It’s been almost six months since Silicon Valley Bank and First Republic Bank failed but Massachusetts banks are continuing to hire top-tier talent away from the two failed banks’ successors with the intent of bringing in more business to their books.
Boston-based Berkshire Bank has acquired yet another former First Republic staffer, part of a campaign the bank said aims to produce more deposits for the bank over the long term.
Boston-based Santander Bank has recently laid off Joe Abruzzo, head of its commercial banking division, reportedly due to consolidation efforts of the bank’s U.S. businesses.
After hiring around 50 wealth managers from the now-acquired First Republic Bank last month, Citizens Bank said on Monday that its team of wealth managers will be joined by their former leader.
Berkshire Bank has added another name to its list of bankers it’s recruited from Silicon Valley Bank and the now-defunct First Republic Bank.
Banks are going fishing for new talent, and coming up with big victories.
Cambridge Trust Co. has joined the ranks of local financial institutions recruiting Silicon Valley Bank and ex-First Republic Bank employees after picking up two business banking staffers.
Former First Republic wealth manager Lewis Mai has joined Berkshire Bank’s wealth management team.
Citizens Bank scored a significant win in the local battles to capitalize on disruption caused by SVB’s and First Republic’s failures Monday when it announced it had hired about 50 wealth managers who used to work at the latter bank.
JPMorgan Chase says it is laying off around 15 percent of First Republic Bank’s roughly 7,200 employees following its acquisition of the troubled bank in a regulator-brokered deal earlier this month.
Citizens Bank has named Boston one of its four tech hubs and plans to hire “hundreds” of software engineers to staff them in the coming years.
Community banks traditionally have trouble attracting tech-savvy talent, but institutions who have successfully built fintech-friendly products and brands start by creating a culture focused on problem-solving.
