Citizens Financial Group (CFG) - Get Citizens Financial Group, Inc. Report CEO Bruce Van Saun has overseen the company's stock turnaround over the past six months after a swoon in 2018, but to push the stock forward Van Saun is going to need Washington D.C. to get its act together.
"First off the administrative policies that promoted growth around tax reform and less regulation and pro energy all set the stage for a very nice recovery. I think what we've seen so far this year has been concerns about the escalating trade war, and that's taken a little bit of the kind of momentum away from economic growth. Businesses are sitting a little bit on the sidelines waiting to see how this plays out. But still the fundamentals for the economy are quite strong," Van Saun said.
Washington D.C. isn't the only obstacle to the regional banking sector. Online banking has taken some of the bite out of the sector, but Van Saun and his company was proactive about the looming threat by launching its own online banking platform.
"The thing that we have done is we have our own national digital bank called Citizens Access, which we launched in July of last year. It's the first large regional bank to market with a national online bank," Van Saun said. "We've crossed $5 billion in deposits, and I think there's more we can do with that in terms of delivering other products and services to customers across the country and out of our footprint. So we've joined the game."
Play the video above to hear all of Van Saun's comments.