Citizens Financial Group made a tepid market debut on Wednesday, with shares climbing just 7.35pc, despite an eleventh-hour move to cut the price of the initial public offering. The US bank, which was wholly-owned by the taxpayer-backed Royal Bank of Scotland, dropped its IPO price to $21.50 a share on Tuesday evening, as it struggled to win the confidence of investors. It had been aiming to sell shares at between $23 and $25 a piece. Some 140m shares started trading at around midday on the New York Stock Exchange, under the ticker “CFG”. The shares opened at the same value as RBS had priced the IPO, and closed $1.58 higher at $23.08 – a performance that paled in comparison with other recent floats.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/11120043/Citizens-Financial-Group-makes-tepid-market-debut.html