Fifth Third lures CIBC exec to run private bank

Fifth Third has recruited a wealth management executive from Canada's CIBC to lead the private bank.

Kristine Garrett will direct the private banking business across 10 markets, Fifth Third said in an announcement Thursday.

She takes over the role from Mike Michael, who as head of the Wealth and Asset Management division had been running the business.

While at CIBC, Garrett was president of the U.S. private wealth line of business, a position she held for more than eight years. In that role, she oversaw private banking, investment management, trust and brokerage across the personal advisory and corporate client segments, according to Fifth Third.

Prior to CIBC, Garrett held national and regional leadership roles at J.P. Morgan.

"Kristine's background and expertise in the industry make her the perfect fit for this key role in our organization," Michael said in a statement.

Michael assumed leadership of the Wealth and Asset Management division in April following the appointment of his predecessor Philip McHugh to a new role leading Fifth Third's consumer bank. McHugh led the private bank as head of the division, Fifth Third said.

Fifth Third's wealth and asset management business posted a tepid third quarter, generating $102 million in revenue, up a modest 1% year-over-year, according to the bank's latest earnings release.