		(464)		(71)		1,608		2,073		(465)		(22)
Net income, Underlying1	426		448		531		560		685		(22)		(5)		(259)		(38)		1,965		2,425		(460)		(19)
Net income available to common stockholders	159		400		444		488		621		(241)		(60)		(462)		(74)		1,491		1,960		(469)		(24)
Net income available to common stockholders, Underlying1	396		418		497		537		653		(22)		(5)		(257)		(39)		1,848		2,312		(464)		(20)
PER COMMON SHARE DATA
Basic earnings	$0.34		$0.85		$0.93		$1.00		$1.26		($0.51)		(60	%)	($0.92)		(73	%)	$3.14		$4.12		($0.98)		(24	%)
Diluted earnings	0.34		0.85		0.92		1.00		1.25		(0.51)		(60)		(0.91)		(73)		3.13		4.10		(0.97)		(24)
Basic earnings, Underlying1	0.85		0.89		1.04		1.10		1.32		(0.04)		(4)		(0.47)		(36)		3.89		4.86		(0.97)		(20)
Diluted earnings, Underlying1	0.85		0.89		1.04		1.10		1.32		(0.04)		(4)		(0.47)		(36)		3.88		4.84		(0.96)		(20)
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—		1.68		1.62		0.06		4
Book value per common share	47.87		44.75		45.44		45.84		44.03		3.12		7		3.84		9		47.87		44.03		3.84		9
Tangible book value per common share	30.91		27.73		28.72		29.44		27.88		3.18		11		3.03		11		30.91		27.88		3.03		11
Dividend payout ratio	124	%	49	%	45	%	42	%	33	%	7,412	bps			9,053	bps			54	%	39	%	1,450	bps
Dividend payout ratio, Underlying1	49		47		40		38		32		200	bps			1,700	bps			43		33		1,000	bps
COMMON SHARES OUTSTANDING
Average: Basic	466,234,324		469,481,085		479,470,543		485,444,313		493,293,981		(3,246,761)		(1	%)	(27,059,657)		(5	%)	475,089,384		475,959,815		(870,431)		—	%
Diluted	468,159,167		471,183,719		480,975,281		487,712,146		495,478,398		(3,024,552)		(1)		(27,319,231)		(6)		476,693,148		477,803,142		(1,109,994)		—
Common shares at period-end	466,418,055		466,221,795		474,682,759		483,982,264		492,282,158		196,260		—		(25,864,103)		(5)		466,418,055		492,282,158		(25,864,103)		(5)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)

	QUARTERLY TRENDS																FULL YEAR
											4Q23 Change										2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23			4Q22			2023		2022		2022
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	2.90	%	3.03	%	3.16	%	3.29	%	3.29	%	(13) bps			(39) bps			3.09	%	3.10	%	(1)	bps
Net interest margin, FTE1	2.91		3.03		3.17		3.30		3.30		(12)			(39)			3.10		3.10		—
Return on average common equity	2.96		7.50		8.00		9.11		11.56		(454)			(860)			6.90		9.02		(212)
Return on average common equity, Underlying2	7.41		7.82		8.97		10.01		12.15		(41)			(474)			8.56		10.64		(208)
Return on average tangible common equity	4.72		12.00		12.42		14.38		18.46		(728)			(1,374)			10.92		13.91		(299)
Return on average tangible common equity, Underlying2	11.84		12.51		13.93		15.80		19.40		(67)			(756)			13.53		16.41		(288)
Return on average total assets	0.33		0.78		0.86		0.93		1.15		(45)			(82)			0.72		0.96		(24)
Return on average total assets, Underlying2	0.76		0.81		0.96		1.02		1.21		(5)			(45)			0.88		1.13		(25)
Return on average total tangible assets	0.35		0.81		0.89		0.97		1.19		(46)			(84)			0.75		1.00		(25)
Return on average total tangible assets, Underlying2	0.78		0.84		0.99		1.06		1.25		(6)			(47)			0.92		1.17		(25)
Effective income tax rate	7.59		21.51		22.09		22.97		21.16		(1,392)			(1,357)			20.76		21.93		(117)
Effective income tax rate, Underlying2	22.25		21.69		22.51		23.25		21.37		56			88			22.48		22.19		29
Efficiency ratio	81.13		64.21		62.34		60.90		56.36		1,692			2,477			66.97		60.99		598
Efficiency ratio, Underlying2	63.77		63.08		58.86		57.84		54.42		69			935			60.81		57.51		330
Noninterest income as a % of total revenue	25.16		24.44		24.14		22.81		22.92		72			224			24.12		25.04		(92)
Noninterest income as a % of total revenue, Underlying2	25.16		24.44		24.14		22.81		22.92		72			224			24.12		25.33		(121)
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.6	%	10.4	%	10.3	%	10.0	%	10.0	%
Tier 1 capital ratio	11.8		11.5		11.4		11.1		11.1
Total capital ratio	13.7		13.4		13.3		12.9		12.8
Tier 1 leverage ratio	9.3		9.4		9.4		9.4		9.3
Tangible common equity ratio	6.7		5.9		6.3		6.6		6.3
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	82.30	%	84.03	%	85.17	%	89.83	%	86.69	%	(173)	bps		(439)	bps		82.30	%	86.69	%	(439)	bps
Loan-to-deposit ratio (average balances)	83.54		85.46		88.73		89.76		87.74		(192)	bps		(420)	bps		86.83		86.77		6	bps
Full-time equivalent colleagues (period-end)	17,570		18,214		18,468		18,547		18,889		(644)		(4)	(1,319)		(7)	17,570		18,889		(1,319)		(7)

1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

	QUARTERLY TRENDS											FULL YEAR
						4Q23 Change								2023 Change
	4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$2,144	$2,166	$2,132	$2,047	$1,893	($22)	(1	%)	$251	13	%	$8,489	$5,968	$2,521	42	%
Interest and fees on loans held for sale	18	20	20	15	16	(2)	(10)		2	13		73	67	6	9
Interest and fees on other loans held for sale	4	8	12	5	10	(4)	(50)		(6)	(60)		29	57	(28)	(49)
Investment securities	339	290	267	266	258	49	17		81	31		1,162	840	322	38
Interest-bearing deposits in banks	171	111	100	69	75	60	54		96	128		451	128	323	NM
Total interest income	2,676	2,595	2,531	2,402	2,252	81	3		424	19		10,204	7,060	3,144	45
INTEREST EXPENSE
Deposits	974	898	723	550	396	76	8		578	146		3,145	651	2,494	NM
Short-term borrowed funds	7	8	22	6	2	(1)	(13)		5	250		43	23	20	87
Long-term borrowed funds	207	167	198	203	159	40	24		48	30		775	374	401	107
Total interest expense	1,188	1,073	943	759	557	115	11		631	113		3,963	1,048	2,915	NM
Net interest income	1,488	1,522	1,588	1,643	1,695	(34)	(2)		(207)	(12)		6,241	6,012	229	4
NONINTEREST INCOME
Service charges and fees	104	105	101	100	105	(1)	(1)		(1)	(1)		410	420	(10)	(2)
Capital markets fees	87	67	82	83	98	20	30		(11)	(11)		319	368	(49)	(13)
Card fees	70	74	80	72	71	(4)	(5)		(1)	(1)		296	273	23	8
Trust and investment services fees	68	63	65	63	61	5	8		7	11		259	249	10	4
Mortgage banking fees	57	69	59	57	54	(12)	(17)		3	6		242	261	(19)	(7)
Foreign exchange and derivative products	43	48	44	48	35	(5)	(10)		8	23		183	188	(5)	(3)
Letter of credit and loan fees	42	43	43	40	41	(1)	(2)		1	2		168	159	9	6
Securities gains, net	9	5	9	5	4	4	80		5	125		28	9	19	211
Other income	20	18	23	17	36	2	11		(16)	(44)		78	82	(4)	(5)
Total noninterest income	500	492	506	485	505	8	2		(5)	(1)		1,983	2,009	(26)	(1)
TOTAL REVENUE	1,988	2,014	2,094	2,128	2,200	(26)	(1)		(212)	(10)		8,224	8,021	203	3
Provision (benefit) for credit losses	171	172	176	168	132	(1)	(1)		39	30		687	474	213	45
NONINTEREST EXPENSE
Salaries and employee benefits	667	659	615	658	633	8	1		34	5		2,599	2,549	50	2
Equipment and software	215	191	181	169	170	24	13		45	26		756	648	108	17
Outside services	174	160	177	176	170	14	9		4	2		687	700	(13)	(2)
Occupancy	125	107	136	124	110	18	17		15	14		492	410	82	20
Other operating expense	431	176	197	169	157	255	145		274	175		973	585	388	66
Total noninterest expense	1,612	1,293	1,306	1,296	1,240	319	25		372	30		5,507	4,892	615	13
Income before income tax expense	205	549	612	664	828	(344)	(63)		(623)	(75)		2,030	2,655	(625)	(24)
Income tax expense	16	119	134	153	175	(103)	(87)		(159)	(91)		422	582	(160)	(27)
Net income	$189	$430	$478	$511	$653	($241)	(56	%)	($464)	(71	%)	$1,608	$2,073	($465)	(22	%)
Net income, Underlying1	$426	$448	$531	$560	$685	($22)	(5	%)	($259)	(38	%)	$1,965	$2,425	($460)	(19	%)
Net income available to common stockholders	$159	$400	$444	$488	$621	($241)	(60	%)	($462)	(74	%)	$1,491	$1,960	($469)	(24	%)
Net income available to common stockholders, Underlying1	$396	$418	$497	$537	$653	($22)	(5	%)	($257)	(39	%)	$1,848	$2,312	($464)	(20	%)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)

