First Niagara Financial Group in Buffalo, N.Y., has consolidated several consumer-banking business lines into one department.
The $39 billion-asset bank on Thursday combined its retail banking, wealth management, direct lending and residential mortgage units into a single consumer financial services group. The changes take effect immediately.
The new division will be led by Mark Rendulic, executive vice president of retail banking. Andrew Fornarola, executive vice president and head of consumer finance, will leave the company.
Fornarola "has done a remarkable job putting in place the right people and infrastructure, while at the same time significantly growing our consumer finance business," said Gary Crosby, president and chief executive.
First Niagara is in the midst of a plan, estimated to cost between $200 million and $250 million, to upgrade its technology and improve products and services.