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Citizens expands Wealth Management with senior appointments

Former US Trust/Bank of America leaders join Citizens Wealth Management

  Providence, R.I.   (September 30, 2009) - – Citizens Financial Group, Inc. announced the appointments of two senior executives to lead key units of its expanding Wealth Management business. Thomas P. Fay has joined Citizens as Chief Investment Officer and Director of Wealth Management Services, and Brian O’Connor has joined as Senior Vice President and Head of Relationship Management for Citizens’ newly created Premier Banking business. Fay and O’Connor report to Mike Millard, President and CEO of Citizens Wealth Management.

“We are excited to have Tom and Brian join our Wealth Management team,” said Ellen Alemany, Chairman and CEO of Citizens Financial Group. “They are industry leaders who together bring nearly a half-century worth of wealth management and private banking experience to our organization and the customers we serve. Their leadership and depth of knowledge will serve our customers and organization well as we continue to expand this important business.”

Fay, 48, oversees Citizens’ Wealth Management business unit including sales, investments and private banking. Based in Providence, he is responsible for managing the unit’s investment strategy and products, and will play a key role in growing the business in New England and other key markets, including Philadelphia and Pittsburgh, where Citizens is also adding to its Wealth Management team.

Prior to joining Citizens, Fay was managing director at US Trust/Bank of America Private Wealth Management in Boston, where he oversaw the investment strategy of the New England division, with $43 billion under management. He has 22 years experience in wealth management, including 17 years in various investment management roles at US Trust/Bank of America and its predecessors.
Fay obtained a finance degree from Boston College and an M.B.A. from the University of Rhode Island. He is a Chartered Financial Analyst. He is actively involved in the community, serving on the boards of Boys and Girls Club of Providence and Providence Performing Arts Center.

O’Connor, 49, oversees Citizens’ Premier Banking business, providing specialized products and services, as well as comprehensive financial strategies, to Premier Banking customers. Premier Banking is focused on the fast growing affluent consumer segment which is particularly strong in Citizens’ footprint. O’Connor is responsible for expanding the Premier Banking platform in Citizens’ key markets. He is based in Boston, Mass.

O’Connor also joins Citizens from Bank of America, where he most recently served as Northern New England Regional Executive of Premier Banking & Investments. In this role, he managed both the banking and brokerage units, with $14 billion of deposits and investments under management. He has 22 years financial services experience.

O’Connor earned a bachelor of arts from the University of Massachusetts, Amherst and an M.B.A from Boston College. He earned his Certified Financial Planner designation in 1986 and is an active member of the community. He has chaired various local events including the American Heart Association’s (Boston Chapter) American Heart Ride.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is a $153 billion commercial bank holding company. It is headquartered in Providence, R.I., and, through its subsidiaries, has 1,480 branches, approximately 3,600 ATMs and approximately 23,000 employees. Its two bank subsidiaries are RBS Citizens, N.A. and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont, and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in about 40 states. It is one of the 10 largest commercial banking companies in the United States ranked by assets as of June 30, 2009. CFG is owned by RBS (The Royal Bank of Scotland Group plc).