Citizens Bank Expands Private Banking to Serve High-Net-Worth Clients

What Happened

Citizens Bank has announced a significant expansion of its private banking sector, intending to open new offices by the end of 2026. According to Citizens Financial Group Investor Relations, the bank plans to increase its number of private banking offices from seven to 12, adding new locations in Menlo Park, Laurel Village, West Palm Beach, and Greenwich. The expansion is designed to cater to high-net-worth individuals, particularly those with a net worth of $5 million and $2 million in liquid investable assets.

Currently, Citizens Bank employs 10 private wealth teams across their U.S. locations in Southern and Northern California, Boston, and New York. As of the fourth quarter, the private bank boasts $14.5 billion in deposits and $10 billion in client assets. The bank’s private sector contributed to about 7% of its earnings in 2025, with expectations to grow this figure to the mid-teens.

Brendan Coughlin, the President of Citizens Bank, highlighted the market potential, noting that “Traditional retail banks don’t serve [this type of client] well,” and there is “tremendous white space and opportunity” to provide high-end services to this customer base.

What This Means for You

For consumers, especially high-net-worth individuals, the expansion of Citizens Bank’s private banking services offers a potentially attractive option for integrated financial and investment services. With increasing competition in the private banking sector, clients can expect enhanced service offerings and possibly more competitive rates and fees. This is significant for those looking for personalized financial management and tailored investment opportunities.

Furthermore, the broader impact of this expansion may lead to improvements in service quality across the board, as other banks strive to compete with the enhanced offerings from Citizens. This means even those not directly banking with Citizens could benefit indirectly from improved services within the industry.

Key Takeaways

• Citizens Bank is expanding its private banking sector, targeting high-net-worth individuals.
• The expansion adds five new offices by the end of 2026 and aims to increase service quality.
• This growth could lead to more competitive offerings in the private banking market.