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

PROVIDENCE – Citizens Financial Group Inc. recently unveiled changes to its Wealth Management and Private Banking business designed to accelerate its growth to serve...
ALL IN: Citizens Financial Group Inc. has hired more than 100 people from the former First Republic Bank’s wealth management arm in order to launch its own private bank to service high-wealth clients. 
PBN FILE PHOTO/NICOLE ­DOTZENROD

Citizens looks to capitalize on its new private bank

When San Francisco-based First Republic Bank imploded last spring and its financial assets were sold to JPMorgan Chase & Co., Citizens Financial Group Inc....

Big-bank CEOs warn that new regulations could harm the economy

NEW YORK (AP) – The heads of Wall Street's biggest banks used an appearance on Capitol Hill to plead with senators to stop the...
THE FEDERAL RESERVE recently announced that all 23 of the biggest U.S. banks passed its "stress test," but some say that doesn't mean banks are prepared for an economic crisis. / AP FILE PHOTO/ANDREW HARNIK

Bank ‘stress tests’ by Fed may have overlooked weaknesses in system

The 23 largest banks in the U.S. – including Providence-based Citizens Financial Group Inc. – recently passed the Federal Reserve’s “stress test,” but some...
STILL STANDING: 
There is vacant office space in downtown Providence, but people in the local commercial real estate sector say landlords and banks haven’t reached a crisis level as others have nationwide. 
PBN PHOTO/­MICHAEL SALERNO

SHAKY GROUND: Distressed office real estate could undermine banks, wider economy

The former mayor of Providence is distressed. When Joseph R. Paolino Jr. walks through the city’s financial district, he’s anxious about what he sees. He...
NO PROBLEM YET: Rebecca Twitchell, owner of Half Full LLC consulting agency in Providence, says access to capital has not been a concern of hers so far, even though there are increased worries about a coming credit crunch in the small-business ­community. 
PBN PHOTO/RUPERT WHITELEY

Should R.I. businesses prep for potential credit crunch?

After a tumultuous first half of 2023 for U.S. banks, many observers fear that a credit crunch is fast approaching, if it hasn’t already...

FDIC recommends overhauling U.S. insurance deposit system 

NEW YORK (AP) – The Federal Deposit Insurance Corp. is recommending the U.S. rethink its decades-old policy of insuring up to $250,000 in bank...

Fed is set to raise rates yet again. After that, then...

WASHINGTON (AP) – The Federal Reserve is on track to raise its benchmark interest rate for the 10th time on Wednesday, the latest step...
Christopher V. Bilotti

Remove FDIC cap to prevent future panic

We learned the hard way in 1932 that a crisis in confidence, which could be sparked by baseless rumors, could create a bank run...

Fed raises key rate by quarter-point despite bank turmoil

WASHINGTON (AP) – The Federal Reserve extended its yearlong fight against high inflation Wednesday by raising its key interest rate a quarter-point despite concerns...
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