Editing Citizens Financial Group (section)

== Financial crisis ==

In May 2008, Citizens Financial Group failed to publicly announce that it was under investigation by the [[U.S. Securities and Exchange Commission|Securities and Exchange Commission]] (SEC) for its involvement in the sub-prime mortgage crisis that devastated the U.S. housing market and bond investors around the world.<ref name=msmith>{{cite web| first=Mark| last=Smith| title=Royal Bank under investigation over US sub-prime loans| url=http://www.theherald.co.uk/business/news/display.var.2263257.0.Royal_Bank_under_investigation_over_US_subprime_loans.php| newspaper=[[The Herald (Glasgow)|The Herald]]| date=May 12, 2008| location=[[Glasgow]]| access-date=August 12, 2014| archive-date=May 14, 2009| archive-url=https://web.archive.org/web/20090514040805/http://www.theherald.co.uk/business/news/display.var.2263257.0.Royal_Bank_under_investigation_over_US_subprime_loans.php| url-status=dead}}</ref> The SEC only investigated banks if suspected of involvement in the purchase and sale of subprime securities.<ref name=winnett>{{cite news| url=https://www.telegraph.co.uk/finance/financetopics/recession/5025115/RBS-traders-hid-toxic-debt.html| archive-url=https://web.archive.org/web/20090322195948/http://www.telegraph.co.uk/finance/financetopics/recession/5025115/RBS-traders-hid-toxic-debt.html| url-status=dead| archive-date=March 22, 2009| work=[[The Daily Telegraph]]| location=London| title=RBS traders hid toxic debt| first=Robert| last=Winnett| date=March 20, 2009| access-date=August 12, 2014}}</ref>

In 2008, the company lost $929 million and anticipated writing off $2 billion in bad loans.<ref>{{cite news| url=http://archive.boston.com/business/articles/2009/02/26/citizens_loses_929m_as_bad_loans_proliferate/| title=Citizens loses $929m as bad loans proliferate| first=Ross| last=Kerber| newspaper=The Boston Globe| date=February 26, 2009}}</ref> Royal Bank of Scotland posted the biggest loss in British corporate history and announced cost-cutting measures at Citizens.<ref>{{cite news| url=http://www.bizjournals.com/buffalo/stories/2009/02/23/daily42.html| title=Royal Bank: Changes coming at Citizens| first=Thomas| last=Hartley| newspaper=[[American City Business Journals|Buffalo Business First]]| date=February 26, 2009|url-access=subscription }}</ref>

A Philadelphia developer sued Citizens Bank January 27, 2010, for $8 billion, under a claim that the bank used sham accusations of default to recall loans in an effort to prop up its failing parent companies, Citizens Financial Group and "its ultimate parent, The Royal Bank of Scotland Group."<ref name=hurdle>{{cite news| last=Mastrull| first=Diane| url=http://www.philly.com/philly/business/20100622_Lawyers_for_Brian_O_Neill__Citizens_Bank_square_off_in_court.html| title=Lawyers for Brian O'Neill, Citizens Bank square off in court
| work=[[The Philadelphia Inquirer]]| date=June 22, 2010 |access-date=February 7, 2018}}</ref>