- Insider’s Banker Of The Week series is featured in our weekday newsletter. 10 Things to Do on Wall Street.
- This week, we are highlighting Don McCree (Vice Chairman and Head of Commercial Banking at Citizens Financial Group).
- McCree visited New York for Citizens’ official launch. The bank snapped up HSBC’s bank branches, and McCree is confident this boost in retail banking will lead to more business in commercial banking.
Don McCree is very positive about New York.
It is the “hole” that Citizens has to make in order to expand its retail banking efforts. That donut comprises markets like New England and Rhode Island — where Citizens thrives — but that gaping hole is the Big Apple.
McCree, along with his Citizens executives, pounced when HSBC announced it was closing its retail banking business in New York. Citizens also purchased Investors Bancorp as part of the deal to purchase HSBC’s East Coast branches.
McCree stated that 80 HSBC branches were closed in New York, Washington D.C. and Florida. Citizens will now have more than 200 branches, including those in New Jersey, Philadelphia and Greater New York, thanks to the acquisition of Investors.
McCree explained to Insider, “The visibility, and the brand, can propel the business of commercial-banking,” McCree said.
McCree is in New York with an army of Citizens bankers this week because of this rebranding. The bank — in celebration of its official launch in the city — held events throughout Manhattan, including an immersive experience near the Flatiron building. Citizens was also the official bank of New York Giants, and Eli Manning was appointed as an ambassador.
“Have y’ever seen a Citizens sign? He said that it was our official entry to the city.
McCree is also the leader of commercial banking in New York. McCree believes that New York’s entry into the business community is vital. Although McCree acknowledges that further branding and moves in retail banking will not necessarily help with large corporations or private equity clients, there is an opportunity to tap into the city’s small-sized companies, regardless of whether they are thriving firms or companies seeking to get out of the pandemic.
McCree said, “There are so many companies in lower Manhattan, for instance, looking for a bank.” McCree said, “And I believe New York is really beginning to come back alive.”
New York’s economy was hit hard by the pandemic. Businesses are still feeling the effects of empty office buildings. McCree is optimistic that the city will recover, even as business leaders urge their workers to return to the office.
“This city reinvents itself constantly,” he stated. “This is the time for change and more opportunities.”
After a string of acquisitions that targeted Citizens’ corporate and investment banking efforts, the bank has now signed deals with HSBC’s Investors’ and JMP Group branches. To strengthen its advisory capabilities, the bank purchased JMP Group and DH Capital, a boutique firm, to increase its financial strength. Insider previously reported that Citizens made six acquisitions in the past five years. reported.
“This expands my existing work. Nobody had heard of us. McCree stated that it was now about moving a bank from New England to higher-growth markets such as New York, Texas and California.
The Banker of the Week series is featured in Insider’s 10 Things on Wall Street — Register here to receive the newsletter every weekday morning.
