Core Insights - Citizens Bank's private banking division contributed approximately 7% to the bank's earnings in 2025, with expectations to increase to the mid-teens percentage in the medium term [3] - The private bank currently holds around $14.5 billion in deposits and $10 billion in client assets as of the fourth quarter [3] Target Clientele - The target clients for Citizens' private bank are individuals with a net worth of $5 million and at least $2 million in investable liquid assets [4] - Citizens aims to fill a gap left by traditional retail banks and higher-end private banks, which do not adequately serve this client segment [5] Market Opportunity - There is significant opportunity in the market due to failures of West Coast banks, allowing Citizens to provide high-end services to high-net-worth clients [5] - Many target clients are business owners who prefer a single point of contact for their banking needs, which larger money-center banks struggle to provide due to their size and bureaucracy [6] Expansion Plans - Citizens plans to hire additional private wealth teams and open more private banking offices by the end of the year, aiming to expand its services for high-net-worth clients [8] - The bank currently operates about 10 private wealth teams across various locations and intends to add at least five more teams this year [8] - Citizens also aims to increase its private banking offices from seven to twelve by the end of 2026, with new locations set to open in California, Florida, and Connecticut [8]