With the goal of catering to the needs of a diverse range of wealthy customers, including family offices and the ultra-high net worth group, Citizens Financial Group is expanding its wealth management and private banking division at a swift pace.

The addition of two new executives to key positions serves as a demonstration of the new strategy.

Moreover, Citizens Financial opened its first private banking location in Boston and intends to open more locations in 2024, including a spring location in Mill Valley, California, and a location in Palm Beach, Florida.

Following the establishment of its new private bank and employing of 200 bankers in 2023, Citizens has strengthened its wealth leadership group with the hire of Tom Metzger as head of Citizens private wealth managers and Michael Cherny as head of Citizens wealth management advisers.

Cherny will be in charge of maintaining and growing mass and affluent client connections across the US.

He is an experienced leader in the financial services industry who has scaled wealth management firms in the past. Cherny was formerly a managing director in wealth at JPMorgan Chase and oversaw a $60bn investment and deposit portfolio in one of the bank’s regions there.

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Likewise, Metzger will build and head a new team of private wealth managers aimed at new-to-bank clients in significant markets across the US.

Metzger is a 17-year industry veteran with extensive expertise guiding national recruiting initiatives. He previously served at Wells Fargo and most recently at First Republic Bank as head of wealth manager recruiting.

Brendan Coughlin, vice chair and head of consumer banking at Citizens stated: “With the bank failures of 2023, it is clear that significant white space exists in the market for a new entrant to fill by delivering best-in-market customer service for Private Banking and Wealth Management clients. Hiring these two high quality executives demonstrates the strength of Private Banking and Wealth Management talent that we have been able to attract to Citizens. The launch of our new branding and addition of our new private banking offices will help them deliver the extraordinary service their clients have come to expect.”

The new hires signal another significant milestone for Citizens, after the nationwide launch of Citizens Private Bank in the fall of 2023, which raised more than $1.2bn in deposits by the end of 2023, demonstrating distinct market positioning and client trust.