Citizens Financial Group Inc. has hired Nancy Shanik as chief risk officer, gaining an executive with a restructuring background and broad experience in middle-market lending businesses.
She joins from the restructuring firm Alvarez & Marsal, where she was a managing director after spending three decades at Citigroup Inc.
Shanik, whose post was announced Tuesday, is based in Providence at the headquarters of Citizens, a $136 billion-asset subsidiary of the Royal Bank of Scotland PLC. She was appointed to Citizens' executive committee, the RBS Americas risk committee and the RBS Group risk board.
Shanik succeeds Jay Cook, who had been serving dual roles as chief risk officer for both Citizens and RBS Americas. Shanik will report to Cook and to Ellen Alemany, chairman and chief executive of Citizens and RBS Americas.
At Citi, Shanik served in a variety of corporate finance roles. From 1996 to 2004, she was senior business manager for the company's global workout and restructuring business. She then served as chief credit officer for Citi's global commercial markets business, managing the risk function supporting the small-middle-market lending business, including commercial real estate and equipment leasing and finance. She left Citi in 2008.
"Nancy's experience in small-middle market and real estate will help us expand commercial banking in our footprint," said Alemany, herself a veteran of Citi.
Citizens has about 1,500 branches in 12 Northeast and Midwest states, operating under the Citizens Bank and Charter One names. It has non-branch retail and commercial offices in about 40 states.
