Citizens Financial Group has hired dozens of private bankers from the now-shuttered First Republic Bank — the latest step in an ongoing effort to build out its wealth management business.
The Providence, Rhode Island, bank added 50 senior private bankers and related support staff who previously worked at First Republic, which closed in May.
The hires expand the bank's wealth management business in Boston, Florida and New York and establish a presence in the San Francisco market, Citizens said in a press release.
The additions will also help the $222 billion-asset bank scale its commercial and business banking, retirement planning and investment management businesses, according to Citizens.
"These teams have a demonstrated track record of delivering a truly differentiated white glove client experience," Brendan Coughlin, vice chairman and head of consumer banking at Citizens, said in a statement.
First Republic,
After the San Francisco bank was seized by the Federal Deposit Insurance Corp., many of its assets were sold to JPMorgan Chase, which described the acquisition as an opportunity to expand in wealth management.
But many financial advisors
Citizens has been emphasizing wealth management as a potential avenue for growth in recent years.
In 2019, Citizens
Citizens has also launched a new product targeting wealth management clients called Citizens Plus. And it's executing a market expansion strategy in the New York metropolitan region following its
During Citizens' most recent earnings call, CEO Bruce Van Saun described the outlook for the bank's wealth management business as "positive," and Coughlin said that Citizens Plus provided a "shot in the arm" for building client relationships.
During the first quarter, fee income from trust and investment services grew by 3% to $63 million.
