PROVIDENCE - Citizens Financial Group, Inc. (NYSE: NYSE:CFG) has announced the appointment of Paul Casey as Head of Wealth Management, a move that underscores the bank's commitment to expanding its wealth management services. Casey's new role, which he will assume on July 9, will be pivotal in driving growth for Citizens' wealth management segment, following the recent launch of Citizens Private Bank in the fall of 2023.
Casey, who will be based in New York City and report directly to Brendan Coughlin, Vice Chair and Head of Consumer Banking, brings over two decades of industry experience to the table. His impressive track record includes a tenure at Morgan Stanley (NYSE:MS), where he most recently managed the New York City Private Wealth Management office, overseeing more than $90 billion in client assets.
Coughlin expressed confidence in Casey's ability to leverage his extensive experience to enhance Citizens' wealth management offerings, emphasizing the strategic importance of wealth management to the bank's overall strategy. The hiring of Casey is part of Citizens' broader initiative to strengthen its wealth management platform, which has included the addition of approximately 200 bankers in 2023, as well as bolstering its leadership team with key executive hires.
Citizens Financial Group, with $222.0 billion in assets as of December 31, 2023, is one of the nation's oldest and largest financial institutions. It offers a comprehensive range of banking products and services to a diverse customer base that includes individuals, small businesses, and corporate clients.
This strategic appointment is based on a press release statement from Citizens Financial Group, Inc.
InvestingPro Insights
As Citizens Financial Group, Inc. (NYSE: CFG) positions itself for growth in wealth management with the appointment of Paul Casey, the company's financial health and market performance offer insights into its potential for success. The firm's management team has demonstrated confidence in their strategy by aggressively buying back shares, signaling a belief in the company's value. Additionally, Citizens Financial Group has maintained a consistent dividend payout for 11 consecutive years, providing a tangible return to investors and underscoring its financial stability.
Analyzing the latest data from InvestingPro, Citizens Financial Group boasts a market capitalization of $15.42 billion with a P/E ratio of 10.51, reflecting a valuation that may appeal to value-oriented investors. The company's price to book ratio, as of the last twelve months ending in Q4 2023, stands at a modest 0.7, suggesting that the stock may be undervalued compared to its assets. Moreover, the bank has experienced a significant 40.1% price total return over the last six months, indicating strong market momentum.
While the bank shows a slight decline in revenue growth year-over-year, the commitment to expanding its wealth management services could potentially counterbalance this trend. For investors seeking more detailed analysis and additional InvestingPro Tips, including analyst predictions on profitability and other performance metrics, visiting the dedicated InvestingPro page for Citizens Financial Group at https://www.investing.com/pro/CFG can offer a comprehensive view. There are 6 more InvestingPro Tips available for CFG, which can be accessed with an exclusive 10% discount using the coupon code PRONEWS24 on a yearly or biyearly Pro and Pro+ subscription.
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