PERIOD-END BALANCES	AS OF					DECEMBER 31, 2023 CHANGE
	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	Dec 31, 2022	September 30, 2023			December 31, 2022
						$	%		$	%
ASSETS
Cash and due from banks	$1,794	$1,395	$1,689	$1,283	$1,489	$399	29	%	$305	20	%
Interest-bearing cash and due from banks	9,834	14,005	9,878	6,691	9,058	(4,171)	(30)		776	9
Interest-bearing deposits in banks	405	324	284	320	303	81	25		102	34
Debt securities available for sale, at fair value	29,777	25,069	24,755	23,845	24,007	4,708	19		5,770	24
Debt securities held to maturity	9,184	9,320	9,520	9,677	9,834	(136)	(1)		(650)	(7)
Loans held for sale, at fair value	676	749	1,225	855	774	(73)	(10)		(98)	(13)
Other loans held for sale	103	99	196	1,000	208	4	4		(105)	(50)
Loans and leases	145,959	149,746	151,320	154,688	156,662	(3,787)	(3)		(10,703)	(7)
Less: Allowance for loan and lease losses	(2,098)	(2,080)	(2,044)	(2,017)	(1,983)	(18)	1		(115)	6
Net loans and leases	143,861	147,666	149,276	152,671	154,679	(3,805)	(3)		(10,818)	(7)
Derivative assets	440	522	719	569	842	(82)	(16)		(402)	(48)
Premises and equipment	895	878	876	866	844	17	2		51	6
Bank-owned life insurance	3,291	3,275	3,263	3,244	3,236	16	—		55	2
Goodwill	8,188	8,188	8,188	8,177	8,173	—	—		15	—
Other intangible assets	157	167	175	185	197	(10)	(6)		(40)	(20)
Other assets	13,359	13,613	13,022	12,873	13,089	(254)	(2)		270	2
TOTAL ASSETS	$221,964	$225,270	$223,066	$222,256	$226,733	($3,306)	(1	%)	($4,769)	(2	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$37,107	$38,561	$40,286	$44,326	$49,283	($1,454)	(4	%)	($12,176)	(25	%)
Interest-bearing	140,235	139,636	137,381	127,868	131,441	599	—		8,794	7
Total deposits	177,342	178,197	177,667	172,194	180,724	(855)	—		(3,382)	(2)
Short-term borrowed funds	505	232	1,099	1,018	3	273	118		502	NM
Derivative liabilities	1,562	2,109	2,270	1,704	1,909	(547)	(26)		(347)	(18)
Long-term borrowed funds:
FHLB advances	3,786	7,036	5,029	11,779	8,519	(3,250)	(46)		(4,733)	(56)
Senior debt	5,170	5,258	5,258	5,263	5,555	(88)	(2)		(385)	(7)
Subordinated debt and other debt	4,511	5,060	3,813	1,813	1,813	(549)	(11)		2,698	149
Total long-term borrowed funds	13,467	17,354	14,100	18,855	15,887	(3,887)	(22)		(2,420)	(15)
Other liabilities	4,746	4,500	4,345	4,284	4,520	246	5		226	5
TOTAL LIABILITIES	197,622	202,392	199,481	198,055	203,043	(4,770)	(2)		(5,421)	(3)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,014	2,014	2,014	2,014	2,014	—	—		—	—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	6	6	6	6	6	—	—		—	—
Additional paid-in capital	22,250	22,231	22,207	22,183	22,142	19	—		108	—
Retained earnings	9,816	9,856	9,655	9,416	9,159	(40)	—		657	7
Treasury stock, at cost	(5,986)	(5,986)	(5,734)	(5,475)	(5,071)	—	—		(915)	(18)
Accumulated other comprehensive income (loss)	(3,758)	(5,243)	(4,563)	(3,943)	(4,560)	1,485	28		802	18
TOTAL STOCKHOLDERS' EQUITY	24,342	22,878	23,585	24,201	23,690	1,464	6		652	3
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$221,964	$225,270	$223,066	$222,256	$226,733	($3,306)	(1	%)	($4,769)	(2	%)
Memo: Total tangible common equity	$14,417	$12,930	$13,630	$14,247	$13,728	$1,487	12	%	$689	5	%

6

LOANS AND DEPOSITS

(dollars in millions)

PERIOD-END BALANCES	AS OF					DECEMBER 31, 2023 CHANGE
	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	Dec 31, 2022	Sept 30, 2023			December 31, 2022
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$43,826	$46,753	$48,038	$50,450	$51,836	($2,927)	(6	%)	($8,010)	(15	%)
Commercial real estate	29,471	29,486	28,947	28,999	28,865	(15)	—		606	2
Leases	1,148	1,218	1,294	1,417	1,479	(70)	(6)		(331)	(22)
Total commercial	74,445	77,457	78,279	80,866	82,180	(3,012)	(4)		(7,735)	(9)
Residential mortgages	31,332	30,983	30,769	30,362	29,921	349	1		1,411	5
Home equity	15,040	14,729	14,487	14,135	14,043	311	2		997	7
Automobile	8,258	9,290	10,428	11,535	12,292	(1,032)	(11)		(4,034)	(33)
Education	11,834	12,134	12,246	12,634	12,808	(300)	(2)		(974)	(8)
Other retail	5,050	5,153	5,111	5,156	5,418	(103)	(2)		(368)	(7)
Total retail	71,514	72,289	73,041	73,822	74,482	(775)	(1)		(2,968)	(4)
Total loans and leases	$145,959	$149,746	$151,320	$154,688	$156,662	($3,787)	(3	%)	($10,703)	(7	%)
Loans held for sale, at fair value	676	749	1,225	855	774	(73)	(10)		(98)	(13)
Other loans held for sale	103	99	196	1,000	208	4	4		(105)	(50)
Loans and leases and loans held for sale	$146,738	$150,594	$152,741	$156,543	$157,644	($3,856)	(3	%)	($10,906)	(7	%)
DEPOSITS
Demand	$37,107	$38,561	$40,286	$44,326	$49,283	($1,454)	(4	%)	($12,176)	(25	%)
Money market	53,812	53,517	52,542	48,905	49,905	295	1		3,907	8
Checking with interest	31,876	33,355	35,028	34,496	39,721	(1,479)	(4)		(7,845)	(20)
Savings	27,983	29,139	29,824	29,789	29,805	(1,156)	(4)		(1,822)	(6)
Term	26,564	23,625	19,987	14,678	12,010	2,939	12		14,554	121
Total deposits	$177,342	$178,197	$177,667	$172,194	$180,724	($855)	—	%	($3,382)	(2	%)

