Citizens shares surge 16.17% premarket as AI-driven cost cuts and cloud migration boost investor confidence.

Citizens Financial Group surged 16.17% in premarket trading following a detailed report outlining its aggressive AI and cloud transformation strategy. The bank revealed it has migrated 750 applications to the cloud, eliminated 25 data centers, and reduced infrastructure costs by 10–15%. Key initiatives include using generative AI to modernize legacy systems, automate software development, and expand agentic AI pilots into fraud detection, customer service, and quality control. CEO Bruce Van Saun emphasized the strategic shift to leverage AI for operational efficiency and customer experience, while CIO Michael Ruttledge highlighted productivity gains from AI-assisted coding and cloud-based platforms. The announcement aligns with forward-looking goals to streamline processes and redeploy staff, signaling long-term cost savings and innovation, which likely drove the sharp premarket rally.