Executive Moves to State Street: Chief Financial Officer of the Town Relocates
Citizens Bank, one of the largest US regional banks, is experiencing a leadership change as John Woods, the Chief Financial Officer (CFO), prepares to depart and join S&P Global as its new CFO.
Woods, who has previously held CFO positions at MUFG Americas, Union Bank, and JPMorgan Chase's home lending division, has been instrumental in shaping Citizens' long-term financial strategy under the leadership of CEO Bruce Van Saun. However, his departure could come with a cost, as he may be required to repay Citizens $1 million due to leaving before his bonus vests.
Van Saun, who has been CEO of Citizens for 12 years and Chairman since 2013, has not publicly expressed a retirement timeline. Despite speculation about his potential successor, no confirmed information or details about such an individual's background are publicly available as of August 2025.
Meanwhile, Brendan Coughlin, the Vice Chair and Head of Consumer Banking at Citizens, has been promoted to President, setting him up as a likely internal candidate for the CEO role. Coughlin's division, Citizens Private Bank, has seen significant growth, reaching $8.7 billion in deposits and $5.2 billion in assets under management. His retention bonus stood at $12 million, while Woods received $7 million.
In a related move, Matt Boss, the head of consumer banking at TD, will be taking over Coughlin's role at Citizens. Boss's appointment marks a new chapter for Citizens Bank as it initiates a formal search for a replacement for the CFO position.
Notably, Eric Aboaf, who previously held the CFO position at State Street, is making a return to the bank after working at Citizens in the past. Aboaf recently announced his departure from State Street to become the new CFO at credit ratings firm S&P Global.
As Citizens Bank navigates these leadership changes, it continues to maintain a strong position in the banking industry, with a focus on strategic growth and financial stability.
The departure of John Woods, who has played a crucial role in shaping Citizens Bank's long-term financial strategy, could lead to a shift in the banking-and-insurance sector, as he assumes the role of CFO at S&P Global. Meanwhile, the promotion of Brendan Coughlin, the Vice Chair and Head of Consumer Banking, to President positions him as a potential candidate for the CEO role within Citizens Bank's business industry, thus creating an opportunity for a new leader to guide the bank's finance division.