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
	QUARTERLY TRENDS												4Q23 Change
	4Q23				3Q23				4Q22				3Q23			4Q22
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate	Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$12,387	$171	5.43	%	$8,005	$111	5.42	%	$6,915	$75	4.22	%	$4,382	$60	1 bps	$5,472	$96	121 bps
Taxable investment securities	41,497	339	3.25		39,271	290	2.95		38,770	258	2.66		2,226	49	30	2,727	81	59
Non-taxable investment securities	2	—	2.66		2	—	2.68		2	—	2.39		—	—	(2)	—	—	27
Total investment securities	41,499	339	3.25		39,273	290	2.95		38,772	258	2.66		2,226	49	30	2,727	81	59
Commercial and industrial	45,433	706	6.07		47,658	750	6.17		52,311	652	4.89		(2,225)	(44)	(10)	(6,878)	54	118
Commercial real estate	29,460	476	6.32		29,353	467	6.23		28,735	382	5.19		107	9	9	725	94	113
Leases	1,185	10	3.54		1,250	12	3.56		1,422	12	3.25		(65)	(2)	(2)	(237)	(2)	29
Total commercial	76,078	1,192	6.13		78,261	1,229	6.15		82,468	1,046	4.97		(2,183)	(37)	(2)	(6,390)	146	116
Residential mortgages	31,146	276	3.55		30,838	267	3.46		29,677	246	3.32		308	9	9	1,469	30	23
Home equity	14,889	302	8.04		14,589	286	7.77		13,869	204	5.84		300	16	27	1,020	98	220
Automobile	8,752	94	4.24		9,849	103	4.16		12,692	125	3.90		(1,097)	(9)	8	(3,940)	(31)	34
Education	11,971	156	5.17		12,147	156	5.11		12,929	148	4.54		(176)	—	6	(958)	8	63
Other retail	5,133	124	9.64		5,107	125	9.67		5,464	124	9.02		26	(1)	(3)	(331)	—	62
Total retail	71,891	952	5.27		72,530	937	5.14		74,631	847	4.52		(639)	15	13	(2,740)	105	75
Total loans and leases	147,969	2,144	5.71		150,791	2,166	5.66		157,099	1,893	4.75		(2,822)	(22)	5	(9,130)	251	96
Loans held for sale, at fair value	1,047	18	6.79		1,204	20	6.72		1,179	16	5.32		(157)	(2)	7	(132)	2	147
Other loans held for sale	219	4	7.72		321	8	9.01		557	10	6.70		(102)	(4)	(129)	(338)	(6)	102
Total interest-earning assets	203,121	2,676	5.20		199,594	2,595	5.13		204,522	2,252	4.35		3,527	81	7	(1,401)	424	85
Noninterest-earning assets	20,532				20,568				20,448				(36)			84
TOTAL ASSETS	$223,653				$220,162				$224,970				$3,491			($1,317)
INTEREST-BEARING LIABILITIES
Checking with interest	$31,788	113	1.40		$33,545	126	1.49		$36,952	77	0.82		($1,757)	(13)	(9)	($5,164)	$36	58
Money market	53,003	444	3.32		52,057	415	3.17		50,228	208	1.65		946	29	15	2,775	236	167
Regular savings	28,455	123	1.72		29,516	123	1.65		29,780	58	0.78		(1,061)	—	7	(1,325)	65	94
Term	25,492	294	4.59		21,604	234	4.29		11,378	53	1.83		3,888	60	30	14,114	241	276
Total interest-bearing deposits	138,738	974	2.79		136,722	898	2.60		128,338	396	1.23		2,016	76	19	10,400	578	156
Short-term borrowed funds	491	7	5.63		506	8	6.21		262	2	3.83		(15)	(1)	(58)	229	5	180
FHLB advances	5,751	83	5.62		4,023	56	5.54		8,818	82	3.67		1,728	27	8	(3,067)	1	195
Senior debt	5,217	57	4.34		5,259	56	4.33		5,397	55	4.05		(42)	1	1	(180)	2	29
Subordinated debt and other debt	4,720	67	5.71		3,920	55	5.43		1,812	22	4.59		800	12	28	2,908	45	112
Total long-term borrowed funds	15,688	207	5.22		13,202	167	5.02		16,027	159	3.91		2,486	40	20	(339)	48	131
Total borrowed funds	16,179	214	5.24		13,708	175	5.07		16,289	161	3.90		2,471	39	17	(110)	53	134
Total interest-bearing liabilities	154,917	1,188	3.04		150,430	1,073	2.83		144,627	557	1.53		4,487	115	21	10,290	631	151
Demand deposits	38,390				39,728				50,706				(1,338)			(12,316)
Other noninterest-bearing liabilities	7,123				6,813				6,347				310			776
TOTAL LIABILITIES	200,430				196,971				201,680				3,459			(1,250)
STOCKHOLDERS' EQUITY	23,223				23,191				23,290				32			(67)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$223,653				$220,162				$224,970				$3,491			($1,317)
INTEREST RATE SPREAD			2.16	%			2.30	%			2.82	%			(14)			(66)
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,488	2.90	%		$1,522	3.03	%		$1,695	3.29	%		($34)	(13)		($207)	(39)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$1,492	2.91	%		$1,526	3.03	%		$1,699	3.30	%		($34)	(12)		($207)	(39)
Memo: Total deposits (interest-bearing and demand)	$177,128	$974	2.18	%	$176,450	$898	2.02	%	$179,044	$396	0.88	%	$678	$76	16 bps	($1,916)	$578	130 bps

1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
	FULL YEAR								2023 Change
	2023				2022				2022
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$8,531	$451	5.22	%	$6,195	$128	2.04	%	$2,336	$323	318	bps
Taxable investment securities	39,437	1,162	2.94		35,639	840	2.35		3,798	322	59
Non-taxable investment securities	2	—	2.68		3	—	2.33		(1)	—	35
Total investment securities	39,439	1,162	2.94		35,642	840	2.35		3,797	322	59
Commercial and industrial	48,693	2,956	5.99		50,002	1,942	3.83		(1,309)	1,014	216
Commercial real estate	29,206	1,804	6.09		24,746	1,026	4.09		4,460	778	200
Leases	1,305	46	3.53		1,521	46	3.00		(216)	—	53
Total commercial	79,204	4,806	5.99		76,269	3,014	3.90		2,935	1,792	209
Residential mortgages	30,660	1,052	3.43		27,759	876	3.16		2,901	176	27
Home equity	14,475	1,092	7.54		13,057	555	4.25		1,418	537	329
Automobile	10,374	429	4.13		13,729	507	3.69		(3,355)	(78)	44
Education	12,333	621	5.04		13,047	560	4.29		(714)	61	75
Other retail	5,171	489	9.46		5,483	456	8.31		(312)	33	115
Total retail	73,013	3,683	5.04		73,075	2,954	4.04		(62)	729	100
Total loans and leases	152,217	8,489	5.53		149,344	5,968	3.97		2,873	2,521	156
Loans held for sale, at fair value	1,160	73	6.26		1,767	67	3.77		(607)	6	249
Other loans held for sale	339	29	8.43		1,188	57	4.71		(849)	(28)	372
Total interest-earning assets	201,686	10,204	5.02		194,136	7,060	3.61		7,550	3,144	141
Noninterest-earning assets	20,535				20,925				(390)
TOTAL ASSETS	$222,221				$215,061				$7,160
INTEREST-BEARING LIABILITIES
Checking with interest	$33,960	446	1.31		$36,127	142	0.39		($2,167)	304	92
Money market	51,178	1,494	2.92		48,410	320	0.66		2,768	1,174	226
Regular savings	29,266	433	1.48		27,524	100	0.37		1,742	333	111
Term	19,320	772	4.00		8,330	89	1.07		10,990	683	293
Total interest-bearing deposits	133,724	3,145	2.35		120,391	651	0.54		13,333	2,494	181
Short-term borrowed funds	746	43	5.70		1,584	23	1.47		(838)	20	423
FHLB advances	7,431	383	5.09		5,659	149	2.60		1,772	234	249
Senior debt	5,335	231	4.33		4,631	144	3.11		704	87	122
Subordinated debt and other debt	3,087	161	5.21		1,788	81	4.44		1,299	80	77
Total long-term borrowed funds	15,853	775	4.86		12,078	374	3.07		3,775	401	179
Total borrowed funds	16,599	818	4.89		13,662	397	2.88		2,937	421	201
Total interest-bearing liabilities	150,323	3,963	2.63		134,053	1,048	0.78		16,270	2,915	185
Demand deposits	41,581				51,717				(10,136)
Other noninterest-bearing liabilities	6,711				5,553				1,158
TOTAL LIABILITIES	198,615				191,323				7,292
STOCKHOLDERS' EQUITY	23,606				23,738				(132)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$222,221				$215,061				$7,160
INTEREST RATE SPREAD			2.39	%			2.83	%			(44)
NET INTEREST MARGIN AND NET INTEREST INCOME		$6,241	3.09	%		$6,012	3.10	%		$229	(1)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$6,258	3.10	%		$6,023	3.10	%		$235	—
Memo: Total deposits (interest-bearing and demand)	$175,305	$3,145	1.79	%	$172,108	$651	0.38	%	$3,197	$2,494	141	bps

1Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

9

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)

	QUARTERLY TRENDS																		FULL YEAR
											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$11		$19		$23		$18		$12		($8)		(42	%)	($1)		(8	%)	$71		$84		($13)		(15	%)
Mortgage servicing revenue	37		35		34		37		40		2		6		(3)		(8)		143		147		(4)		(3)
MSR valuation changes, net of hedge impact	9		15		2		2		2		(6)		(40)		7		NM		28		30		(2)		(7)
Total mortgage banking fees	$57		$69		$59		$57		$54		($12)		(17	%)	$3		6	%	$242		$261		($19)		(7	%)
Pull-through adjusted locks	$1,412		$2,397		$2,870		$2,078		$1,665		($985)		(41	%)	($253)		(15	%)	$8,757		$13,413		($4,656)		(35	%)
Production revenue as a percentage of Pull-through adjusted locks	0.78	%	0.79	%	0.79	%	0.90	%	0.72	%	(1)	bps			6	bps			0.81	%	0.63	%	19	bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$958		$1,146		$1,260		$1,011		$1,103		($188)		(16	%)	($145)		(13	%)	$4,375		$8,951		($4,576)		(51	%)
Third Party	1,214		2,285		2,350		1,333		1,652		(1,071)		(47)		(438)		(27)		7,182		12,019		(4,837)		(40)
Total	$2,172		$3,431		$3,610		$2,344		$2,755		($1,259)		(37	%)	(583)		(21	%)	$11,557		$20,970		($9,413)		(45	%)
Originated for sale	$1,595		$2,815		$2,874		$1,651		$2,044		($1,220)		(43	%)	($449)		(22	%)	$8,935		$15,073		($6,138)		(41	%)
Originated for investment	577		616		736		693		711		(39)		(6)		(134)		(19)		2,622		5,897		(3,275)		(56)
Total	$2,172		$3,431		$3,610		$2,344		$2,755		($1,259)		(37	%)	($583)		(21	%)	$11,557		$20,970		($9,413)		(45	%)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$97,420		$97,603		$96,591		$96,346		$96,698		($183)		—	%	$722		1	%	$97,420		$96,698		$722		1	%
Owned loans serviced	31,640		31,436		31,636		30,827		30,135		204		1		1,505		5		31,640		30,135		1,505		5
Total	$129,060		$129,039		$128,227		$127,173		$126,833		$21		—	%	$2,227		2	%	$129,060		$126,833		$2,227		2	%
MSR at fair value	$1,552		$1,620		$1,524		$1,496		$1,530		($68)		(4	%)	$22		1	%	$1,552		$1,530		$22		1	%

