Latest news with #VanSaun
Boston Globe
05-06-2025
- Business
- Boston Globe
JPMorgan, Citizens duke it out over First Republic's old customer base
JPMorgan typically wields the Chase brand for its retail operations, but not for this venture. Instead, the signs out front say 'J.P. Morgan.' 'We're testing a new model, leveraging ... the JPMorgan brand,' said Stevie Baron, head of affluent banking at New York-based JPMorgan. 'This is an opportunity to take the JPMorgan brand to focus more up market [though] we've got inspiration from First Republic.' The personalized banking services are available to customers with at least $750,000 of deposits and investable assets parked with the bank. The freshly baked chocolate chip cookies that First Republic used to offer have been replaced by squares of Dylan's chocolate. (JPMorgan also has a previously established private banking arm for much wealthier individuals, but does not have a retail presence specifically for that group.) Advertisement JPMorgan's rollout comes as Citizens Financial Group steps up its efforts to cater to wealthy customers through its own relatively new Citizens Private Bank. Citizens was among the bidders for the failed First Republic in 2023, but lost to JPMorgan. However, at least 150 bankers from First Republic left later that year to help Citizens launch its private bank, including Susan deTray, a California-based executive who leads Citizens Private Bank. Advertisement 'We welcome all competition,' Baron said. 'We feel very good about our hand and our ability to serve this client base.' Last year, Citizens reopened a former First Republic branch in the Back Bay to serve as its first private banking office in Boston. (The chocolate chip cookies stayed on the menu there.) Offering a range of banking services to wealthy clients through Citizens Private Bank has turned a profit more quickly than chief executive Bruce Van Saun expected. The private bank, Van Saun said in an April interview, broke even in August, and now has four branches across the US with more on the way. The Providence-based company is opening its Private Bank branches in many of the same markets as JPMorgan; they have been a magnet for money, with nearly $9 billion in deposits and $5 billion in assets under management as of the end of March. The goal, Van Saun said, is to create a 'First Republic 2.0.' 'We're running a little ahead of what we projected,' Van Saun said. 'I think there's a void in the market where First Republic played and Silicon Valley [Bank] played. I think you win with talent. So a lot of the customers of those banks recognize that the personal level of service that the bankers offer was second to none, and Citizens is going to occupy that space.' This is an installment of our weekly Bold Types column about the movers and shakers on Boston's business scene. Advertisement Jon Chesto can be reached at
Associated Press
28-03-2025
- Business
- Associated Press
Citizens CEO Bruce Van Saun Reinforces Commitment to Supporting Business Growth Amidst Economic Uncertainty at The City Club of Cleveland
While heightened economic uncertainty is putting pressure on traditional business models, organizations that create the right combination of leadership, vision, culture and innovation can successfully drive transformation and position themselves well for the future, remarked Bruce Van Saun, Chairman and Chief Executive Officer of Citizens Financial Group, in a keynote address at The City Club of Cleveland. Van Saun provided attendees at The City Club's March 27 Speakers Forum with a roadmap to navigate external challenges and confidently face the future, including staying focused on delivering for stakeholders and fostering a culture of innovation. He also gave valuable insights into the current economic landscape, emphasizing the foundational role of regional banks, including Citizens, in supporting and investing in developing areas across the country, with a particular focus on Cleveland and the Midwest. The event also featured a fireside chat with Van Saun, moderated by Michael Jeans, Founder and CEO of Growth Opportunity Partners. 'We all need to support business growth in the region. There is big demand for it,' said Van Saun. 'Citizens recently conducted a survey of Ohio business leaders of whom 45 percent are looking for help supporting growth through advisory services and strategic guidance. 'At this time of dramatic change, there is an opportunity for business and financial leaders to capitalize on the changes and drive growth through a heightened focus on workforce development, investment in technology and business capabilities, and in our stewardship of capital markets and our economy.' Van Saun also highlighted how Citizens has navigated the intense challenges of the past few years, including high inflation and the rapid rise in rates, by staying intensely focused on delivering for customers, seizing the opportunity to launch Citizens Private Bank, and embracing the latest cyber tools and AI benefits. More information about The City Club of Cleveland is available here. Methodology: Citizens Middle Market Business Challenges Survey: C-level executives at 250 middle market U.S. businesses completed a web-based survey between January and February 2025. About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $217.5 billion in assets as of December 31, 2024. 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 full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. 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 or visit us on X (formerly Twitter), LinkedIn or Facebook. About The City Club of Cleveland The City Club serves Greater Cleveland, the State of Ohio, and the nation with programs that convene leaders, engage citizens, and provide all of our communities with opportunities to learn and participate in spirited dialogue on the issues that shape our future. More information is available at SOURCE: Citizens Financial Group, Inc. Copyright Business Wire 2025. PUB: 03/28/2025 09:21 AM/DISC: 03/28/2025 09:21 AM
