Citizens Names Ryan Parker to Lead Wealth Management Business

Rhea-AI Summary

Citizens Financial Group (NYSE: CFG) announced the appointment of Ryan Parker as the new Head of Wealth Management, effective November 2. He succeeds John Bahnken, who is retiring after five years in the role. Parker brings extensive experience from his time as CEO at Edelman Financial Services and previously led LPL Financial's Investment & Planning Solutions. The bank aims to enhance its wealth management offerings and deepen customer relationships under Parker's leadership, as affirmed by Brendan Coughlin, Head of Consumer Banking.

Positive

• Ryan Parker's appointment is expected to accelerate growth in Wealth Management.
• Parker's extensive experience in wealth management could enhance Citizens' offerings.

Negative

• None.

PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. (NYSE: CFG) today announced that Ryan Parker will join the bank on Nov. 2 as Head of Wealth Management. Parker will report to Brendan Coughlin, Head of Consumer Banking, and will succeed John Bahnken, who is retiring from Citizens after leading Wealth Management for the past five years.

Parker, who previously served as chief executive officer at Edelman Financial Services, a leading independent RIA, will focus on accelerating Citizens’ existing momentum in Wealth, a key priority as the bank seeks to further deepen customer relationships by providing tailored advice, ideas and solutions throughout their financial lives.

“Ryan is an experienced leader with a track record of success across many facets of wealth management. His background will help us accelerate the solid growth we have been demonstrating in this important area,” said Coughlin. “We are committed to building a world class Wealth Management business aimed at being our customers’ trusted financial advisor, and Ryan will play a key role bringing our capabilities to the next level.”

During his time at Edelman, Parker consummated the merger that created the nation’s largest independent RIA firm – Edelman Financial Engines. Prior to Edelman, Parker led LPL Financial’s Investment & Planning Solutions business, supporting more than 16,000 financial advisors and 750 banks and credit unions. Before turning his focus to the wealth management space, Parker held senior roles at Russell Investments and Franklin Templeton Investments.

Added Coughlin: “I’d like to thank John Bahnken for his many contributions over the years. He has led our Wealth business through a period of tremendous change and growth and the foundation he built positions us strongly going forward. We wish him all the best in his life’s next chapter.”

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $179.2 billion in assets as of September 30, 2020. 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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