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Citizen’s Financial Group-Alleged Fabrication of "Citizens Checkup" Data

Citizen’s Financial Group-Alleged Fabrication of “Citizens Checkup” Data

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Kehoe Law Firm, P.C. is investigating potential claims on behalf of those who invested in Citizens Financial Group Inc. (NYSE: CFG) common stock or other securities, and whether Citizens Financial Group Inc. misstated the success of its so-called “Citizens Checkup” program.

On January 20, 2017, the bank reported that the programme had “resulted in approximately 400,000 scheduled appointments in 2016, with high levels of customer satisfaction.”

On March 29, 2017, in an article titled “Former Citizens Bankers Say They Faked Data for Customer-Meeting Program,” The Wall Street Journal reported that

As part of its turnaround plan, Citizens Financial Group Inc. has touted a program that invites customers into branches for what the bank calls a financial checkup.  It said 400,000 such meetings were scheduled last year.

Eleven current and former Citizens branch employees in five states claim that information about some meetings was fabricated by those employees or others as they struggled to meet goals set by the bank.

On March 29, 2017, a Financial Times online article titled “Citizens Financial to conduct probe into fake customer data reports,” reported that:

Under the programme, branch employees are expected to make about 25 to 30 calls to customers each week, according to a person familiar with the basic framework.  Those calls are expected to yield one or two kept appointments per week, per employee.  Some bankers were under much greater pressure, according to the WSJ report.  Often told to make 25 calls per day, they urged customers to consider a trip to a Citizens branch as they would consider a check-up with a doctor or a dentist.

Citizens Financial Group’s share price fell $0.54, or 1.54%, to close at $34.49 on March 29, 2017.

If you purchased or otherwise acquired Citizens Financial securities or would like to speak privately with a securities attorney to contribute to or learn more about the investigation, please complete the form to the right or contact Michael Yarnoff, Esq., (215) 792-6676, Ext. 804, [email protected]; John Kehoe, Esq., (215) 792-6676, Ext. 801, [email protected]; or send an e-mail to [email protected].

Kehoe Law Firm, P.C. is a multidisciplinary, plaintiff–side law firm dedicated to protecting investors and consumers from corporate fraud, negligence, and other wrongdoing. Driven by a strong and principled sense of social responsibility and obtaining justice for the aggrieved, Kehoe Law Firm, P.C. represents plaintiffs seeking to recover investment losses resulting from securities fraud, breaches of fiduciary duty, corporate wrongdoing or malfeasance, those harmed by anticompetitive practices, and consumers victimized by fraud, false claims, deception or data breaches.  Together, the partners of the Kehoe Law Firm, P.C. have spent more than 30 years prosecuting precedent-setting securities and financial fraud cases in federal and state courts on behalf of institutional and individual clients.