Session Paper- Change Strategy

Essay by JHolliday7University, Master'sA, January 2010

download word file, 7 pages 0.0

Executive SummaryIn 1828, Citizens Financial Group got its start as a small community bank called the High Street Bank in Providence, Rhode Island. Citizens Financial Group became a subsidiary of The Royal Bank of Scotland Group, one of the largest banking groups in the United Kingdom. Citizens Financial Group, Inc.:- Is a $167 billion commercial bank holding company- It is headquartered in Providence, R.I.

-Through its subsidiaries, has more than 1,450 branches-Approximately 2,650 ATMs-Approximately 23,000 employees.

Citizens bank is one of the 10 largest commercial banking companies in the United States ranked by assets (1).

Like it or not, the changing economy will necessitate drastic restructuring possibly due to downturns in the economy. The banking industry is far one of the most difficult type of business to manage. It is simply the business where stocks are hard to analyze, unstable and most of all, clients are demanding. We have to realize that in the current situation of recession, the banking industry is being hit hard.

Lewin's model could be used by managers to more efficiently implement any organizational changes. For example, suppose that a firm is facing the prospect of downsizing due to a slow market. In the first step, unfreezing, senior management could inform all employees via the company intranet as well as through informal "Town hall" style meetings of the serious economic challenges facing the organization. Input gathered from employees as well as from internal audits would then be made available to all employees. The second step, change, would then be implemented which most likely in the form of reorganization involving the elimination of some positions. In the final step, refreezing, intra-organizational adjustments would be made to accommodate the new organizational work flow (2). The declining economy and banking crisis lead to the need for Citizens...