Citizens hires 2 strategic wealth leaders, opens Private Banking office in Boston

PROVIDENCE – Citizens Financial Group Inc. recently unveiled changes to its Wealth Management and Private Banking business designed to accelerate its growth to serve all wealth clients, the bank announced.

Chief among those changes was the hiring of two new executives in critical roles, the bank said, as well as opening its first Private Banking office in Boston, with plans to open additional offices in 2024, including in Palm Beach, Fla., and Mill Valley, Calif., in the spring.

Citizens launched its Private Bank in the fall of 2023, hiring about 200 bankers and raising more than $1.2 billion in deposits by the end of the year. The most recent additions to the bank’s wealth leadership team are Michael Cherny, who will serve as head of Citizens Wealth Management Advisors, and Tom Metzger, who will serve as head of Citizens Private Wealth Managers.

“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,” Brendan Coughlin, vice chair and head of consumer banking at Citizens, said in a statement. “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.”

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Cherny will be responsible for retaining and growing mass affluent and affluent client relationships across the U.S., the bank said. Cherny previously served as a managing director in wealth at JPMorgan Chase & Co., where he led one of the bank’s largest regions consisting of $60 billion in investment and deposit balances, according to a news release.

Metzger will recruit and lead a new team of Private Wealth managers targeting new-to-bank clients in key geographies across the U.S., Citizens said. During his 17 years in the industry, Metzger had a long career at Wells Fargo and a recent stop at First Republic Bank, where he served as head of wealth manager recruiting.