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)

	QUARTERLY TRENDS																		FULL YEAR
CONSUMER BANKING1											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,086		$1,067		$1,023		$1,011		$1,014		$19		2	%	$72		7	%	$4,187		$3,649		$538		15	%
Noninterest income	265		278		268		256		256		(13)		(5)		9		4		1,067		1,063		4		—
Total revenue	1,351		1,345		1,291		1,267		1,270		6		—		81		6		5,254		4,712		542		12
Noninterest expense	905		905		875		857		831		—		—		74		9		3,542		3,255		287		9
Profit (loss) before credit losses	446		440		416		410		439		6		1		7		2		1,712		1,457		255		18
Net charge-offs	82		67		68		63		57		15		22		25		44		280		174		106		61
Income (loss) before income tax expense (benefit)	364		373		348		347		382		(9)		(2)		(18)		(5)		1,432		1,283		149		12
Income tax expense (benefit)	95		97		91		90		98		(2)		(2)		(3)		(3)		373		328		45		14
Net income (loss)	$269		$276		$257		$257		$284		($7)		(3	%)	($15)		(5	%)	$1,059		$955		$104		11	%
AVERAGE BALANCES
Total assets	$73,334		$72,964		$72,583		$71,872		$71,688		$370		1	%	$1,646		2	%	$72,693		$68,027		$4,666		7	%
Total loans and leases2	66,906		66,641		66,289		65,570		65,619		265		—		1,287		2		66,356		62,523		3,833		6
Deposits	118,474		117,979		115,847		115,578		117,164		495		—		1,310		1		116,980		114,482		2,498		2
Interest-earning assets	67,524		67,273		66,933		66,251		66,338		251		—		1,186		2		66,999		63,289		3,710		6
KEY METRICS
Net interest margin	6.40	%	6.28	%	6.12	%	6.20	%	6.07	%	12	bps			33	bps			6.25	%	5.77	%	48	bps
Efficiency ratio	67.08		67.18		67.74		67.70		65.39		(10)	bps			169	bps			67.42		69.08		(166)	bps
Loan-to-deposit ratio (period-end balances)	55.52		55.81		55.35		56.37		54.91		(29)	bps			61	bps			55.52		54.91		61	bps
Loan-to-deposit ratio (average balances)	55.88		55.71		56.44		56.25		55.14		17	bps			74	bps			56.07		53.18		289	bps
Return on average total tangible assets	1.47		1.51		1.43		1.46		1.59		(4)	bps			(12)	bps			1.47		1.41		6	bps

1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.

2 Includes loans held for sale.

11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)

	QUARTERLY TRENDS																		FULL YEAR
COMMERCIAL BANKING											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$551		$560		$584		$597		$595		($9)		(2	%)	($44)		(7	%)	$2,292		$2,103		$189		9	%
Noninterest income	196		180		207		201		198		16		9		(2)		(1)		784		845		(61)		(7)
Total revenue	747		740		791		798		793		7		1		(46)		(6)		3,076		2,948		128		4
Noninterest expense	324		325		315		331		318		(1)		—		6		2		1,295		1,223		72		6
Profit (loss) before credit losses	423		415		476		467		475		8		2		(52)		(11)		1,781		1,725		56		3
Net charge-offs	65		67		71		47		12		(2)		(3)		53		NM		250		46		204		NM
Income (loss) before income tax expense (benefit)	358		348		405		420		463		10		3		(105)		(23)		1,531		1,679		(148)		(9)
Income tax expense (benefit)	89		88		100		101		105		1		1		(16)		(15)		378		375		3		1
Net income (loss)	$269		$260		$305		$319		$358		$9		3	%	($89)		(25	%)	$1,153		$1,304		($151)		(12	%)
AVERAGE BALANCES
Total assets	$72,758		$74,997		$77,546		$78,891		$79,591		($2,239)		(3	%)	($6,833)		(9	%)	$76,028		$74,919		$1,109		1	%
Total loans and leases1	69,899		71,898		74,295		75,734		75,773		(1,999)		(3)		(5,874)		(8)		72,937		70,992		1,945		3
Deposits	46,962		47,221		45,494		48,966		52,303		(259)		(1)		(5,341)		(10)		47,155		49,898		(2,743)		(5)
Interest-earning assets	70,267		72,275		74,687		76,130		76,097		(2,008)		(3)		(5,830)		(8)		73,321		71,276		2,045		3
KEY METRICS
Net interest margin	3.11	%	3.07	%	3.13	%	3.18	%	3.10	%	4	bps			1	bps			3.12	%	2.95	%	17	bps
Efficiency ratio	43.44		43.93		39.76		41.47		40.18		(49)	bps			326	bps			42.10		41.50		60	bps
Loan-to-deposit ratio (period-end balances)	146.09		145.77		150.41		162.54		141.44		32	bps			465	bps			146.09		141.44		465	bps
Loan-to-deposit ratio (average balances)	147.64		150.96		160.89		153.33		143.49		(332)	bps			415	bps			153.12		139.65		1,347	bps
Return on average total tangible assets	1.48		1.39		1.59		1.66		1.80		9	bps			(32)	bps			1.53		1.76		(23)	bps

1 Includes loans held for sale.

12

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)

	QUARTERLY TRENDS																		FULL YEAR
NON-CORE1											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
Net interest income	($45)		($41)		($28)		($15)		$19		($4)		(10	%)	($64)		NM		($129)		$378		($507)		NM
Noninterest income	—		—		—		—		—		—		—		—		—		—		—		—		—
Total revenue	(45)		(41)		(28)		(15)		19		(4)		(10)		(64)		NM		(129)		378		(507)		NM
Noninterest expense	28		30		33		32		31		(2)		(7)		(3)		(10)		123		136		(13)		(10)
Profit (loss) before credit losses	(73)		(71)		(61)		(47)		(12)		(2)		(3)		(61)		NM		(252)		242		(494)		NM
Net charge offs	24		20		13		21		19		4		20		5		26		78		52		26		50
Income (loss) before income tax expense (benefit)	(97)		(91)		(74)		(68)		(31)		(6)		(7)		(66)		(213)		(330)		190		(520)		NM
Income tax expense (benefit)	(25)		(24)		(19)		(18)		(8)		(1)		(4)		(17)		(213)		(86)		48		(134)		NM
Net income (loss)	($72)		($67)		($55)		($50)		($23)		($5)		(7	%)	($49)		(213	%)	($244)		$142		($386)		NM
AVERAGE BALANCES
Total assets	$11,776		$13,113		$14,456		$15,686		$16,752		($1,337)		(10	%)	($4,976)		(30	%)	$13,745		$18,121		($4,376)		(24	%)
Total loans and leases2	11,701		13,010		14,395		15,620		16,683		(1,309)		(10)		(4,982)		(30)		13,669		18,048		(4,379)		(24)
Interest-earning assets	11,726		13,010		14,395		15,620		16,683		(1,284)		(10)		(4,957)		(30)		13,675		18,048		(4,373)		(24)
KEY METRICS
Net interest margin	(1.54)	%	(1.24)	%	(0.77)	%	(0.40)	%	0.47	%	(30)	bps			(201)	bps			(0.94)	%	2.10	%	(304)	bps
Return on average total tangible assets	(2.42)		(2.03)		(1.53)		(1.30)		(0.54)		(39)	bps			(188)	bps			(1.78)		0.78		(256)	bps

1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.

2 Includes loans held for sale.

13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

	QUARTERLY TRENDS											FULL YEAR
OTHER1,2						4Q23 Change								2023 Change
	4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
						$	%		$	%				$	%
Net interest income	($104)	($64)	$9	$50	$67	($40)	(63	%)	($171)	NM		($109)	($118)	$9	8	%
Noninterest income	39	34	31	28	51	5	15		(12)	(24)		132	101	31	31
Total revenue	(65)	(30)	40	78	118	(35)	(117)		(183)	NM		23	(17)	40	NM
Noninterest expense	355	33	83	76	60	322	NM		295	NM		547	278	269	97
Profit (loss) before provision (benefit) for credit losses	(420)	(63)	(43)	2	58	(357)	NM		(478)	NM		(524)	(295)	(229)	(78)
Provision (benefit) for credit losses	—	18	24	37	44	(18)	(100)		(44)	(100)		79	202	(123)	(61)
Income (loss) before income tax expense (benefit)	(420)	(81)	(67)	(35)	14	(339)	NM		(434)	NM		(603)	(497)	(106)	(21)
Income tax expense (benefit)	(143)	(42)	(38)	(20)	(20)	(101)	(240)		(123)	NM		(243)	(169)	(74)	(44)
Net income (loss)	($277)	($39)	($29)	($15)	$34	($238)	NM		($311)	NM		($360)	($328)	($32)	(10)
AVERAGE BALANCES
Total assets	$65,785	$59,088	$57,788	$56,262	$56,939	$6,697	11	%	$8,846	16	%	$59,755	$53,994	$5,761	11	%
Total loans and leases3	729	766	748	773	760	(37)	(5)		(31)	(4)		755	736	19	3
Deposits	11,692	11,250	11,908	9,806	9,577	442	4		2,115	22		11,170	7,728	3,442	45
Interest-earning assets	53,604	47,035	45,482	44,550	45,405	6,569	14		8,199	18		47,691	41,522	6,169	15

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.

