Citizens Financial expands wealth management biz, grabs two BofA execs

Two New England-based executives from Bank of America Corp. have joined Citizens Financial Group Inc. to lead key units of the Providence, R.I., bank’s expanding wealth managing business.
Thomas Fay was named chief investment officer and director of wealth management services for Citizens, the bank announced today. Brian O’Connor will become senior vice president and head of relationship management for Citizens’ newly created Premier Banking business.
As part of its expansion effort, the bank has already hired about 40 relationship managers in its Boston Premier Banking unit and will be adding about 40 more Boston-based managers next year, according to Mike Jones, a spokesman for Citizens.
Mr. Fay will be responsible for managing the bank’s investment strategy and products, and will be responsible for expanding its wealth management business in New England and other key markets, including Philadelphia and Pittsburgh, where Citizens is also adding to its wealth management team.
Before joining Citizens, Mr. Fay was a managing director at U.S. Trust, Bank of America Private Wealth Management. He oversaw the investment strategy of the New England division, which has $43 billion in assets under management.
Mr. O’Connor will be responsible for expanding Citizens’ Premier Banking platform, which focuses on affluent consumers.
He was most recently the Northern New England regional executive of top-tier banking and investments for Bank of America.
Mr. Fay and Mr. O’Connor will report to Mike Millard, president and chief executive of Citizens Wealth Management.

Related Topics: Bank Of America Corp.