PROVIDENCE – Citizens Financial Group Inc., the Rhode Island-based parent company for Citizens Bank, has appointed a new president and disclosed that its longtime chief financial officer is leaving the company.
Citizens executive Brendan Coughlin, who has been credited with spearheading Citizens' efforts to build a private bank and its wealth management arm, has been promoted to president and will report to CEO and Chairman Bruce Van Saun.
Coughlin, who most recently served as vice chairman and head of consumer, private banking and wealth, will continue to oversee those areas but will also lead enterprise data and analytics, and marketing, Citizens said. He has been with the company for 20 years.
"[Coughlin] has a long track record of strong leadership and execution against some of our most important initiatives, and he has earned the trust and respect of our stakeholders, including the board and our colleagues,” Van Saun said. “His efforts have contributed significantly to our transformation into a top super-regional bank, and I am confident that his passion and leadership will continue to propel Citizens forward.”
Meanwhile, Citizens Chief Financial Officer John Woods, who is also a vice chairman,
is stepping down from his role in August to take the CFO position at the Boston-based financial services giant State Street Corp.
Woods has been CFO since 2016, when he was recruited by Van Saun.
“[Woods] has been important to our success at Citizens over the last eight years, during which he has been instrumental in shaping our long-term financial strategy and delivering on our growth objectives while navigating a complex economic landscape,” Van Saun said. "I’ve enjoyed working with him, I am grateful for his contributions, and I wish him the best in his next chapter.”
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JOHN WOODS is stepping down as chief financial officer for Citizens Financial Group Inc. in August. / PBN FILE PHOTO[/caption]
During his time at Citizens, Coughlin developed and launched several of the bank’s most innovative offerings, including merchant point-of-sale financing partnerships with Apple and Microsoft, national education refinance products, and expansion of the consumer franchise into new markets, according to the company.
In 2023, Coughlin was instrumental in the national launch of Citizens Private Bank, which continues to deliver strong performance, recently reaching $8.7 billion in high-quality deposits and $5.2 billion in assets under management.
The bank has also made strides in broadening its wealth management capabilities under Coughlin’s leadership, including the addition of new advisory teams in California, Boston and Florida, Citizens said.
"I appreciate the vote of confidence from Bruce and the Board in being named president,” Coughlin said. “I look forward to delivering on our objectives and continuing to create value for our shareholders, customers, colleagues, and communities.”
(Updated to include that John Woods has accepted a position at State Street Corp.)
