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Citizens Financial (CFG) Aims to Double Wealth Management Assets
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After expanding its team of private bankers, Citizens Financial Group Inc. (CFG - Free Report) plans to double its wealth management assets in five years. In an interview with Reuters, Brendan Coughlin, head of consumer banking at Citizens Financial, said, "We'd like to at least double the size of our wealth management business in the medium term."
Earlier this month, CFG expanded its private banking business by adding approximately 50 new senior private bankers and related support staff in Boston, Florida, New York and San Francisco. These private bankers were mostly from First Republic after it was seized by regulators and bought by JPMorgan Chase & Co. this May. CFG’s new team will work to develop new wealth clients, separate from its existing customers.
Management believes its target to double wealth management assets is “very, very achievable with this team."
Currently, CFG manages $22 billion of wealth assets, management remarked. Per clients, this chalks down to half of the wealth managed by other big regional banks. CFG plans to improve it with team expansions.
This underlines CFG’s focus on private banking growth strategy and aligns with efforts to accelerate its strategy to build out Wealth Management and scale Business Banking, increase deposits and expand in targeted growth markets.
Particularly, the move expands Citizens Financial’s presence in key markets such as New York and Florida, bolsters a core market in Boston and adds new capabilities on the West Coast, where the company has an existing Commercial Bank presence.
In the past three months, shares of CFG have lost 16.2% compared with the industry’s decline of 8.6%.
BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, has entered the San Antonio market. It will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, further expanding its footprint in Texas.
Bank of Texas is currently operating in 39 locations. BOKF’s debut in San Antonio underlines its efforts to expand in the Texas region and benefit from the dynamic and fast-growing market.
Huntington Bancshares Incorporated (HBAN - Free Report) expanded its sponsor finance business within the Commercial Banking segment with the addition of a fund finance banking team.
The new team will provide strategically important financing directly at the fund level and help expand coverage across the sponsor ecosystem. This will provide sponsors with a broader range of financing options, thereby significantly boosting Huntington's commercial capabilities by leveraging its banking platform.
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Citizens Financial (CFG) Aims to Double Wealth Management Assets
After expanding its team of private bankers, Citizens Financial Group Inc. (CFG - Free Report) plans to double its wealth management assets in five years. In an interview with Reuters, Brendan Coughlin, head of consumer banking at Citizens Financial, said, "We'd like to at least double the size of our wealth management business in the medium term."
Earlier this month, CFG expanded its private banking business by adding approximately 50 new senior private bankers and related support staff in Boston, Florida, New York and San Francisco. These private bankers were mostly from First Republic after it was seized by regulators and bought by JPMorgan Chase & Co. this May. CFG’s new team will work to develop new wealth clients, separate from its existing customers.
Management believes its target to double wealth management assets is “very, very achievable with this team."
Currently, CFG manages $22 billion of wealth assets, management remarked. Per clients, this chalks down to half of the wealth managed by other big regional banks. CFG plans to improve it with team expansions.
This underlines CFG’s focus on private banking growth strategy and aligns with efforts to accelerate its strategy to build out Wealth Management and scale Business Banking, increase deposits and expand in targeted growth markets.
Particularly, the move expands Citizens Financial’s presence in key markets such as New York and Florida, bolsters a core market in Boston and adds new capabilities on the West Coast, where the company has an existing Commercial Bank presence.
In the past three months, shares of CFG have lost 16.2% compared with the industry’s decline of 8.6%.
Image Source: Zacks Investment Research
The company currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expansion Moves by Other Companies
BOK Financial Corporation’s (BOKF - Free Report) division, Bank of Texas, has entered the San Antonio market. It will offer its full-service, relationship-focused financial services in the region. This marks BOKF’s foray into the markets outside Dallas, Fort Worth and Houston, further expanding its footprint in Texas.
Bank of Texas is currently operating in 39 locations. BOKF’s debut in San Antonio underlines its efforts to expand in the Texas region and benefit from the dynamic and fast-growing market.
Huntington Bancshares Incorporated (HBAN - Free Report) expanded its sponsor finance business within the Commercial Banking segment with the addition of a fund finance banking team.
The new team will provide strategically important financing directly at the fund level and help expand coverage across the sponsor ecosystem. This will provide sponsors with a broader range of financing options, thereby significantly boosting Huntington's commercial capabilities by leveraging its banking platform.