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Not Your Typical CEO

Lawrence K. Fish: October 19, 2005; Running Time: 53:54

About the Lecture

About the Lecture

The gods of commerce must have blessed Lawrence Fish, for not only has he transformed a small Rhode Island bank into the third most profitable company in New England, but he has done so while religiously pursuing policies of decency and fairness. Fish looks to his own credo of “customers, colleagues and community” as primary explanation for Citizens’ success. Forget a “focus on technology or finance or strategy,” he says – “we focus on people.” As a service business, there’s little else on which to achieve “a sustainable competitive advantage.” This means, for instance, that all 27,000 Citizens employees should treat customers as “we would like to be treated, and all the time.” This means returning phone calls and emails within 24 hours. Because you “cannot have happy customers and unhappy employees,” Fish labors mightily to make Citizens “the best place to work in the world.” The company subsidizes workers’ pet insurance; provides $1500 tax free in case of any calamity; help with down payments on a first home; and bridge pay for military reservists. These benefits “touch people’s hearts” and also help boost the bank’s image. To further cement the tie between business and community, all Citizens employees volunteer in the place where they live or work. They must also abide by a strict system of ethics. Fish believes that if you make your company a “joyful place to work,” do right by your customers and community, “the profits come back.”

Lecture Details

Location: E51-345

“Leadership requires a life balance. Great leaders are often people who have a successful family; who are well physically; and who have interests outside their work – are active in their community. ”

Lawrence K. Fish

About the Speaker

Lawrence K. Fish

Former Chairman and CEO, Citizens Financial Group
Member, MIT Corporation

Larry Fish is the Former Chairman and CEO of Citizens Financial Group, Inc., a multi-state commercial bank holding company headquartered in Providence, Rhode Island. Under Fish's leadership, CFG has grown 30-fold since he joined the company in 1992. It is one of the 10 largest commercial bank holding companies in the United States in total assets and deposits. Fish has over 35 years of experience in the financial industry and has served as a leader on several federal and international financial advisory boards including the Federal Reserve Board of Governors and the Federal Advisory Council.

Lawrence K. Fish

Fish at the MIT Corporation

About the Host

About the Host

MIT Sloan School of Management

The MIT Sloan School of Management, based in Cambridge, Massachusetts, is one of the world’s leading business schools — conducting cutting-edge research and providing management education to top students from more than 60 countries. The School is part of MIT’s rich intellectual tradition of education and research.

MIT Sloan began in 1914 as engineering administration curriculum in the MIT Department of Economics and Statistics. The scope and depth of this educational focus have grown steadily in response to advances in the theory and practice of management to today’s broad-based management school.

A program offering a master’s degree in management was established in 1925. The world’s first university-based executive education program — the MIT Sloan Fellows — was created in 1931 under the sponsorship of Alfred P. Sloan, Jr., an 1895 MIT graduate who was then chairman of General Motors. A MIT Sloan Foundation grant established the MIT School of Industrial Management in 1952 with a charge of educating the “ideal manager.”