Citizens Financial Group Expands Private Banking Growth Strategy with Addition of Top Talent
Citizens Financial Group, Inc. (NYSE: CFG) has made significant strides in its private banking growth strategy with the recruitment of approximately 50 new senior private bankers and support staff across key locations including Boston, Florida, New York, and San Francisco. These seasoned professionals, formerly with First Republic, have chosen to join Citizens due to its strong culture and unwavering commitment to customer focus. The addition of multiple teams in these strategic geographies will greatly accelerate Citizens’ plans to enhance its Wealth Management division, expand its Business Banking segment, increase deposits, and establish a stronger foothold in key growth markets.
“The addition of these talented and seasoned private bankers helps Citizens significantly boost our growth plans in Wealth Management and Business Banking,” stated Brendan Coughlin, Vice Chairman and Head of Consumer Banking at Citizens. “These teams have a proven track record of delivering an exceptional white glove client experience, which will foster long-term customer loyalty in attractive growth areas. With a strong balance sheet and robust capabilities, Citizens is well-positioned to serve this client segment with excellence.”
The new teams will not only contribute to the expansion of Citizens’ Private Banking practice but also expedite the bank’s geographic growth plans in crucial markets such as Metro New York and Florida. Additionally, they will bolster the core market in Boston and introduce new capabilities on the West Coast, complementing the bank’s existing presence in commercial banking following its previous acquisition of San Francisco-based capital markets firm, JMP Group. Through the Private Banking practice, these teams will provide a comprehensive range of services to high-net-worth individuals, families, nonprofits, and private family foundations, including personal banking, commercial and business banking, retirement planning, investment management, and financial planning.
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Coughlin further emphasized that these professionals were drawn to Citizens due to the bank’s customer-centric approach, commitment to collaboration, entrepreneurial spirit, and robust business and technology capabilities. He expressed shared excitement about the opportunity to build and scale a remarkable business, leveraging Citizens’ already solid foundation.
Citizens Wealth Management, which includes its brokerage arm, Citizens Securities, Inc., offers integrated, full-service banking and investment services to help clients grow and safeguard their wealth, plan for retirement, and achieve long-term financial objectives. Citizens initially expanded its wealth management and private banking capabilities in 2019 with the acquisition of Clarfeld Financial Advisors. The newly recruited teams will operate under the umbrella of Citizens Private Bank.
More information about this development will be provided during Citizens’ Q2 2023 earnings call scheduled for July.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the oldest and largest financial institutions in the United States, with $222.3 billion in assets as of March 31, 2023. Headquartered in Providence, Rhode Island, Citizens offers a comprehensive range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions. By listening to customers and understanding their needs, Citizens helps them reach their full potential by offering tailored advice, ideas, and solutions. Its Consumer Banking division provides an integrated experience that includes mobile and online banking, a full-service customer contact center, and the convenience of approximately 3,300 ATMs and 1,200 branches across 14 states and the District of Columbia. Consumer Banking offerings encompass a wide array of banking, lending, savings, wealth management, and small business solutions. In Commercial Banking, Citizens provides a comprehensive suite of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. For more information, visit www.citizensbank.com