3 Includes loans held for sale.

14

CREDIT-RELATED INFORMATION

(dollars in millions)

	AS OF										DECEMBER 31, 2023 CHANGE
	Dec 31, 2023		Sept 30, 2023		June 30, 2023		Mar 31, 2023		Dec 31, 2022		Sept 30, 2023				December 31, 2022
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$294		$242		$280		$297		$249		$52		21	%	$45		18	%
Commercial real estate	477		470		352		140		103		7		1		374		NM
Leases	3		3		3		—		—		—		—		3		100
Total commercial	774		715		635		437		352		59		8		422		120
Residential mortgages1	177		190		201		216		234		(13)		(7)		(57)		(24)
Home equity	285		268		251		240		241		17		6		44		18
Automobile	61		62		51		50		56		(1)		(2)		5		9
Education	28		23		22		23		33		5		22		(5)		(15)
Other retail	39		38		31		30		28		1		3		11		39
Total retail	590		581		556		559		592		9		2		(2)		—
Nonaccrual loans and leases	1,364		1,296		1,191		996		944		68		5		420		44
Repossessed assets	14		15		11		14		16		(1)		(7)		(2)		(13)
Nonaccrual loans and leases and repossessed assets	$1,378		$1,311		$1,202		$1,010		$960		$67		5	%	$418		44	%
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial	$774		$715		$635		$437		$352		$59		8	%	$422		120	%
Retail	604		596		567		573		608		8		1		(4)		(1)
Total nonaccrual loans and leases	$1,378		$1,311		$1,202		$1,010		$960		$67		5	%	$418		44	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.44	%	1.39	%	1.35	%	1.30	%	1.27	%	5	bps			17	bps
Allowance for credit losses to loans and leases	1.59		1.55		1.52		1.47		1.43		4				16
Allowance for loan and lease losses to nonaccrual loans and leases	154		160		172		203		210		(6	%)			(56	%)
Allowance for credit losses to nonaccrual loans and leases	170		179		193		229		237		(9	%)			(67	%)
Nonaccrual loans and leases to loans and leases	0.93		0.87		0.79		0.64		0.60		6	bps			33	bps

1Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

2Nonaccrual loans and leases by product includes repossessed assets.

15

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	AS OF					DECEMBER 31, 2023 CHANGE
	Dec 31, 2023	Sept 30, 2023	June 30, 2023	Mar 31, 2023	Dec 31, 2022	Sept 30, 2023			December 31, 2022
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$6	$4	$2	$21	$21	$2	50	%	($15)	(71	%)
Commercial real estate	40	3	—	63	1	37	NM		39	NM
Leases	—	—	—	—	—	—	—		—	—
Total commercial	46	7	2	84	22	39	NM		24	109
Residential mortgages1	256	217	257	314	319	39	18		(63)	(20)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	3	3	3	4	(1)	(33)		(2)	(50)
Other retail	29	21	20	23	22	8	38		7	32
Total retail	287	241	280	340	345	46	19		(58)	(17)
Total loans and leases	$333	$248	$282	$424	$367	$85	34	%	($34)	(9	%)

1 90+ days past due and accruing includes $243 million, $216 million, $256 million, $309 million, and $316 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2023, September 30, 2023, June 30, 2023, March 31, 2023 and December 31, 2022, respectively.

16

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS											FULL YEAR
						4Q23 Change								2023 Change
	4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$24	$25	$17	$55	$21	($1)	(4	%)	$3	14		$121	$68	$53	78	%
Commercial real estate	49	49	62	4	—	—	—		49	100		164	2	162	NM
Leases	—	—	—	—	—	—	—		—	—		—	—	—	—
Total commercial	73	74	79	59	21	(1)	(1)		52	248		285	70	215	NM
Residential mortgages	3	1	1	1	1	2	200		2	200		6	5	1	20
Home equity	4	3	3	2	2	1	33		2	100		12	9	3	33
Automobile	31	28	24	30	27	3	11		4	15		113	93	20	22
Education	35	27	26	23	24	8	30		11	46		111	78	33	42
Other retail	60	58	56	56	51	2	3		9	18		230	179	51	28
Total retail	133	117	110	112	105	16	14		28	27		472	364	108	30
Total gross charge-offs	$206	$191	$189	$171	$126	$15	8	%	$80	63	%	$757	$434	$323	74	%
GROSS RECOVERIES
Commercial and industrial	$3	$3	$2	$3	$5	$—	—	%	($2)	(40	%)	$11	$17	($6)	(35	%)
Commercial real estate	1	1	—	1	—	—	—		1	100		3	1	2	200
Leases	—	—	1	3	—	—	—		—	—		4	—	4	100
Total commercial	4	4	3	7	5	—	—		(1)	(20)		18	18	—	—
Residential mortgages	1	2	1	—	1	(1)	(50)		—	—		4	6	(2)	(33)
Home equity	5	6	6	5	6	(1)	(17)		(1)	(17)		22	37	(15)	(41)
Automobile	14	13	16	15	14	1	8		—	—		58	57	1	2
Education	5	5	4	5	5	—	—		—	—		19	19	—	—
Other retail	6	8	7	6	7	(2)	(25)		(1)	(14)		27	27	—	—
Total retail	31	34	34	31	33	(3)	(9)		(2)	(6)		130	146	(16)	(11)
Total gross recoveries	$35	$38	$37	$38	$38	($3)	(8	%)	($3)	(8	%)	$148	$164	($16)	(10	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$21	$22	$15	$52	$16	($1)	(5	%)	$5	31		$110	$51	$59	116
Commercial real estate	48	48	62	3	—	—	—		48	100		161	1	160	NM
Leases	—	—	(1)	(3)	—	—	—		—	—		(4)	—	(4)	—
Total commercial	69	70	76	52	16	(1)	(1)		53	NM		267	52	215	NM
Residential mortgages	2	(1)	—	1	—	3	NM		2	100		2	(1)	3	NM
Home equity	(1)	(3)	(3)	(3)	(4)	2	67		3	75		(10)	(28)	18	64
Automobile	17	15	8	15	13	2	13		4	31		55	36	19	53
Education	30	22	22	18	19	8	36		11	58		92	59	33	56
Other retail	54	50	49	50	44	4	8		10	23		203	152	51	34
Total retail	102	83	76	81	72	19	23		30	42		342	218	124	57
Total net charge-offs	$171	$153	$152	$133	$88	$18	12	%	$83	94	%	$609	$270	$339	126	%

17

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS																		FULL YEAR
											4Q23 Change												2023 Change
	4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.18	%	0.18	%	0.12	%	0.40	%	0.12	%	—	bps			6	bps			0.23	%	0.10	%	13	bps
Commercial real estate	0.66		0.65		0.86		0.05		—		1				66				0.56		—		56
Leases	(0.04)		—		(0.22)		(0.85)		(0.06)		(4)				2				(0.29)		(0.03)		(26)
Total commercial	0.36		0.35		0.38		0.26		0.07		1				29				0.34		0.07		27
Residential mortgages	0.02		(0.02)		—		0.01		—		4				2				—		—		—
Home equity	(0.04)		(0.08)		(0.08)		(0.07)		(0.12)		4				8				(0.07)		(0.22)		15
Automobile	0.77		0.60		0.30		0.51		0.42		17				35				0.53		0.26		27
Education	1.00		0.72		0.68		0.57		0.59		28				41				0.74		0.45		29
Other retail	4.13		3.95		3.84		3.81		3.21		18				92				3.93		2.77		116
Total retail	0.56		0.46		0.41		0.44		0.39		10				17				0.47		0.30		17
Total loans and leases	0.46	%	0.40	%	0.40	%	0.34	%	0.22	%	6	bps			24	bps			0.40	%	0.18	%	22	bps
Memo: Average loans
Commercial and industrial	$45,433		$47,658		$49,770		$51,993		$52,311		($2,225)		(5	%)	($6,878)		(13	%)	$48,693		$50,002		($1,309)		(3	%)
Commercial real estate	29,460		29,353		29,115		28,892		28,735		107		—		725		3		29,206		24,746		4,460		18
Leases	1,185		1,250		1,352		1,436		1,422		(65)		(5)		(237)		(17)		1,305		1,521		(216)		(14)
Total commercial	76,078		78,261		80,237		82,321		82,468		(2,183)		(3)		(6,390)		(8)		79,204		76,269		2,935		4
Residential mortgages	31,146		30,838		30,566		30,075		29,677		308		1		1,469		5		30,660		27,759		2,901		10
Home equity	14,889		14,589		14,340		14,073		13,869		300		2		1,020		7		14,475		13,057		1,418		11
Automobile	8,752		9,849		10,997		11,937		12,692		(1,097)		(11)		(3,940)		(31)		10,374		13,729		(3,355)		(24)
Education	11,971		12,147		12,430		12,796		12,929		(176)		(1)		(958)		(7)		12,333		13,047		(714)		(5)
Other retail	5,133		5,107		5,155		5,290		5,464		26		1		(331)		(6)		5,171		5,483		(312)		(6)
Total retail	71,891		72,530		73,488		74,171		74,631		(639)		(1)		(2,740)		(4)		73,013		73,075		(62)		—
Total loans and leases	$147,969		$150,791		$153,725		$156,492		$157,099		($2,822)		(2	%)	($9,130)		(6	%)	$152,217		$149,344		$2,873		2	%

