Citizens Financial Group names Ted Swimmer as head of Commercial Banking

PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE:CFG), currently trading near its 52-week high at $54 and showing impressive momentum with a 58% return over the past six months according to InvestingPro, announced Tuesday that Ted Swimmer has been appointed Head of Commercial Banking, effective immediately. Swimmer, who previously served as head of capital markets and advisory for Citizens Commercial Banking, succeeds Don McCree.

McCree will remain with the company as Chair of Commercial Banking until his planned retirement at the end of March 2026, according to a press release statement.

Swimmer, a 30-year banking industry veteran, joined Citizens in 2010 as executive vice president and head of capital markets. He was named to the bank’s Executive Committee in 2018. Under his leadership, the Capital Markets and Advisory team has become a consistent Top 5 U.S. Middle Market Deal Bookrunner.

Prior to joining Citizens, Swimmer held senior positions at Wachovia, including managing its Leveraged Finance activities and running Loan Syndicate and Sales. He holds an M.B.A. in finance from Columbia University and a B.A. in economics and history from Lafayette College.

Citizens Financial Group Chairman and CEO Bruce Van Saun stated that Swimmer has built a strong Capital Markets and Advisory business that provides clients with advice and solutions.

Citizens Financial Group is headquartered in Providence, Rhode Island, with $218.3 billion in assets as of June 30, 2025. The bank, which maintains a market capitalization of $23.29 billion and offers a steady 3.11% dividend yield, operates approximately 1,000 branches and 3,000 ATMs across 14 states and the District of Columbia. According to InvestingPro’s comprehensive analysis, the stock currently appears undervalued based on its Fair Value calculation, with multiple additional insights available through their detailed Pro Research Report, which covers over 1,400 US stocks.

In other recent news, Citizens Financial Group announced the redemption of its 5.650% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F, and filed a Certificate of Elimination to remove related matters from its charter. The company also plans to redeem all outstanding 4.300% Fixed-Rate Subordinated Notes ahead of schedule on November 3, 2025. Additionally, Citizens Financial Group’s stock rating was upgraded by Morgan Stanley from Equalweight to Overweight, with a new price target set at $71.00, reflecting the firm’s positive outlook on the company’s profitability potential. Truist Securities also adjusted its price target for the company to $58.00, maintaining a Hold rating on the stock.

Citizens Bank, a subsidiary of Citizens Financial Group, will lower its prime lending rate to 7.25 percent, which will impact various lending products. The company has also updated its Restated Certificate of Incorporation to integrate changes related to its preferred stock offerings. These developments indicate strategic financial adjustments and analyst optimism surrounding the company.

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