Mark Pittsey Joins Flagstar Bank as Head of Private Banking and Wealth Management to Spearhead Growth

Mark Pittsey's New Role at Flagstar Bank

Flagstar Bank, a prominent banking institution and a subsidiary of Flagstar Financial, Inc., has announced an important leadership change that aims to enhance its private banking and wealth management services. The bank has welcomed Mark Pittsey as the new Executive Vice President, Head of Private Banking and Wealth Management, a move that is seen as strategic in driving growth within these crucial sectors of the business.

Mark brings to Flagstar an impressive track record accumulated over years of experience in the financial services industry, with significant positions at leading global institutions such as HSBC, Deutsche Bank, and Wells Fargo. His extensive background includes managing diverse client portfolios, from everyday retail customers to ultra-high-net-worth individuals and family offices. This wealth of experience positions him aptly to lead Flagstar as it seeks to expand its influence and service offerings in the wealth management space.

In a statement reflecting on his appointment, Mark expressed enthusiasm about joining Flagstar at a pivotal moment of transformation. He highlighted the firm’s readiness for expansive growth and indicated a commitment to collaborating with his peers to refine and elevate the bank's private banking and wealth management capabilities. He aims to implement a cohesive strategy that addresses the evolving needs of all client segments while ensuring service delivery that is both integrated and exceptional.

Rich Raffetto, Senior Executive Vice President and President of Commercial and Private Banking, commented on Mark’s appointment, noting that his leadership aligns perfectly with the bank’s vision. “Mark's wealth of knowledge in private banking and wealth management matches our ambition to continue growing these business lines,” he stated, underlining the importance of an integrated approach between the two segments to effectively service high-net-worth clients.

Prior to joining Flagstar, Mark served as Head of Global Private Banking Americas and Wealth and Distribution in the USA at HSBC. In that capacity, he was responsible for overseeing strategic operations and governance, managing approximately 560 employees and overseeing assets exceeding $80 billion. His experiences also include leadership roles in Deutsche Bank and Wells Fargo that helped him develop a keen understanding of market dynamics and client engagement which he plans to leverage at Flagstar.

Flagstar's management is optimistic that Mark's proven leadership skills and strategic insight will significantly contribute to the growth and success of the bank's private banking and wealth management objectives. Flagstar's private banking offerings are already robust, with around 80 dedicated private banking teams located in major markets, including the metropolitan New York region and along the West Coast. As the company maintains a strong foundation, Mark's expertise is expected to further strengthen the bank's competitive edge in catering to high-net-worth individuals and their businesses.

Additionally, the integration of private banking and wealth management is not only about cross-selling services but also involves understanding the distinct needs of clients across varied demographics. It is about providing personalized financial strategies that resonate with the goals and aspirations of individuals and families seeking to grow and preserve their wealth.

As Flagstar Bank continues to innovate and enhance its service offerings, Mark Pittsey’s role will be instrumental in shaping the future of its private banking and wealth management strategies. The bank's leadership underscores the importance of investing in top talent to achieve long-term objectives, setting sights on becoming a leader in these segments.

In summary, Mark Pittsey’s appointment marks a significant step for Flagstar Bank as it embarks on a mission to enhance its capabilities in private banking and wealth management, delivering services that are not only comprehensive but also tailored to meet client needs effectively. This change is pivotal for the bank as it aims to solidify its standing in a competitive market and drive sustained growth in the years to come.