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Citizens Financial scoops up private bankers from First Republic bank.

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TLDR:

  • Citizens Financial Group strategically positioned itself to acquire private bankers from First Republic Bank.
  • By hiring private bankers who preferred working at smaller banks, Citizens Financial was able to expand its private banking services.

Citizens Financial Group, led by John F. Woods, saw an opportunity to expand its services to high-net-worth individuals by acquiring private bankers from First Republic Bank. Despite losing the bid to JPMorgan, Citizens Financial was attracted to First Republic’s business model and hired numerous private bankers who preferred working at a smaller bank. This accelerated the bank’s private banking services in California, Boston, New York, and Florida. By hiring experienced professionals like Michael Cherny and Tom Metzger, Citizens Financial is planning to open more private banking offices. The launch of the private bank in the fourth quarter of 2023 has already generated over a billion dollars in deposits. Woods also highlighted the changing role of CFOs as strategic partners in deriving business strategies. This move positions Citizens Financial Group as a strong contender in the private banking sector and showcases their commitment to serving high-net-worth clients.

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