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In The Loop

“John is always there for us.”

- Suzanne Bove

July 14, 2008

Issue 2

Volume 1

Commercial Loan Operations

14, 2008 Issue 2 Volume 1 Commercial Loan Operations “This company is really serious about corporate

“This company is really serious about corporate responsibility.”



Getting to Know John Zazzera


Colleagues of the Week


Helping Us Reach the Finish Line


CLO Photo Gallery


Business is Booming


Risk Updates


Procedure Updates

Getting to Know John Zazzera

You’ve participated in Town Hall meetings with John, collaborated on projects and have corresponded via e-mail, but this month, In the Loop will tell you about John’s background and his interests outside of our Commercial Loan Operations world.

John joined the bank in January after 18 years at GE, where he managed various divisions, including Commercial Finance and GE Capital. Most recently he served as manager of the Global Enterprise Client Group with the added responsibility of running GE’s Dealer Finance business. John also maintained a board position with GE’s Elfun Society, the company’s volunteer and charitable arm.

A company’s commitment to community service is important to John,

and our Credo resonates strongly with him. “I recall reading it during my

first interview here and thought, ‘This company is really serious about corporate responsibility.’” Citizens’ and Charter One’s dedication to

Please see John Zazzera on Page 2

Colleagues of the Week

It is a pleasure to announce that Colleagues of the Week are now

recognized throughout CLO’s footprint. Since the last issue of In the

Loop, these individuals and groups have been honored with the award:

Maria Caliri – Maria has endeavored to consolidate CLO’s communications by reviving In the Loop. Further, she is establishing a Customer Advisory Board, a forum through which CLO can communicate with the business lines it serves more effectively.

Beth Croston – Beth works with the collateral group in Ohio. While her manager was away on jury duty, Beth assumed additional responsibilities to ensure all deliverables were met in a timely fashion.

Please see Colleagues of the Week on Page 3

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In The Loop

P a g e 2 In The Loop John Pitocco’s photo of the Providence (R.I.) Power

John Pitocco’s photo of the Providence (R.I.) Power Plant placed first in the “Scenes” category in the Providence Journal’s annual photography contest.

Helping Us Reach the Finish Line

You know the drill. If you need to initiate a maintenance or project request, contact Suzanne Bove or Tammy Pelletier of the Project Management, Metrics and Training team. They submit your request and seemingly, like magic, meet project deliverables on deadline.

Although this team’s talent is unparalleled, Suzanne and Tammy, like most magicians, rely on able assistants to execute our projects and guide them toward completion. Among the many colleagues they interact with – stakeholders, technology experts, risk managers – our Manufacturing Business Liaison, John Pitocco, works most closely with Suzanne and Tammy during the project’s life cycle.

As a BL, John is the Project Management team’s first point of contact. He assists with the initial step in requesting a technology or operations project within Manufacturing – the completion of the Project Initiation Document. This form is used to describe the problem, the business line’s requirements and financial and nonfinancial objectives.

Once the Project Initiation Document is submitted, John’s outreach efforts begin in earnest. John works with fellow Manufacturing colleagues to develop overall project cost estimates, such as financial projections, time, hardware requirements and business line availability.

“In presenting these estimates to the Change Champion (the senior executive who makes the “go” or “no-go” decision), I advocate for CLO.”

John’s support of CLO is unwavering. Whether outlining the benefits of the project during the estimate review or identifying the best project manager for the job, John ensures that our projects receive the attention they deserve in order to keep them on schedule.

Please see Finish Line on Page 4

John Zazzera from Page 1

philanthropic activity, as well as the bank’s customer-centric philosophy, was a critical factor in his decision to join us.

“You can believe in volunteerism theoretically, but it’s quite another story to be down in the trenches, serving your community. I’ve noticed our colleagues are not afraid to roll up their sleeves and help the people who need it most in the communities.”

Having served on the board of the Exton, Pa., Little League, John combines community service with his favorite past time – spending time with his family. John’s son, Jay, is a baseball standout who is pitching and batting his way toward the Junior Olympics. A self-described “baseball dad,” John can be found on weekends at the ball park with his wife and Jay’s three siblings cheering him on.

Weekdays, of course, John can be found on the other side of a phone call or e-mail or at any of our five CLO locations. An advocate of open-door policy, John looks forward to getting to know more about you.

In the Loop will include additional manager profiles in upcoming issues.

In The Loop

Page 3

In The Loop Page 3 CLO Photo Gallery Clockwise from top: Marsha Marchio of Medford prepares

CLO Photo Gallery

Clockwise from top: Marsha Marchio of Medford prepares for that site’s CAW barbecue last month. Leasing Operations Manager Julie Jasparro delivers a “Leasing 101” presentation at a barbecue/training session in Cranston last week. Cathy Lee serves up barbecue favorites in Cranston last week while Kevin Huang looks on.

in Cranston last week while Kevin Huang looks on. Colleagues of the Week from Page 1

Colleagues of the Week from Page 1

Medford – This is not a typo! The entire team was recognized for meeting SLAs during a year in which it took on the added responsibility of Pennsylvania work.

