Former First Republic Bank Advisors Join Citizens Private Wealth
- Citizens Financial Group recruits former JPMorgan Chase advisor team with $1 billion in client assets
- Team led by Brian Nagle joins Citizens Private Wealth unit in Boston
- Former First Republic Bank employees move to Citizens after acquisition by JPMorgan
- Citizens aims to expand private wealth management business
Citizens Financial Group has recruited a team of advisors who previously managed nearly $1 billion in client assets at JPMorgan Chase and worked at failed lender First Republic Bank. The team, led by Brian Nagle, joined the bank’s Citizens Private Wealth unit in Boston to serve ultrahigh-net-worth clients, trusts, and foundations. Nagle cited Citizens’ capabilities and resources as reasons for the move. JPMorgan declined to comment on the team’s departure. The advisors had been with First Republic from 2014 until 2023, according to Finra’s BrokerCheck database. San Francisco-based First Republic collapsed during last year’s regional bank crisis, and many advisors left as it teetered before being acquired by JPMorgan. In April 2024, several former First Republic teams moved to competitors, including Citizens, which picked up a group overseeing $5 billion. Citizens, a regional bank in Providence, R.I., aims to expand its private wealth management business and recently hired Mark Thompson as market executive for its Boston private bank office.
Factuality Level: 8
Factuality Justification: The article provides accurate information about the recruitment of a former JPMorgan Chase advisor team by Citizens Financial Group, including details about their previous work experience and the reasons for joining. It also mentions the background of the bank involved and the industry context. However, it lacks some objective analysis or broader context on the regional banking crisis.
Noise Level: 3
Noise Justification: The article provides relevant information about the recruitment of a former JPMorgan Chase advisor team by Citizens Financial Group and highlights the reasons behind their decision. It also mentions the background of the team members and their previous work experience at First Republic Bank. However, it lacks in-depth analysis or exploration of broader trends or consequences of the regional bank crisis.
Public Companies: Citizens Financial Group (CFG), JPMorgan Chase (JPM), First Republic Bank (Private), Boston Private Bank (Private), Cambridge Trust (Private)
Key People: Brian Nagle (Managing Director), Zachary Noke (Client Associate), Grayham Lohrey (Investment Specialist), Emily Fluke (Relationship Manager), Mark Thompson (Market Executive), Tom Metzger (Senior Vice President of Private Wealth Management)
Financial Relevance: Yes
Financial Markets Impacted: Financial institutions (Citizens Financial Group, JPMorgan Chase, First Republic Bank)
Financial Rating Justification: The article discusses the recruitment of a former JPMorgan Chase advisor team by Citizens Financial Group and its impact on the private wealth management business. It also mentions the acquisition of First Republic Bank by JPMorgan and the movement of advisors between financial institutions, which can have an effect on their operations and strategies.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the article. The text discusses a financial crisis involving regional banks and the recruitment of former advisors from First Republic Bank by Citizens Financial Group.
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