Citizens Financial Group

Management is exiting lower‑return, higher‑volatility assets and recycling capital into better uses. In 2025, Citizens accelerated the sale of ~$1.9B purchased student loans from non‑core and used proceeds to pay down high‑cost funding, add low‑risk securities, and repurchase shares.

Buybacks were $1.05B in 2024 and continued in 2025 ($200M in Q1; $75M in Q3), alongside a dividend increase to $0.46 in Q3 2025. Capex needs are modest compared with industrials, and technology investments are funded by TOP programs. The Private Bank build‑out is an internally compounding use of capital with attractive ROE potential.

Share‑count dilution from SBC appears manageable given net reduction in diluted shares.