CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Noninterest Expense
| Table 5: Noninterest Expense | ||||
|---|---|---|---|---|
| Year Ended December 31, | ||||
| (dollars in millions) | 2023 | 2022 | Change | Percent |
| Salaries and employee benefits | $2,599 | $2,549 | $50 | 2% |
| Equipment and software | 756 | 648 | 108 | 17 |
| Outside services | 687 | 700 | (13) | (2) |
| Occupancy | 492 | 410 | 82 | 20 |
| Other operating expense | 973 | 585 | 388 | 66 |
| Noninterest expense | $5,507 | $4,892 | $615 | 13% |
The increase in noninterest expense for the year ended December 31, 2023, compared to 2022, was driven by salaries and employee benefits reflecting the Private Bank start-up investment, equipment and software driven by software maintenance and amortization costs, and other operating expense associated with FDIC deposit insurance, fraud losses, advertising, and pension costs. The increase in FDIC deposit insurance reflects CBNA’s special assessment of $225 million and an increase in the deposit insurance assessment rate of two basis points that commenced with the first quarterly assessment period in 2023. For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in Item 1.
Citizens Financial Group, Inc. | 42
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