PROVIDNECE – Richard Stein will take over as Citizens Financial Group Inc.’s chief risk officer in the first quarter of 2024, the Rhode Island-based financial institution announced April 12.
Stein will succeed Malcolm Griggs, who is retiring after joining Citizens in 2014.
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Stein previously served as executive vice president and chief credit officer of Fifth Third Bancorp. He was responsible for credit risk management throughout the enterprise. In that role, he oversaw consumer credit, special assets, middle market credit, commercial credit, capital markets credit, and commercial real estate credit while managing all regulatory and governance stakeholder relationships. He also held increasingly responsible risk management roles at Comerica and Bank of America Corp. over the course of his more than 25-year career.
“Richard is a highly experienced risk management executive whose deep experience, drive and sharp strategic insights will enable him to provide strong and effective leadership for our risk organization as we continue our efforts to become a top-performing bank,” said Bruce Van Saun, chairman and CEO of Citizens Financial Group. “We have designed a thoughtful transition process that will further strengthen our risk management capabilities while ensuring strong continuity.”
A 34-year banking industry veteran, Griggs helped guide Citizens through a period of transformation and growth since becoming an independent public company.
He was appointed chief risk officer in 2016, having previously served as chief credit officer.
Griggs joined Citizens from Citigroup and, over the course of more than 30 years, he has also served in senior risk management leadership roles at Morgan Stanley, Bank of America, Wachovia Corp. and Fifth Third Bancorp.
