Citizens Financial Group Names Chris Weyrauch to Lead Wealth Business

Rhea-AI Summary

Citizens Financial Group, Inc. (NYSE: CFG) has appointed Chris Weyrauch as Head of Wealth Management, effective immediately. He succeeds Ryan Parker, who is leaving for family reasons. Weyrauch has 25 years of experience from TIAA, where he managed $400 billion in assets for 425,000 clients. His focus will be on accelerating Citizens' wealth management growth. Parker will assist Weyrauch through June for a smooth transition. The bank recently reported record results and has a strong team in place to support continued momentum in this critical area.

Positive

• Chris Weyrauch brings extensive experience from TIAA, enhancing leadership in wealth management.
• Weyrauch's previous management of $400 billion in assets under administration demonstrates capability.
• Citizens reported record results in the last quarter, indicating strong business performance.

Negative

• Ryan Parker's departure may introduce transitional challenges despite support.

Citizens Financial Group, Inc. (NYSE: CFG) today announced that Chris Weyrauch will join the bank as Head of Wealth Management, effective immediately. Weyrauch will report to Brendan Coughlin, Head of Consumer Banking, and will succeed Ryan Parker, who will be departing the company for family reasons.

Weyrauch comes to Citizens after a 25-year career at TIAA where he built and led its direct-to-consumer business. He most recently served concurrently as Head of Retail Distribution, Head of Individual Advisory Services and CEO of Life Insurance, and was responsible for managing $400 billion in assets under administration for more than 425,000 high-net-worth clients across the U.S. Weyrauch will focus on further accelerating Citizens’ strong and growing momentum in wealth, a cornerstone of the bank’s strategy to be a trusted advisor to its customers throughout their financial journeys.

“Chris has terrific experience growing and leading a highly successful national wealth business,” said Coughlin. “His track record of integrating investment products, banking, insurance, and lending solutions and delivering them both digitally and through a top quality advisor team demonstrates that he is well positioned to rapidly drive further growth in this critical area.”

Parker will stay on at Citizens through June, working with Weyrauch to help ensure a seamless transition.

Added Coughlin: “While we are disappointed to see Ryan leave the bank, we understand and respect his reasons for doing so. He’s leaving the business in great shape, with record results this past quarter, a repositioned strategy, and a strong team that will help Chris hit the ground running. We wish Ryan well as he enters this new chapter of his life.”

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $187.2 billion in assets as of March 31, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

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FAQ

Who is the new Head of Wealth Management at Citizens Financial Group?

Chris Weyrauch has been appointed as the new Head of Wealth Management at Citizens Financial Group.

What experience does Chris Weyrauch bring to Citizens Financial Group?

Chris Weyrauch joins Citizens after a 25-year career at TIAA, where he managed $400 billion in assets.

What are the implications of Ryan Parker's departure for Citizens Financial Group?

Ryan Parker is leaving for family reasons, but will assist in the transition, ensuring continuity.

What recent financial results has Citizens Financial Group reported?

Citizens Financial Group reported record results in the last quarter, reflecting strong business performance.