Citizens Financial Group Inc Q1 2023 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 : As we contemplate your original net interest income guide, of 11% to 14%, now up 5% to 7%, could you walk us through what the major changes are in assumptions? And how much of it was cyclical, such as deposit runoff, higher beta? And how much of it could be a little bit more structural as you anticipate the different rules such as carrying higher liquidity funded by wholesale funding?

Question: Erika Najarian - UBS Investment Bank, Research Division - Analyst : I'll let one of my peers ask more detail on the swap recalibration because I think that's important as we think about NII for '24, but since we have you, Bruce, I want to ask you about how you're thinking about these anticipated regulatory changes for regional banks. I think that -- I'm glad that you said in the prepared remarks that it takes time, right? You have the NPR, which could come out end of the year or a year from now, a year comment period has been a phase-in, so as we think about what the market is anticipating, whether it's TLAC or getting rid of opt out on AOCI, and of course, you said you're already LCR compliant. How are you thinking about managing your capital relative to your stock down at time, right? So it seems like banks can ever buy back as much at the time when they should be buying back and the potential in '24 for some nonbanks to be in bigger trouble and potentially taking market share, but balancing that with what's going to be potentially tighter requirements on capital and liquidity. How much are you front-loading that versus thinking about the opportunities that can come your way if you remain as profitable as you say you're going to remain?