Former executive ofThe First Republic Bank spearheads the banking unit's expansion in New York City
Peapack-Gladstone Bank and its subsidiary, Peapack Private, are set to make a splash in the New York City banking sector with an anticipated expansion. The move comes amidst recent changes in the city's banking landscape, following the dissolution of Signature Bank and First Republic.
At the helm of this expansion is Jeanne Scungio, who has joined Peapack Private as its President. Scungio, a seasoned banking professional, brings with her an impressive resume that includes senior roles at U.S. Trust Co., Citi, and Chase Manhattan, as well as her most recent position as senior managing director for New York at First Republic Bank.
Scungio is not alone in her move to Peapack Private. Christopher Tomai, a 18-year veteran at First Republic, has also joined the ranks as senior managing director and senior relationship manager.
In her hiring announcement, Scungio expressed her excitement to join Peapack Private, citing their commitment to an elevated client experience. She expects the expansion of Peapack Private into NY to be well received.
Peapack-Gladstone CEO Doug Kennedy shares Scungio's optimism. He believes there is an opportunity for Peapack Private to move into the New York market with its client-focused business model. The bank is currently awaiting regulatory approval to open its New York office.
Meanwhile, Peapack-Gladstone Bank and Peapack Private have been actively recruiting from the tri-state area, bringing on a formidable team of private banking professionals for the New York market.
Elsewhere in the banking world, Citizens Bank is making its own moves. The bank recently hired approximately 50 former senior private bankers from First Republic to expand its wealth-management presence and business banking footprint in New York, Boston, and Florida. However, it is not clear whether this hiring was a direct response to the collapse of First Republic or simply a strategic move for growth.
Regardless of the motivations, the impact of these hires on the New York, Boston, and Florida banking sectors remains to be seen. As for Peapack Private, their expansion into New York City is a clear indication of their confidence in their client-centric approach and their readiness to compete in the dynamic world of banking.
Read also:
- Deepwater Horizon Oil Spill: BP Faces Record-Breaking Settlement - Dubbed 'Largest Environmental Fine Ever Imposed'
- Cars' Environmental Impact Explained
- Key Investment Trends in Ethical Finance in China 2025
- Lawsuit of Phenomenal Magnitude: FIFA under threat due to Diarra's verdict, accused of player injustice
