Citizens Financial Group Inc Q1 2022 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : Thank you so much for Slide 7. And I guess, John, maybe let me start my line of questioning here. So your current asset sensitivity from here is percent pro forma for Investors. I guess, I wanted to understand the comment that was made earlier about acceleration, right? So on one hand, we do expect deposit betas to accelerate as we are deeper into the rate cycle. But on the other hand, you have some drops on your portfolio today. Can you talk a bit about the interplay of both? And how should we think of this asset sensitivity as we move forward in the rate cycle? And does the swap portfolio give you a different trajectory for enhanced sensitivity later?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : And the second question is for you, Bruce. The stock is having a good start to the day, but the valuation on tangible book value is underneath your ROTCE landing point for the year, either on a stand-alone or a pro forma basis. I guess what do you think in your estimation that the market doesn't understand about the improvement that the bank has made since the IPO? And wondering -- I think part of that is the asset sensitivity and deposits. Wondering if you could answer that question however way you want to, but also could you give us a sense of how much checking accounts you have, for example, on the consumer side versus previous? And maybe remind us why you have to keep what seems like a 50 to 100 basis point higher capital level than a lot of your regional peers?