Citizens Financial Announces New Head of Commercial Banking
According to a recent press release, Citizens Financial Group, the $218.3 billion-asset regional bank, is undergoing a significant leadership alteration. The change comes as a result of the planned retirement of Don McCree, the senior vice chair and head of the commercial banking sector. The institutional veteran intends to step down from his position by the end of March 2026.
McCree, who devoted the last decade to the development of Citizens’ commercial bank, will continue to serve as chair of commercial banking until his departure. He has been a pivotal figure in the bank’s evolution, leading it to stand as one of the best-positioned commercial banks in the region.
McCree’s Successor Announced
Effective immediately, Ted Swimmer will succeed McCree as the head of commercial banking. Swimmer has served as the head of capital markets and advisory for the past eight years. The bank’s Chairman and CEO, Bruce Van Saun, praised Swimmer as a “highly capable leader” who has built a robust capital markets and advisory business and has been instrumental in attracting exceptional talent to Citizens.
This leadership transition is the latest in a series of executive changes at Citizens. Earlier this year, the bank saw the retirement of Beth Johnson, its chief experience officer, and the promotion of Brendan Coughlin to the position of company president.
Upcoming Changes in Citizens’ Executive Management
Further changes are on the horizon for Citizens’ executive management team. Aunoy Banerjee, the former CFO at Barclays Bank PLC, has been hired to succeed John Woods as Chief Financial Officer. Banerjee is scheduled to join Citizens on October 24, confirmed by a bank spokesperson on Tuesday.
The Legacy of Don McCree
McCree, who had previously retired from JPMorgan Chase after a 31-year career, joined Citizens with the vision of expanding its commercial bank. At the time, the bank’s scope was largely focused on New England and the Mid-Atlantic. In an interview with American Banker last year, McCree expressed his satisfaction with the growth and success of the commercial banking sector under his leadership.
Today, the commercial bank offers a comprehensive suite of capital markets and advisory capabilities, treasury solutions, commercial lending, corporate credit cards, risk management products, payments services, and specialized expertise across several industry verticals. During the second quarter, the commercial banking unit generated net income of $206 million, marking a 20% decrease year over year. At the end of June, Citizens’ commercial loan book stood at $71.6 billion.
Anticipated Impact on Citizens
Swimmer, a former Wachovia executive who joined Citizens in April 2010, has been part of the bank’s management team since 2018. His promotion is expected to provide continuity for the bank’s ongoing growth and strategic development. The bank has not yet announced plans to fill the head of capital markets position left vacant by Swimmer’s promotion.
Given Citizens Financial’s track record of internal promotions and successful leadership transitions, the bank’s stakeholders can expect a smooth transition as Swimmer assumes his new role. More information about Citizens Financial can be found here.
Source: American Banker