18

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

	QUARTERLY TRENDS											FULL YEAR
						4Q23 Change								2023 Change
	4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,080	$2,044	$2,017	$1,983	$1,980	$36	2	%	$100	5	%	$1,983	$1,758	$225	13	%
Allowance on PCD loans and leases at acquisition:
Commercial	—	—	—	—	—	—	—		—	—		—	99	(99)	(100)
Retail	—	—	—	—	—	—	—		—	—		—	2	(2)	(100)
Total Allowance on PCD loans and leases at acquisition	—	—	—	—	—	—	—		—	—		—	101	(101)	(100)
Charge-offs:
Commercial	73	74	79	59	21	(1)	(1)		52	248		285	70	215	NM
Retail	133	117	110	112	105	16	14		28	27		472	364	108	30
Total charge-offs	206	191	189	171	126	15	8		80	63		757	434	323	74
Recoveries:
Commercial	4	4	3	7	5	—	—		(1)	(20)		18	18	—	—
Retail	31	34	34	31	33	(3)	(9)		(2)	(6)		130	146	(16)	(11)
Total recoveries	35	38	37	38	38	(3)	(8)		(3)	(8)		148	164	(16)	(10)
Net charge-offs	171	153	152	133	88	18	12		83	94		609	270	339	126
Provision (benefit) for loan and lease losses:
Commercial	86	146	122	103	46	(60)	(41)		40	87		457	192	265	138
Retail	103	43	57	64	45	60	140		58	129		267	202	65	32
Total provision (benefit) for loan and lease losses	189	189	179	167	91	—	—		98	108		724	394	330	84
Allowance for loan and lease losses - ending	$2,098	$2,080	$2,044	$2,017	$1,983	$18	1	%	$115	6	%	$2,098	$1,983	$115	6	%
Allowance for unfunded lending commitments - beginning	$238	$255	$258	$257	$216	($17)	(7	%)	$22	10	%	$257	$176	$81	46	%
Allowance on PCD unfunded lending commitments at acquisition	—	—	—	—	—	—	—	%	—	—		—	1	(1)	(100)
Provision (benefit) for unfunded lending commitments	(18)	(17)	(3)	1	41	(1)	(6	%)	(59)	NM		(37)	80	(117)	NM
Allowance for unfunded lending commitments - ending	$220	$238	$255	$258	$257	($18)	(8	%)	($37)	(14)		$220	$257	($37)	(14)
Total allowance for credit losses - ending	$2,318	$2,318	$2,299	$2,275	$2,240	$—	—	%	$78	3	%	$2,318	$2,240	$78	3	%
Memo: Total allowance for credit losses by product
Commercial	$1,425	$1,425	$1,370	$1,326	$1,267	$—	—	%	$158	12	%	$1,425	$1,267	$158	12	%
Retail	893	893	929	949	973	—	—		(80)	(8)		893	973	(80)	(8)
Total allowance for credit losses	$2,318	$2,318	$2,299	$2,275	$2,240	$—	—	%	$78	3	%	$2,318	$2,240	$78	3	%

19

CAPITAL AND RATIOS

(dollars in millions)

	AS OF																FULL YEAR
											DECEMBER 31, 2023 CHANGE								2023 Change
	Dec 31, 2023		Sept 30, 2023		June 30, 2023		Mar 31, 2023		Dec 31, 2022		Sept 30, 2023			December 31, 2022			2023	2022	2022
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,358		$18,360		$18,381		$18,370		$18,574		($2)	—	%	($216)	(1	%)
Tier 1 capital	20,372		20,374		20,395		20,384		20,588		(2)	—		(216)	(1)
Total capital	23,608		23,682		23,748		23,720		23,755		(74)	—		(147)	(1)
Risk-weighted assets	172,601		176,407		179,034		183,246		185,224		(3,806)	(2)		(12,623)	(7)
Adjusted average assets1	219,591		215,877		217,264		217,998		220,779		3,714	2		(1,188)	(1)
CET1 capital ratio	10.6	%	10.4	%	10.3	%	10.0	%	10.0	%
Tier 1 capital ratio	11.8		11.5		11.4		11.1		11.1
Total capital ratio	13.7		13.4		13.3		12.9		12.8
Tier 1 leverage ratio	9.3		9.4		9.4		9.4		9.3
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$22,329		$20,864		$21,571		$22,187		$21,676		$1,465	7	%	$653	3	%	$22,329	$21,676	$653	3	%
Less: Goodwill	8,188		8,188		8,188		8,177		8,173		—	—		15	—		8,188	8,173	15	—
Less: Other intangible assets	157		167		175		185		197		(10)	(6)		(40)	(20)		157	197	(40)	(20)
Add: Deferred tax liabilities2	433		421		422		422		422		12	3		11	3		433	422	11	3
Total tangible common equity	$14,417		$12,930		$13,630		$14,247		$13,728		$1,487	12	%	$689	5	%	$14,417	$13,728	$689	5	%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$21,209		$21,177		$22,289		$21,702		$21,276		$32	—	%	($67)	—	%	$21,592	$21,724	($132)	(1	%)
Less: Goodwill	8,188		8,188		8,182		8,177		8,171		—	—		17	—		8,184	7,872	312	4
Less: Other intangible assets	163		173		181		192		199		(10)	(6)		(36)	(18)		177	181	(4)	(2)
Add: Deferred tax liabilities2	421		422		422		422		424		(1)	—		(3)	(1)		422	413	9	2
Total tangible common equity	$13,279		$13,238		$14,348		$13,755		$13,330		$41	—	%	($51)	—	%	$13,653	$14,084	($431)	(3	%)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,188		$8,188		$8,188		$8,177		$8,173		$—	—	%	$15	—	%	$8,188	$8,173	$15	—	%
Other intangible assets	157		167		175		185		197		(10)	(6)		(40)	(20)		157	197	(40)	(20)
Total intangible assets	$8,345		$8,355		$8,363		$8,362		$8,370		($10)	—	%	($25)	—	%	$8,345	$8,370	($25)	—	%

1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.

20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)

		QUARTERLY TRENDS											FULL YEAR
							4Q23 Change								2023 Change
		4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$500	$492	$506	$485	$505	$8	2	%	($5)	(1	%)	$1,983	$2,009	($26)	(1	%)
Less: Notable items		—	—	—	—	—	—	—		—	—		—	(31)	31	100
Noninterest income, Underlying (non-GAAP)	B	$500	$492	$506	$485	$505	$8	2	%	($5)	(1	%)	$1,983	$2,040	($57)	(3	%)
Total revenue, Underlying:
Total revenue (GAAP)	C	$1,988	$2,014	$2,094	$2,128	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,021	$203	3	%
Less: Notable items		—	—	—	—	—	—	—		—	—		—	(31)	31	100
Total revenue, Underlying (non-GAAP)	D	$1,988	$2,014	$2,094	$2,128	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,052	$172	2	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,612	$1,293	$1,306	$1,296	$1,240	$319	25	%	$372	30	%	$5,507	$4,892	$615	13	%
Less: Notable items		345	22	73	66	43	323	NM		302	NM		506	262	244	93
Noninterest expense, Underlying (non-GAAP)	F	$1,267	$1,271	$1,233	$1,230	$1,197	($4)	—	%	$70	6	%	$5,001	$4,630	$371	8	%
Pre-provision profit:
Total revenue (GAAP)	C	$1,988	$2,014	$2,094	$2,128	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,021	$203	3	%
Less: Noninterest expense (GAAP)	E	1,612	1,293	1,306	1,296	1,240	319	25		372	30		5,507	4,892	615	13
Pre-provision profit (GAAP)		$376	$721	$788	$832	$960	($345)	(48	%)	($584)	(61	%)	$2,717	$3,129	($412)	(13	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,988	$2,014	$2,094	$2,128	$2,200	($26)	(1	%)	($212)	(10	%)	$8,224	$8,052	$172	2	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,267	1,271	1,233	1,230	1,197	(4)	—		70	6		5,001	4,630	371	8
Pre-provision profit, Underlying (non-GAAP)		$721	$743	$861	$898	$1,003	($22)	(3	%)	($282)	(28	%)	$3,223	$3,422	($199)	(6	%)
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$171	$172	$176	$168	$132	($1)	(1	%)	$39	30	%	$687	$474	$213	45	%
Less: Notable items		—	—	—	—	—	—	—		—	—		—	169	(169)	(100)
Provision (benefit) for credit losses, Underlying (non-GAAP)		$171	$172	$176	$168	$132	($1)	(1	%)	$39	30	%	$687	$305	$382	125	%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$205	$549	$612	$664	$828	($344)	(63	%)	($623)	(75	%)	$2,030	$2,655	($625)	(24	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(345)	(22)	(73)	(66)	(43)	(323)	NM		(302)	NM		(506)	(462)	(44)	(10)
Income before income tax expense, Underlying (non-GAAP)	H	$550	$571	$685	$730	$871	($21)	(4	%)	($321)	(37	%)	$2,536	$3,117	($581)	(19	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$16	$119	$134	$153	$175	($103)	(87	%)	($159)	(91	%)	$422	$582	($160)	(27	%)
Less: Income tax expense (benefit) related to notable items		(108)	(4)	(20)	(17)	(11)	(104)	NM		(97)	NM		(149)	(110)	(39)	(35)
Income tax expense, Underlying (non-GAAP)	J	$124	$123	$154	$170	$186	$1	1	%	($62)	(33	%)	$571	$692	($121)	(17	%)
Net income, Underlying:
Net income (GAAP)	K	$189	$430	$478	$511	$653	($241)	(56	%)	($464)	(71	%)	$1,608	$2,073	($465)	(22	%)
Add: Notable items, net of income tax benefit		237	18	53	49	32	219	NM		205	NM		357	352	5	1
Net income, Underlying (non-GAAP)	L	$426	$448	$531	$560	$685	($22)	(5	%)	($259)	(38	%)	$1,965	$2,425	($460)	(19	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$159	$400	$444	$488	$621	($241)	(60	%)	($462)	(74	%)	$1,491	$1,960	($469)	(24	%)
Add: Notable items, net of income tax benefit		237	18	53	49	32	219	NM		205	NM		357	352	5	1
Net income available to common stockholders, Underlying (non-GAAP)	N	$396	$418	$497	$537	$653	($22)	(5	%)	($257)	(39	%)	$1,848	$2,312	($464)	(20	%)

