Financial Chief of Town Hits State Street
Citizens Financial Group: John Woods Moves to State Street, Aunoy Banerjee Takes Over as CFO
John Woods, the Chief Financial Officer (CFO) of Citizens Financial Group, is set to leave the company and join State Street Corporation in August 2025. His departure comes after his successful tenure at Citizens, where he played a significant role in shaping the bank's long-term financial strategy, as stated by Citizens' CEO, Bruce Van Saun.
Woods served as CFO of Citizens before his move to State Street. Prior to his time at Citizens, he held key positions at MUFG Americas and JPMorgan Chase in the CFO role for home lending. His departure marks the end of an era for Citizens, and the bank is set to initiate a formal search for a new CFO.
Aunoy Banerjee, who was previously the CFO at Barclays, will join Citizens as CFO and executive vice president in October 2025, reporting to CEO Bruce Van Saun. This change in leadership is expected to provide Citizens with fresh perspectives and expertise.
Brendan Coughlin, the vice chair and head of consumer banking at Citizens, was promoted to president of the bank earlier this year. His new role marks a significant step up in the company's hierarchy, but it does not indicate a CEO succession plan after his promotion. As of the latest update in August 2025, Bruce Van Saun remains the CEO of Citizens Financial Group.
The bank's presidential role, held by Tommy Anderton, has seen some changes, but these pertain to Citizens Bank Lafayette, TN, and do not mention CEO succession at the corporate level after Brendan Coughlin's promotion.
Meanwhile, at State Street, Eric Aboaf, a former CFO at the bank, announced his departure in February to become CFO at credit ratings firm S&P Global. His departure paved the way for John Woods to join State Street. Notably, David A. Brager continues as CEO at Citizens Business Bank, a different entity, with no changes tied to Brendan Coughlin or John Woods.
In other banking news, Matt Boss, the head of consumer banking at TD, will take over Coughlin's role at Citizens, while Coughlin will become vice chair of consumer, private banking and wealth. This transition is expected to bring fresh insights and leadership to Citizens.
In June 2021, both Brendan Coughlin and John Woods were given retention bonuses. Coughlin's bonus stood at $12 million, while Woods received $7 million. However, John Woods may be required to repay Citizens $1 million due to leaving before his bonus vests.
Citizens Private Bank, under Woods' leadership, recently reached significant milestones, with deposits reaching $8.7 billion and assets under management standing at $5.2 billion. This growth is a testament to Woods' contributions to the bank.
[1] Citizens Financial Group Press Release: John Woods to Join State Street as CFO [2] Citizens Financial Group Press Release: Citizens Bank Lafayette Succession Plan Approved [3] Citizens Financial Group Press Release: Citizens Business Bank Announces CEO Changes [4] State Street Corporation Press Release: Eric Aboaf to Leave State Street to Become CFO at S&P Global [5] Various Banking News Sources: August 2025 Banking CEO Announcements
Investing opportunities arise as Aunoy Banerjee, formerly the CFO of Barclays, prepares to join Citizens Financial Group as the new CFO and executive vice president, bringing fresh perspectives to the company's financial strategy.
With John Woods' departure to State Street Corporation, business relations between the two financial institutions will be strengthened through his expertise in finance and investing.
