When the folks at Citizens Financial Group said it was time for some changes, they meant it.

The Providence, R.I., bank is overhauling its operations as it prepares to be spun off from the Royal Bank of Scotland. Every financial institution is under pressure to adapt to the times, and some of these changes might have happened anyway, but executives of the $127 billion-asset Citizens seem to have seized on a rare opportunity to forge a new identity. Whether the moves prove right or wrong, they provide a blueprint that other bankers can study.

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