22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

		QUARTERLY TRENDS																		FULL YEAR
												4Q23 Change												2023 Change
		4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$1,988		$2,014		$2,094		$2,128		$2,200		($26)		(1.39	%)	($212)		(9.70	%)	$8,224		$8,021		$203		2.53	%
Less: Noninterest expense (GAAP)	E	1,612		1,293		1,306		1,296		1,240		319		24.60		372		30.00		5,507		4,892		615		12.58
Operating leverage														(25.99	%)			(39.70	%)							(10.05	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,988		$2,014		$2,094		$2,128		$2,200		($26)		(1.39	%)	($212)		(9.70	%)	$8,224		$8,052		$172		2.13	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,267		1,271		1,233		1,230		1,197		(4)		(0.30)		70		5.82		5,001		4,630		371		8.00
Operating leverage, Underlying (non-GAAP)														(1.09	%)			(15.52	%)							(5.87	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	81.13	%	64.21	%	62.34	%	60.90	%	56.36	%	1,692	bps			2,477	bps			66.97	%	60.99	%	598	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	63.77		63.08		58.86		57.84		54.42		69	bps			935	bps			60.81		57.51		330	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	25.16	%	24.44	%	24.14	%	22.81	%	22.92	%	72	bps			224	bps			24.12	%	25.04	%	(92)	bps
Noninterest income as a % of total revenue, Underlying	B/D	25.16		24.44		24.14		22.81		22.92		72	bps			224	bps			24.12		25.33		(121)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	7.59	%	21.51	%	22.09	%	22.97	%	21.16	%	(1,392)	bps			(1,357)	bps			20.76	%	21.93	%	(117)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	22.25		21.69		22.51		23.25		21.37		56	bps			88	bps			22.48		22.19		29	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$21,209		$21,177		$22,289		$21,702		$21,276		$32		—	%	($67)		—	%	$21,592		$21,724		($132)		(1	%)
Return on average common equity	M/O	2.96	%	7.50	%	8.00	%	9.11	%	11.56	%	(454)	bps			(860)	bps			6.90	%	9.02	%	(212)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	7.41		7.82		8.97		10.01		12.15		(41)	bps			(474)	bps			8.56		10.64		(208)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$21,209		$21,177		$22,289		$21,702		$21,276		$32		—	%	($67)		—	%	$21,592		$21,724		($132)		(1	%)
Less: Average goodwill (GAAP)		8,188		8,188		8,182		8,177		8,171		—		—		17		—		8,184		7,872		312		4
Less: Average other intangibles (GAAP)		163		173		181		192		199		(10)		(6)		(36)		(18)		177		181		(4)		(2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		421		422		422		422		424		(1)		—		(3)		(1)		422		413		9		2
Average tangible common equity	P	$13,279		$13,238		$14,348		$13,755		$13,330		$41		—	%	($51)		—	%	$13,653		$14,084		($431)		(3	%)
Return on average tangible common equity	M/P	4.72	%	12.00	%	12.42	%	14.38	%	18.46	%	(728)	bps			(1,374)	bps			10.92	%	13.91	%	(299)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	11.84		12.51		13.93		15.80		19.40		(67)	bps			(756)	bps			13.53		16.41		(288)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$223,653		$220,162		$222,373		$222,711		$224,970		$3,491		2	%	($1,317)		(1	%)	$222,221		$215,061		$7,160		3	%
Return on average total assets	K/Q	0.33	%	0.78	%	0.86	%	0.93	%	1.15	%	(45)	bps			(82)	bps			0.72	%	0.96	%	(24)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.76		0.81		0.96		1.02		1.21		(5)	bps			(45)	bps			0.88		1.13		(25)	bps

23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

		QUARTERLY TRENDS																		FULL YEAR
												4Q23 Change												2023 Change
		4Q23		3Q23		2Q23		1Q23		4Q22		3Q23				4Q22				2023		2022		2022
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$223,653		$220,162		$222,373		$222,711		$224,970		$3,491		2	%	($1,317)		(1	%)	$222,221		$215,061		$7,160		3	%
Less: Average goodwill (GAAP)		8,188		8,188		8,182		8,177		8,171		—		—		17		—		8,184		7,872		312		4
Less: Average other intangibles (GAAP)		163		173		181		192		199		(10)		(6)		(36)		(18)		177		181		(4)		(2)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		421		422		422		422		424		(1)		—		(3)		(1)		422		413		9		2
Average tangible assets	R	$215,723		$212,223		$214,432		$214,764		$217,024		$3,500		2	%	($1,301)		(1	%)	$214,282		$207,421		$6,861		3	%
Return on average total tangible assets	K/R	0.35	%	0.81	%	0.89	%	0.97	%	1.19	%	(46)	bps			(84)	bps			0.75	%	1.00	%	(25)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.78		0.84		0.99		1.06		1.25		(6)	bps			(47)	bps			0.92		1.17		(25)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	466,418,055		466,221,795		474,682,759		483,982,264		492,282,158		196,260		—	%	(25,864,103)		(5	%)	466,418,055		492,282,158		(25,864,103)		(5	%)
Common stockholders' equity (GAAP)		$22,329		$20,864		$21,571		$22,187		$21,676		$1,465		7		$653		3		$22,329		$21,676		$653		3
Less: Goodwill (GAAP)		8,188		8,188		8,188		8,177		8,173		—		—		15		—		8,188		8,173		15		—
Less: Other intangible assets (GAAP)		157		167		175		185		197		(10)		(6)		(40)		(20)		157		197		(40)		(20)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		433		421		422		422		422		12		3		11		3		433		422		11		3
Tangible common equity	T	$14,417		$12,930		$13,630		$14,247		$13,728		$1,487		12	%	$689		5	%	$14,417		$13,728		$689		5	%
Tangible book value per common share	T/S	$30.91		$27.73		$28.72		$29.44		$27.88		$3.18		11	%	$3.03		11	%	$30.91		$27.88		$3.03		11	%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	U	466,234,324		469,481,085		479,470,543		485,444,313		493,293,981		(3,246,761)		(1	%)	(27,059,657)		(5	%)	475,089,384		475,959,815		(870,431)		—	%
Average common shares outstanding - diluted (GAAP)	V	468,159,167		471,183,719		480,975,281		487,712,146		495,478,398		(3,024,552)		(1)		(27,319,231)		(6)		476,693,148		477,803,142		(1,109,994)		—
Net income per average common share - basic (GAAP)	M/U	$0.34		$0.85		$0.93		$1.00		$1.26		($0.51)		(60)		($0.92)		(73)		$3.14		$4.12		($0.98)		(24)
Net income per average common share - diluted (GAAP)	M/V	0.34		0.85		0.92		1.00		1.25		(0.51)		(60)		(0.91)		(73)		3.13		4.10		(0.97)		(24)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	0.85		0.89		1.04		1.10		1.32		(0.04)		(4)		(0.47)		(36)		3.89		4.86		(0.97)		(20)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	0.85		0.89		1.04		1.10		1.32		(0.04)		(4)		(0.47)		(36)		3.88		4.84		(0.96)		(20)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42		$0.42		$0.42		$0.42		$0.42		$—		—	%	$—		—	%	$1.68		$1.62		$0.06		4	%
Dividend payout ratio	W/(M/U)	124	%	49	%	45	%	42	%	33	%	7,412 bps				9,053 bps				54	%	39	%	1,450 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	49		47		40		38		32		200 bps				1,700 bps				43		33		1,000 bps

