PROVIDENCE – Citizens Financial Group Inc., the U.S. arm of Royal Bank of Scotland PLC, plans to hire more than 550 people in its consumer business for mortgages, small business and auto financing over a two-to-three year period, according to the Providence-based bank’s filing with the Securities and Exchange Commission on Friday.
In the S-1 filing, the bank also said it plans to drive increased growth in wealth management by hiring 100 additional financial consultants and “premier” bankers.
Citizens’ Vice Chairman for Commercial Banking Robert Matthews said on Aug. 12 that the bank is about halfway through hiring 70 bankers to expand the commercial division of the bank in new U.S. markets and in growth industries, such as health care, technology and franchising.
Citizens Bank is taking steps to distance itself from its financially troubled parent, Royal Bank of Scotland, which was bailed out of near-collapse with $70 billion from the British government in 2008, and which is under pressure to return taxpayers’ money.
Citizens is preparing to take 25 percent of its business public with an IPO planned for the fourth quarter of this year.
?Chairman and CEO Bruce ?Van Saun told Providence Business News in a Jan. 7, 2014 interview that October is the mostly likely time for the IPO. Citizens has announced that it expects to be fully public by the end of 2016.
Citizens Financial Group has about 5,400 employees in Rhode Island.