visimoney
TLDR:
- Citizens Financial Group is restructuring its sports finance operations to shift oversight to its regional hubs
- The move is a return to a previous model that Citizens used for sports finance
- The bank has relationships with the five major pro leagues in North America and has worked on deals with various sports teams and venues
- At least some national-level positions overseeing sports finance have been eliminated
- Citizens has been undergoing a broader reorganization of its commercial and corporate banking structure
- The bank is seeking growth in the New York and New Jersey region as well as in private banking
- The bank’s sports-related portfolio is estimated to be around $2 billion
Citizens Financial Group is restructuring its sports finance operations, shifting oversight from national management to the bank’s regional hubs. The bank has elected to move responsibilities for sports finance to regional hubs, a return to a previous model that Citizens had used. The bank has relationships with the five major pro leagues in North America and has worked on deals with various sports teams and venues. The shift in structure appears to have resulted in the elimination of at least some national-level positions overseeing sports finance. Citizens has been undergoing a broader reorganization of its commercial and corporate banking structure, which includes cutting jobs and rationalizing back-office facilities. The bank has been seeking growth in the New York and New Jersey region as well as in private banking. Citizens’ sports-related portfolio is estimated to be around $2 billion.