24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

	QUARTERLY TRENDS											FULL YEAR
						4Q23 Change								2023 Change
	4Q23	3Q23	2Q23	1Q23	4Q22	3Q23			4Q22			2023	2022	2022
						$	%		$	%				$/bps	%
Other income, Underlying:
Other income (GAAP)	$20	$18	$23	$17	$36	$2	11	%	($16)	(44	%)	$78	$82	($4)	(5	%)
Less: Notable items	—	—	—	—	—	—	—		—	—		—	(31)	31	100
Other income, Underlying (non-GAAP)	$20	$18	$23	$17	$36	$2	11		($16)	(44	%)	$78	$113	($35)	(31	%)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$667	$659	$615	$658	$633	$8	1	%	$34	5	%	$2,599	$2,549	$50	2	%
Less: Notable items	32	5	14	16	15	27	NM		17	113		67	110	(43)	(39)
Salaries and employee benefits, Underlying (non-GAAP)	$635	$654	$601	$642	$618	($19)	(3	%)	$17	3	%	$2,532	$2,439	$93	4	%
Equipment and software, Underlying:
Equipment and software(GAAP)	$215	$191	$181	$169	$170	$24	13	%	$45	26	%	$756	$648	$108	17	%
Less: Notable items	37	6	4	4	2	31	NM		35	NM		51	10	41	NM
Equipment and software, Underlying (non-GAAP)	$178	$185	$177	$165	$168	($7)	(4	%)	$10	6	%	$705	$638	$67	11	%
Outside services, Underlying:
Outside services (GAAP)	$174	$160	$177	$176	$170	$14	9	%	$4	2	%	$687	$700	($13)	(2	%)
Less: Notable items	13	7	21	27	17	6	86		(4)	(24)		68	113	(45)	(40)
Outside services, Underlying (non-GAAP)	$161	$153	$156	$149	$153	$8	5	%	$8	5	%	$619	$587	$32	5	%
Occupancy, Underlying:
Occupancy (GAAP)	$125	$107	$136	$124	$110	$18	17	%	$15	14	%	$492	$410	$82	20	%
Less: Notable items	20	2	30	18	2	18	NM		18	NM		70	5	65	NM
Occupancy, Underlying (non-GAAP)	$105	$105	$106	$106	$108	$—	—	%	($3)	(3	%)	$422	$405	$17	4	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$431	$176	$197	$169	$157	$255	145	%	$274	175	%	$973	$585	$388	66	%
Less: Notable items	243	2	4	1	7	241	NM		236	NM		250	24	226	NM
Other operating expense, Underlying (non-GAAP)	$188	$174	$193	$168	$150	$14	8	%	$38	25	%	$723	$561	$162	29	%

25

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS1

(dollars in millions)

		FOURTH QUARTER 2023									THIRD QUARTER 2023
		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$269		$269		($72)		($277)	$189		$276		$260		($67)		($39)	$430
Less: Preferred stock dividends		—		—		—		30	30		—		—		—		30	30
Net income (loss) available to common stockholders	B	$269		$269		($72)		($307)	$159		$276		$260		($67)		($69)	$400
Return on average total tangible assets:
Average total assets (GAAP)		$73,334		$72,758		$11,776		$65,785	$223,653		$72,964		$74,997		$13,113		$59,088	$220,162
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188		542		770		—		6,876	8,188
Average other intangibles (GAAP)		98		35		—		30	163		103		39		—		31	173
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		26		10		—		385	421		24		12		—		386	422
Average tangible assets	C	$72,720		$71,963		$11,776		$59,264	$215,723		$72,343		$74,200		$13,113		$52,567	$212,223
Return on average total tangible assets	A/C	1.47	%	1.48	%	(2.42)	%	NM	0.35	%	1.51	%	1.39	%	(2.03)	%	NM	0.81	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$905		$324		$28		$355	$1,612		$905		$325		$30		$33	$1,293
Net interest income (GAAP)		1,086		551		(45)		(104)	1,488		1,067		560		(41)		(64)	1,522
Noninterest income (GAAP)		265		196		—		39	500		278		180		—		34	492
Total revenue (GAAP)	E	$1,351		$747		($45)		($65)	$1,988		$1,345		$740		($41)		($30)	$2,014
Efficiency ratio	D/E	67.08	%	43.44	%	NM		NM	81.13	%	67.18	%	43.93	%	NM		NM	64.21	%

		SECOND QUARTER 2023									FIRST QUARTER 2023
		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$257		$305		($55)		($29)	$478		$257		$319		($50)		($15)	$511
Less: Preferred stock dividends		—		—		—		34	34		—		—		—		23	23
Net income (loss) available to common stockholders	B	$257		$305		($55)		($63)	$444		$257		$319		($50)		($38)	$488
Return on average total tangible assets:
Average total assets (GAAP)		$72,583		$77,546		$14,456		$57,788	$222,373		$71,872		$78,891		$15,686		$56,262	$222,711
Less: Average goodwill (GAAP)		540		766		—		6,876	8,182		538		763		—		6,876	8,177
Average other intangibles (GAAP)		109		41		—		31	181		115		43		—		34	192
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		23		11		—		388	422		23		12		—		387	422
Average tangible assets	C	$71,957		$76,750		$14,456		$51,269	$214,432		$71,242		$78,097		$15,686		$49,739	$214,764
Return on average total tangible assets	A/C	1.43	%	1.59	%	(1.53)	%	NM	0.89	%	1.46	%	1.66	%	(1.30)	%	NM	0.97	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$875		$315		$33		$83	$1,306		$857		$331		$32		$76	$1,296
Net interest income (GAAP)		1,023		584		(28)		9	1,588		1,011		597		(15)		50	1,643
Noninterest income (GAAP)		268		207		—		31	506		256		201		—		28	485
Total revenue (GAAP)	E	$1,291		$791		($28)		$40	$2,094		$1,267		$798		($15)		$78	$2,128
Efficiency ratio	D/E	67.74	%	39.76	%	NM		NM	62.34	%	67.70	%	41.47	%	NM		NM	60.90	%

26

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1

(dollars in millions)

		FOURTH QUARTER 2022
		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$284		$358		($23)		$34	$653
Less: Preferred stock dividends		—		—		—		32	32
Net income (loss) available to common stockholders	B	$284		$358		($23)		$2	$621
Return on average total tangible assets:
Average total assets (GAAP)		$71,688		$79,591		$16,752		$56,939	$224,970
Less: Average goodwill (GAAP)		491		804		—		6,876	8,171
Average other intangibles (GAAP)		121		46		—		32	199
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		7		4		—		413	424
Average tangible assets	C	$71,083		$78,745		$16,752		$50,444	$217,024
Return on average total tangible assets	A/C	1.59	%	1.80	%	(0.54)	%	NM	1.19	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$831		$318		$31		$60	$1,240
Net interest income (GAAP)		1,014		595		19		67	1,695
Noninterest income (GAAP)		256		198		—		51	505
Total revenue (GAAP)	E	$1,270		$793		$19		$118	$2,200
Efficiency ratio	D/E	65.39	%	40.18	%	NM		NM	56.36	%

27

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED1

(dollars in millions)

		FULL YEAR
		2023									2022
		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$1,059		$1,153		($244)		($360)	$1,608		$955		$1,304		$142		($328)	$2,073
Less: Preferred stock dividends		—		—		—		117	117		—		—		—		113	113
Net income (loss) available to common stockholders	B	$1,059		$1,153		($244)		($477)	$1,491		$955		$1,304		$142		($441)	$1,960
Return on average total tangible assets:
Average total assets (GAAP)		$72,693		$76,028		$13,745		$59,755	$222,221		$68,027		$74,919		$18,121		$53,994	$215,061
Less: Average goodwill (GAAP)		540		767		—		6,877	8,184		388		616		—		6,868	7,872
Average other intangibles (GAAP)		106		39		—		32	177		88		30		—		63	181
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		24		11		—		387	422		6		2		—		405	413
Average tangible assets	C	$72,071		$75,233		$13,745		$53,233	$214,282		$67,557		$74,275		$18,121		$47,468	$207,421
Return on average total tangible assets	A/C	1.47	%	1.53	%	(1.78)	%	NM	0.75	%	1.41	%	1.76	%	0.78	%	NM	1.00	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$3,542		$1,295		$123		$547	$5,507		$3,255		$1,223		$136		$278	$4,892
Net interest income (GAAP)		4,187		2,292		(129)		(109)	6,241		3,649		2,103		378		(118)	6,012
Noninterest income (GAAP)		1,067		784		—		132	1,983		1,063		845		—		101	2,009
Total revenue (GAAP)	E	$5,254		$3,076		($129)		$23	$8,224		$4,712		$2,948		$378		($17)	$8,021
Efficiency ratio	D/E	67.42	%	42.10	%	NM		NM	66.97	%	69.08	%	41.50	%	NM		NM	60.99	%

1 During the third quarter of 2023, the Company’s indirect auto and certain purchased consumer loan portfolios were transferred from Consumer Banking into a new Non-Core segment. In addition, the Company revised its funds transfer pricing ("FTP") methodology relative to the funding of Non-Core assets, with the FTP charge based on a marginal high-cost funding waterfall approach. Prior period results have been revised to conform to the new segment presentation.

28

XML

Document and Entity Information Document	Jan. 17, 2024
Document and Entity Information [Line Items]
Entity Registrant Name	CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag	false
Entity Central Index Key	0000759944
Document Type	8-K
Document Period End Date	Jan. 17, 2024
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36636
Entity Tax Identification Number	05-0412693
Entity Address, Address Line One	One Citizens Plaza
Entity Address, City or Town	Providence,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02903
City Area Code	203
Local Phone Number	900-6715
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	CFG
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D
Trading Symbol	CFG PrD
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	CFG PrE
Security Exchange Name	NYSE