July 20 (Reuters) – Flagstar Bank, a subsidiary of New York Community BancorpĀ (NYCB.N), said on Thursday it has hired six private client banking teams from the now-defunct First Republic Bank.
Three of the teams are based on the West Coast and three teams are based in New York City, the bank said in a statement.
Flagstar Bank alsoĀ boughtĀ deposits and loans of New York-based Signature Bank from U.S. regulators after Signature was closed in March.
The recruitment from First Republic is the second major hire of its private bankers by a regional bank after it was seized by regulators and bought by JPMorganĀ (JPM.N)Ā in May.
Citizens Financial GroupĀ (CFG.N)Ā recently added 50 new senior private bankers and another 100 support staff in Boston, Florida, New York and San Francisco, mostly from First Republic.
Banks compete fiercely to manage the money of wealthy people with regional banks also expanding in the segment.
Wall Street giants including Morgan StanleyĀ (MS.N)Ā and Bank of AmericaĀ (BAC.N)Ā have spent years investing in their business catering to high net worth clients.
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