CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Noninterest Expense
| Table 5: Noninterest Expense | ||||
|---|---|---|---|---|
| Year Ended December 31, | ||||
| (dollars in millions) | 2024 | 2023 | Change | Percent |
| Salaries and employee benefits | $2,657 | $2,599 | $58 | 2% |
| Equipment and software | 769 | 756 | 13 | 2 |
| Outside services | 639 | 687 | (48) | (7) |
| Occupancy | 447 | 492 | (45) | (9) |
| Other operating expense | 722 | 973 | (251) | (26) |
| Noninterest expense | $5,234 | $5,507 | ($273) | (5%) |
The decrease in noninterest expense for the year ended December 31, 2024, compared to 2023, was driven primarily by other operating expense associated with FDIC deposit insurance, reflecting an estimate of CBNA’s special assessment of $31 million and $225 million, respectively, recognized in 2024 and 2023. Other operating expense also reflects lower fraud losses and marketing and travel-related expenses. These decreases were partially offset by salaries and employee benefits reflecting hiring related to our Private Bank and Private Wealth build-out and commercial middle market bankers in expansion markets, and equipment and software given technology investments and maintenance.
For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in Item 1.
Citizens Financial Group, Inc. | 44
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