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Banking New Castle County News

WSFS names new CFO, leadership additions

Katie Tabeling

WSFS has named three new key leaders, including David Burg as its newest chief financial officer. | DBT FILE PHOTO

WILMINGTON — WSFS Bank has named a new chief financial officer and two critical executives to its leadership teams as the bank continues to focus on organically growing its market share.

WSFS named David Burg, who recently served as Citigroups’ head of strategy and execution of legacy franchises, as its next CFO. When he joins the Wilmington-based bank on Aug. 15, he will be in charge of financial operations and strategy. 

In the last 17 years, Burg had worked at Citi, including in roles such as CFO for the entire Latin America region between 2021 and 2023. Before that, he served as CFO of Citigroup’s treasury and trade solutions between 2017 and 2021. Burg, 50, also worked at McKinsey & Company and General Electric.

“David’s expertise and visionary approach to financial strategy are exactly what we need as we accelerate our growth,” WSFS President and CEO Rodger Levenson said in a prepared statement. “His proven leadership, strategic decisioning and commitment to culture will play an instrumental role in our continued drive to deliver superior value for our stakeholders.”

Burg fills the role that has been vacant since August 2023 when the bank parted ways with Dominic Canuso. Canuso received severance payments and benefits in accordance with the company’s policy.

At WSFS, Burg will be paid a base salary of $575,000 and will receive a sign-on cash bonus of an equal amount to be paid in three installments over his first year. He will also receive initial grants of time-based restricted stock units valued at $600,000 and $800,000, among other benefits.

WSFS also named interim CFO Arthur Bacci as the bank’s first chief operating officer when Burg arrived. Bacci joined WSFS in 2018 as chief wealth officer.

In his new role, Bacci will oversee the bank’s commercial, wealth, consumer and cash connect lines of business, as well as technology, operations, customer experience, marketing and communications.

Jamie Hopkins has been promoted to serve as the chief wealth officer. Hopkins joined the bank in October as the director of private wealth management as director of private wealth management. In his new post, Hopkins will lead the Bryn Mawr Trust, Bryn Mawr Capital Management, Bryn Mawr Trust Co. of Delaware, Powdermill Financial Solutions, WSFS Institutional Services, WSFS Wealth Investments and WSFS Private Banking.

“The promotions of Art and Jamie strengthen our leadership team consistent with our commitment to long-term talent development,” Levenson said.

WSFS’ leadership changes come amid a period of solid growth for the bank. In 2023, WSFS reported to its investors it grew loans by 7% and deposits by 2%. Altogether, the year ended with 11% growth in fee revenue. Boosts came from WSFS business lines like Cash Connect, mortgage, capital markets and core banking business.

In its 2023 annual report, WSFS noted that it will start a three-year strategic plan. During that process, the company will evaluate “its mix of business opportunities, changes in customer behavior, a market assessment that covers the communities we serve, evaluation of technology advancements, including artificial intelligence, and continued vigilance and enhancement of our risk management practices.”

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