PROVIDENCE – Citizens Financial Group says it has hired 40 people, including two senior executives, as it moves to expand its wealth management unit. And it plans to hire another 40 or so in the coming months, the company said last week.
Thomas P. Fay joins Citizens as chief investment officer and director of Wealth Management Services, while Brian O’Connor has been named senior vice president and head of relationship management. Both executive will report to Michael Millard, president and CEO of Citizens Wealth Management.
“We are excited to have Tom and Brian join our Wealth Management team,” Ellen Alemany, chairman and CEO of Citizens Financial Group, said in a press release. “They are industry leaders who together bring nearly a half-century worth of wealth management and private banking experience to our organization and the customers we serve. Their leadership and depth of knowledge will serve our customers and organization well as we continue to expand this important business.”
Citizens’ wealth management was the focus of some attention earlier this year when a former Citizens investment officer defected to the Westerly-based Washington Trust Co., indicating in industry news stories that Citizens wasn’t interested in growing its wealth management services.
At the time, Citizens contended that the former employee’s assessment was inaccurate, and now it can offer the recent expansion as evidence.
The new senior executives are former Bank of America employees.
Fay, 48, oversees Citizens’ Wealth Management business unit including sales, investments and private banking. Based in Providence, he is responsible for managing the unit’s investment strategy and products, and he will play a role in growing the business in New England and other markets, including Philadelphia and Pittsburgh.
Before joining Citizens, Fay was managing director at US Trust/Bank of America Private Wealth Management in Boston, where he oversaw the investment strategy of the New England division, with $43 billion under management. Citizens says he has 22 years experience in wealth management, including 17 years in various investment management roles at US Trust/Bank of America and its predecessors.
Fay obtained a finance degree from Boston College and an MBA from the University of Rhode Island. He is a Chartered Financial Analyst, and he is involved in the community, serving on the boards of Boys and Girls Club of Providence and Providence Performing Arts Center.
O’Connor, 49, oversees Citizens’ Premier Banking business, providing specialized products and services, as well as comprehensive financial strategies, to Premier Banking customers. Premier Banking is focused on the fast growing affluent consumer segment which is particularly strong in Citizens’ footprint. O’Connor is responsible for expanding the Premier Banking platform in Citizens’ key markets. He is based in Boston.
At Bank of America, O’Connor most recently served as northern New England regional executive of Premier Banking & Investments. In this role, he managed both the banking and brokerage units, with $14 billion of deposits and investments under management. He has 22 years financial services experience.
O’Connor earned a bachelor of arts from the University of Massachusetts, Amherst and an MBA from Boston College. He earned his Certified Financial Planner designation in 1986 and is an active member of the community. He has chaired various local events including the American Heart Association’s (Boston Chapter) American Heart Ride.
Citizens Financial Group Inc. – a division of the Edinburgh-based Royal Bank of Scotland Group plc. (London Stock Exchange: RBS.L; NYSE: RBS) – is a commercial bank holding company founded in Providence in 1828. It has $153 billion in assets and about 23,000 employees at 1,480 Citizens Bank and Charter One branches in 12 states plus non-branch offices in about 40 states, most of which Citizens Financial operates through its RBS Citizens NA subsidiary. Additional information is available at CitizensBank.com or www.rbs.com.
Beyond Cash Donations: How New Forms of Giving Are Transforming Not-for-Profit Accounting
Evolving Funding Landscape for Not-for-Profits Not-for-profit organizations are being asked to do more with less,…
Learn More
