- Key update: Citizens Financial has appointed a new head of commercial banking, coinciding with the announcement that a senior executive will retire next year.
- What’s at risk: The regional bank has dedicated much of the last ten years to expanding its commercial banking division, which is one of its three primary sectors.
- Looking ahead: Citizens’ leadership team is expected to undergo further changes in the upcoming weeks as its new CFO steps into role.
Citizens Financial Group’s leadership is poised for another transformation following the internal promotion replacing the architect behind its commercial banking strategy.
The $218.3 billion-asset regional bank revealed on Tuesday that Don McCree, senior vice chair and leader of commercial banking, plans to retire by March 2026. Ted Swimmer, who led capital markets and advisory for the last eight years, will take over immediately, as announced by Citizens in a press statement. McCree will remain as chair of commercial banking until his retirement.
“Thanks to Don’s leadership, we have built a commercial banking platform that is well-positioned to compete with larger entities while providing customized support and solutions for clients throughout their business development,” said Chairman and CEO Bruce Van Saun in the release. He praised Swimmer as “a capable leader” who has successfully developed a robust capital markets and advisory division and brought in significant talent to Citizens.
This latest shift follows several recent changes within Citizens’ executive suite. In March, Beth Johnson announced her retirement as chief experience officer. Concurrently, Brendan Coughlin was elevated to lead consumer banking, private banking, and wealth management. The following month, Coughlin was named president, adding to his consumer-focused responsibilities, while Chief Financial Officer John Woods revealed plans to leave for a new position at State Street as their finance chief.
In May, Matt Boss joined Citizens from TD Bank to lead Citizens’ consumer banking division. Additionally, the bank appointed Aunoy Banerjee, the CFO from Barclays Bank PLC, to take over from Woods.
Banerjee is expected to join Citizens on October 24, a bank representative confirmed on Tuesday.
The current 10-member management team lacks vice chairs, a significant shift from last year when the bank, based in Providence, Rhode Island, had three vice chairs—Coughlin, Woods, and Johnson—with McCree also holding a senior vice chair title granted in June 2024 during the board’s executive succession planning. A regulatory filing noted that McCree’s elevation was “to acknowledge his exceptional performance and leadership” in advancing the commercial division and to “ensure executive continuity.”
After retiring from JPMorgan Chase following a 31-year tenure, McCree chose to meet with Van Saun to discuss the potential of developing Citizens’ commercial banking division, which was limited in focus and primarily centered on New England and the Mid-Atlantic, as he recounted in an interview last year.
“I recognized an opportunity to establish a platform from the ground up with an entrepreneurial feel,” McCree explained to American Banker. “I believed there was a substantial likelihood of success… and it has truly exceeded my expectations.”
Today, the bank’s commercial division boasts a comprehensive range of capital markets and advisory services along with treasury solutions, commercial lending, corporate credit cards, risk management offerings, payments services, and specialized expertise across various industry sectors.
Explore more about Citizens Financial here: https://www.americanbanker.com/organization/citizens-financial
In the second quarter, the commercial banking division reported a net income of $206 million, which is a 20% decrease compared to the same period last year. The value of Citizens’ commercial loan portfolio stood at $71.6 billion at the close of June.
Swimmer became part of Citizens in April 2010 to lead their capital markets team, according to his LinkedIn profile. Previously an executive at Wachovia, he has been a member of Citizens’ management team since 2018.
As of now, the bank has not disclosed any plans regarding filling the head of capital markets position.
