Financial Chief of City Makes a Move to State Street
Citizens Financial Group: Potential Successor for CEO Emerges with John Woods' Departure and Brendan Coughlin's Promotion
John Woods, the Chief Financial Officer (CFO) of Citizens Financial Group, is set to leave the company and join State Street as their CFO, starting in August. His departure potentially paves the way for Brendan Coughlin, who has been promoted to President of Citizens, to become the successor to current CEO Bruce Van Saun.
On Wednesday, Citizens announced that Brendan Coughlin, the Vice Chair and Head of Consumer Banking, had been promoted to President. Coughlin, who joined Citizens in 2004, has held several key roles within the company over the past two decades. He is now responsible for Consumer, Private Banking, and Wealth, positioning him as a strong contender to eventually succeed Van Saun.
Van Saun, who has been CEO since 2013, remains in his position for now, but the leadership transition with Woods' departure and Coughlin's elevation suggests that Coughlin might be groomed to take over at some point. However, Citizens Financial Group has declined to comment beyond financial filings regarding leadership succession, leaving the official successor unconfirmed at present.
Citizens Private Bank, under Coughlin's leadership, recently reached $8.7 billion in deposits and $5.2 billion in assets under management. This growth is a testament to Coughlin's strategic vision and leadership within the bank.
In 2023, Coughlin was instrumental in launching Citizens Private Bank. Prior to joining Citizens, he held various roles in the banking sector, including serving as CFO of home lending at JPMorgan Chase, according to his LinkedIn profile.
Meanwhile, John Woods brings a wealth of experience to State Street, having previously served as CFO of MUFG Americas and Union Bank. His expertise in strategic enterprise transformation, financial oversight, and risk management programs is highly valued by Ron O'Hanley, CEO of State Street.
Both Coughlin and Woods were given retention bonuses last June, worth $12 million for Coughlin and $7 million for Woods. With Woods' departure, Citizens will soon initiate a formal search for a replacement CFO.
Despite the uncertainty surrounding the CEO succession, it is clear that Brendan Coughlin, currently President and promoted from Vice Chair and Head of Consumer divisions, is the most likely candidate to succeed Bruce Van Saun based on his new role and responsibilities at Citizens.
Business insiders speculate that Brendan Coughlin's promotion to President at Citizens Financial Group positions him as a strong candidate for future careers in business leadership, potentially as the successor to the current CEO, Bruce Van Saun. John Woods, who was the Chief Financial Officer (CFO) of the company, is leaving to join State Street as their CFO, creating a vacancy in the finance department at Citizens, necessitating a search for a replacement.
