Webster Financial (WBS) in Waterbury, Conn., has established a new Treasury Services division and brought in former SunTrust Banks (STT) executive Philip C. Picillo to run it.
The $18 billion-asset Webster said that the new division would would combine the functions of cash management sales, treasury sales, product management and government and institutional banking. Grouping them into a single unit under Picillo will allow the various department heads to work more closely in determining what is best for their clients, the company said Tuesday.
"Our business customers are seeking solutions to help them with liquidity management, investment and interest rate protection services, and a sophisticated fraud prevention product suite," said Joseph J. Savage, Webster's executive vice president of commercial banking. "Having Phil on board demonstrates Webster's commitment to serving our commercial banking customers."
Picillo was most recently a senior vice president at SunTrust and prior to that held a similar position at Sovereign Bank.