The establishment is in line with its long-term plan to boost wealth management growth, strengthen its position in the high-net-worth sector, and explore new areas.
Wealthy individuals, families, and companies, such as private family foundations, non-profits, multifamily and commercial real estate, life sciences, private equity, and venture capital firms, can receive broad, client support from Citizens Private Bank.
With an emphasis on nationwide expansion, Citizens will also be operating six private banking offices later in the year and throughout 2024.
The first offices will be located in the San Francisco Bay Area (Downtown San Francisco, Silicon Valley, and Marin County), as well as in New York City, Boston, and Palm Beach.
Citizens Financial Group welcomed around 150 seasoned associates, among them 50 relationship managers who are skilled at identifying the specific requirements of each of their clients and offering a comprehensive array of services, solutions, and guidance, including personal and business banking, investment management, and financial and retirement planning.
Over 25 additional individuals have been hired since then for positions in wealth management, private banking, and related support services.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Brendan Coughlin, vice chair and head of consumer banking at Citizens stated: “Today’s launch represents a significant step forward for Citizens and our private banking and wealth management strategy, as we bring to market an extraordinary client service model for high-net-worth individuals and businesses. We’ve continued to grow our talented team of relationship managers, wealth managers and support staff in a market that has been materially disrupted, which positions Citizens to be a preeminent private bank over time.”
“Working closely with colleagues across Citizens, the private banking team enhances our ability to serve as our clients’ trusted advisers,” added Donald H. McCree, vice chair and head of commercial banking at Citizens. “We are confident we can quickly fill a void left in the private banking market, especially for clients in private equity, venture capital and multifamily offices who are looking for a strategic partner to help enable their unique financial journey.”
With teams situated in the San Francisco Bay Area, Boston, New York, and Palm Beach, Citizens Private Bank will quicken Citizens’ growing presence across significant areas of the country.
As head of Citizens Private Bank, Susan deTray oversees the operations and growth strategy in her position.
Each office is led by an experienced, customer-driven relationship manager which includes:
- Boston: Doug Smith, John Packowski, David Emmerich and Rich Kertzman
- New York: Bill Dessoffy, Scott Aleali, Jeff Bruce, Garrett Sokoloff, Scott van der Marck and Ruth Aronowitz
- Palm Beach: James Meany, Bill Benjamin, Patti Travis, and Jonna Brown (senior trust officer)
- San Francisco: Roberto Rivera, Mike Franks, Sam Heshmati, Elise Wen, Kimberley Hutchinson and Chad Rego