Citizens Financial Group 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. Many of the new team members were formerly with First Republic Bank.
“The addition of these talented and seasoned private bankers helps Citizens significantly boost our growth plans in wealth management and business banking,” Brendan Coughlin, vice chairman and head of consumer banking at Citizens, said. “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.”
The new teams will also help accelerate Citizens’ geographic growth plans in markets such as New York and Florida, bolster a core market in Boston, and add new capabilities on the West Coast to supplement Citizens’ existing commercial bank presence, including the bank’s previous acquisition of JMP Group, a capital markets firm based in San Francisco. The new teams 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.
“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,” Coughlin said. “We share their excitement about the opportunity to build and scale a great business leveraging Citizens’ already strong foundation.”
