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Its goal of one million electric cars per year two years earlier than planned Friday's announcement came as European automakers are under pressure to meet lower emissions limits aimed at fighting global warming global news twenty four hours a day on air and on quick take by Bloomberg powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries I'm Susanna Palmer this is Bloomberg this is a masters in business with very results on Bloomberg radio my special guest this week is Bruce van and so on he is the chairman and chief executive officer of citizens financial group but they were spun out from RBS back in twenty fourteen where then someone led a successful initial public offering previously he had been executive director on the RBS board of for the prior four or five years before that he was vice chairman CFO at the bank of New York Mellon his previous career stands include Deutsche Bank Wasserstein Perella and Kidder Peabody Bruce and so on welcome to Bloomberg thanks my pleasure to be here birth let's start at the bank in New York and back in New York Mellon you where were you during the financial crisis which what was the name of the son well I had left by then so I joined back in New York in nineteen ninety seven one of the biggest crisis I experience there was when nine eleven happened we realistically out of business there for a few days and we had to scramble to get the bank back on its feet but however you downtown yeah right on Wall Street was the headquarters building and then Barclays was street was the operations center right and so we were kind of straddling the World Trade Center bombings and when you couldn't have access to downtown we had to work out of other offices that we scrambled to secure and then we had to stand up a new data center with IBM's help in sterling forest so that was the exciting period how long did it take for you guys to get back up and running yeah well I was that it was but it was a couple days and then we had a lot of of pressure to basically start moving money and move securities and clear out the backlog that had held out for a couple of us so you had backup facilities yeah I want just that wasn't so location it was relatively easy to turn but we didn't have the same kind of resiliency that banks have today rose laughed in the wake of that back in York went out and built a brand new spanking datacenter out in Tennessee and so were constantly ready to flip over but we weren't at that level of resiliency at that time the cloud has changed everything for banks and financial institutions a cloudy day art of that so part of it was just making the investment and recognizing the need for a higher level of resiliency but now moving things to the cloud and running your infrastructure in the cloud I think it offers some great promise to lower costs and also increase security and you were at RBS then in a way don't nine as of yet so so the reason I missed the crisis we have merged with melon and I stayed through the transition we had appointed a new CEO so I wanted to go do something else and I was out by July of eight the crisis was in the fall of eight right it was nice not to be in the hot seat during that I was working in private equity for about a year trying to put deals together in an RBS came a calling they had wanted to put a new management team in place to help right the ship after RBS took a tumble in the crisis and needed a government bailout so I join Steven Hester there I was the CFO and we had a lot of surgery do in terms of shrinking the bank and getting it back to safety so you mention private equity citizens financial is sort of is going to call them a middle where sort of bank does a lot of work with not the giant entities out there but a lot of very other large entities that I think are a little below the radar of the public is that a yes so here's the you know the the kind of by of the land in terms of our commercial business so we focus on middle market companies switcher maybe twenty five million to five hundred million in revenues and then also the mid corporate segment which is five hundred million to about three billion in revenues over time since I've joined citizens we've taken the middle market customer account for about two thousand up to about three thousand and mid corporates we've taken from about five hundred up to about a thousand so we've grown faster at the bigger company and and what you need there to be competitive as you need bankers with industry expertise so we had to go out and recruit in some bankers for technology or health care energy so they could really serve those customers well and they could bring previous relationships from their last bank over to citizens and so we've had some some really nice growth but we're not focusing on the household name fortune five hundred companies for staying a little bit below that radar and we can compete very effectively against the mega banksters often times were leading deals symbol of JP Morgan be of a on a writer were winning a swap transaction against the mega banks that we have really good capabilities but we stay focused on an area that that we know and we can compete effectively so I've noticed on Wall Street hedge funds and venture capital seem to be going through a bit of a rough patch but private equity just is a house of fire just spans rapidly how does that well private equity is is a good customer segment for us in the commercial bank and we have focused overtime on say fifty to sixty sponsors that we know well that we think they're good operators the invests wisely and they're good to their banks and and when they need to put equity backed into a deal to right the ship of something's a little stressed they do that so that's where we've stayed focused we haven't tried to move and compete for all the business is taking place there and I think clients selection has been really critical so those firms now as well they give us the swings of the bat they let us lead transactions and also provide more services to their invested companies so that's been a really good strategy for us I would say similarly with commercial real estate the developers we focus on we've known for a long time we think they're good operators and so again we build those strong relationships and we get good swings of the bat when they're doing things and like to include us in the deals that they do and then they give us a chance to get more of their wallet because they know we have the capabilities that sounds quite quite interesting yeah coming up we continue our conversation with Bruce mounts on chairman and chief executive officer of citizens financial.

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