Citizens Financial Group

Banks do not price like monopolistic toll‑roads. Pricing power shows up via net interest margin resilience, low‑cost deposit share, and fee mix. NIM expanded sequentially in 2025 (Q1 ~2.90% to Q2 ~2.95% to Q3 ~3.00%), aided by mix and lower swap drag. Fee growth in capital markets and wealth also improved.

However, deposit competition caps pricing latitude and makes power cyclical. The Private Bank should enhance latent pricing power through better funding and higher‑value advisory, but this is still scaling.