Lebenthal Holdings, the family-owned wealth management firm run by Alexandra Lebenthal, has hired former Ally Bank chief Barbara Yastine to be co-chief executive.

Yastine was chairwoman, CEO and president of the $107 billion-asset Ally Bank before she resigned in June, having made a profitable online banking franchise out of the troubled GMAC Bank in the face of regulation and digital innovation.

"I am thrilled to be joining Lebenthal, a firm that combines the tradition of a 90-year-old financial institution with the excitement of a growth company," Yastine said in a news release.

Yastine joined Ally in 2010 as chief administrative officer. Her financial services career began at Primerica, in various positions in consumer, corporate and investment banking. She was also chief financial officer of Credit Suisse First Boston from 2002 to 2004.

She was in American Banker's Most Powerful Women in Banking rankings in 2014 and 2013.

Alexandra Lebenthal will remain chief executive of the holding company, alongside Yastine, and its broker-dealer. Lebenthal will also become CEO of its wealth management unit.

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