Banking

Signature’s latest hiring spree poaches bankers from Citi, JPMorgan

Signature Bank has lured around a dozen bankers from Citigroup, M&T Bank, JPMorgan Chase and Capital One Financial as part of a hiring spree to expand its New York-area private client services.

New York-based Signature has long relied on poaching teams of commercial bank officers from other banks. The latest hires allow the bank to expand its footprint throughout metro New York, said Joseph DePaolo, the bank’s president and CEO.

“We continue to emphasize our relationship-based banking model across our growing national banking enterprise,” DePaolo said in a press release Monday.

“The success of this model,” said Signature President and CEO Joseph DePaolo, “is based on our proven abilities to attract veteran bankers who join as teams and serve as the united single point of contact for our clients.”

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“The success of this model is based on our proven abilities to attract veteran bankers who join as teams and serve as the united single point of contact for our clients. In the case of these New York-area teams, they have all worked together in the past and bring their cohesive relationships and extensive experience to Signature Bank.”

The $21.9 billion-asset bank named John Madigan managing group director, leading a team of six bankers who joined from Citi. Madigan joined Signature last year from Citi, according to his LinkedIn profile.

The other bankers joining Signature include two former Capital One employees who will lead a private banking group based in Melville, New York, which is on Long Island. Two bankers from M&T and two from JPMorgan will work from another Signature office in Garden City, also on Long Island.

In addition, two former Dime Community Bank employees joined Signature to lead a private banking group based in Long Island City, a neighborhood in Queens.

Signature, which launched two decades ago, has pivoted in recent years to become a pioneer in offering cryptocurrency services. In 2019, Signature became the first Federal Deposit Insurance Corp.-insured bank to launch a blockchain-based digital payments platform.

Signature’s stock price has been on a roller coaster amid recent volatility in the crypto market. As of late Monday afternoon, shares in the company were down about 12% since May 23.

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