Citizens Financial Group significantly accelerated its private banking growth strategy with the addition of approximately 50 new senior private bankers and related support staff in Boston, Florida, New York and San Francisco. Several sought-after teams, formerly with First Republic, chose to join Citizens based on its strong culture and customer focus. The addition of multiple teams in these geographies meaningfully accelerates Citizens’ strategy to build out Wealth Management, scale Business Banking, grow deposits, and expand 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,” said Brendan Coughlin, Vice Chairman and Head of Consumer Banking at Citizens. “These teams have a demonstrated track record of delivering a truly differentiated white glove client experience that is second to none, which will create long-term customer loyalty across attractive growth areas. Citizens’ strong balance sheet and capabilities position us to serve this client segment exceptionally well.”
These new teams will also help accelerate Citizens’ geographic growth plans in key markets such as Metro New York and Florida, bolster a core market in Boston, and add new capabilities on the West Coast to supplement the existing Commercial Bank presence, including the bank’s previous acquisition of JMP Group, a capital markets firm based in San Francisco. They will provide personal banking, commercial and business banking, retirement planning, investment management and financial planning, and other services to high-net-worth individuals, families, nonprofits and private family foundations through the bank’s Private Banking practice.
Added Coughlin: “These talented professionals were attracted to Citizens because of our strong customer orientation, our commitment to collaborating and delivering the best the bank has to offer, our entrepreneurial spirit, and our strong business and technology capabilities. We share their excitement about the opportunity to build and scale a great business leveraging Citizens’ already strong foundation.”
Citizens Wealth Management, which includes its brokerage arm, Citizens Securities, Inc., provides integrated, full-service banking and investment services to help clients grow and protect their wealth, plan for retirement and achieve other long-term objectives across their financial lifetime. Citizens first expanded its wealth management and private banking capabilities in 2019 with the acquisition of Clarfeld Financial Advisors. The new teams will operate as Citizens Private Bank.