Nancy Michaud – Nancy does an excellent job with both SWAP and Escrow processing. The processes are all manual, and Nancy continues to find alternative short cuts that will help automate the products in the near future. Her group averages approximately 4,000 Rate Rolls and 100 new SWAP setups during a normal month.

Business is Booming

All sites are buzzing with activity, so it should come as no surprise that loan volume has increased significantly. A look at the data that Kathy Cai compiled quantifies the extra work CLO is processing and servicing. (Figures represent loans booked/transactions through May.)

4,833 new loans were booked with an origination amount of $18.77 billion – a 37% increase

compared to the same period last year. The total number of wire transactions increased 15.8%.

2,934 renewals represent a 3% increase over last year.

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In The Loop

Finish Line from Page 2

“John is always there for us,” says Suzanne. “He has worked well into the night to secure a place for me at a Project Roundtable meeting for a project that had to be opened by the end of last year.

“And when stakeholders tried to change the scope of some projects during execution, John encouraged me to push back so that we would not lose focus of our primary objectives.”

This level of intervention exemplifies the true meaning of business partner, and CLO appreciates

Risk Updates

Many have been busy in recent months – and will continue to be - with a range of Audit and Compliance activities - from ICP to PSPG. Ransom Griffin, who coordinates CLO’s response to internal and external audits, provides a status update:

PSPG: Possibly the most involved of all the audit activities are the 17 remaining PSPG issues. Of these, 12 are global issues (or those affecting multiple business lines), and five are local, meaning they are specifically assigned to CLO. CLO is making giant strides in its remediation efforts. As of June 30, five issues - all relating to testing and awareness of controls (EtP 70) - have closed. Remediation efforts of all CLO-controlled issues are on schedule.

Business Continuity Planning: BCP is currently reviewing all of the information CLO supplied by June 30. Should BCP identify any issues, CLO has 60 days to remediate any problem.

Improved Controls Program: Last month, all managers participated in three ICP workshops. During the most recent on June 27, they created a Failure Modes and Effects Analysis document to rate the severity of the issues. This week, the ICP Working Committee will assess the document, and, based on its findings, ORC issues may be opened.

Internal Audit: In addition to following up on issues raised in last year’s audit, Internal Audit began this year’s review. Documentation and

having John on its team. When he keeps his eye on the finish line, CLO closes projects successfully – just like magic.

To see some magic John creates with a camera, view more of his award-winning photos at

closing and booking are subject to a comprehensive, IT-integrated review, and a targeted review is under way in servicing and

support. By its own estimation, Internal Audit expects to complete its report by September


Regulatory/Business Line Assurance: The BLA group conducts risk-based, independent validations of our compliance programs, including, but not limited to:

Policies and Procedures

Self-monitoring (testing) key controls

Compliance Structure and Resources

Basel II: To comply with the ongoing Basel initiatives, CLO is reviewing Shaw records and file transfers.

These are but a few of the many examinations in progress within CLO. Others include:

Federal Reserve

Identity Theft/Red Flag

Credit Review



Thank you for hosting the auditors, ensuring that they receive files and related documents for review and for maintaining SLAs while assuming these additional responsibilities. Look for further updates in upcoming issues of In the Loop.

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In The Loop

Procedure Updates

To help you keep track of the changes to the documents that have been updated on DocuShare, what follows is a list of the policies and procedures updated or added since June 3, 2008:

Key Field Validation Procedure


Fees Not Collected at Time of Closing

Who to Call in Commercial Credit Investigations

Checks and Wires

Daily CMOD Report and SLA Process

Same Day Wire Validation via IMI2

QCA CA7 Second Validation

Key Field Validation Procedure

Balancing Shaw to CF Workbook - Medford

Contract Entry Floating Rate Procedure

Federal Reserve Form U-1

Outgoing Wire Validation

ABL Daily Review of High Dollar Transactions

RBS Call for Content

Are any CLO colleagues involved in Supergrounds projects - alliances between CFG, city officials and local nonprofits to rehabilitate playground sites in low- and moderate-income areas? If so, please contact me at or at


RBS Manufacturing & Community Events colleagues are looking for stories about Citizens’/Charter One’s endeavors to improve playgrounds for U.K. publications.

August In the Loop Call for Content

Accepting any and all suggestions for content for the August issue. Tell me what topics you would like addressed, or submit content about your success stories, credo moments and more. Looking forward to hearing from you.

~ Maria