In a strategic move to bolster its leadership and focus on the entertainment industry, City National Bank has announced the appointment of Howard Hammond as its new CEO, effective from November 27. Hammond, who previously made significant strides at Fifth Third Bancorp (NASDAQ:FITB), is set to take the helm of the bank known for its close ties to Hollywood.
Hammond's appointment follows Kelly Coffey's transition to CEO of City National Entertainment, a newly emphasized division within the bank. This change comes as part of a broader strategy led by Executive Chair Greg Carmichael, aiming to prepare City National for future success and maintain its commitment to a client-centric culture.
Key points from the announcement include:
- Howard Hammond will lead City National's team of 6,600 employees and join the board of directors and Executive Committee of RBC’s U.S. intermediate holding company.
- Kelly Coffey, who has played a pivotal role in City National's performance, will now drive growth in the entertainment sector as CEO of City National Entertainment.
- JaHan Wang will report directly to Coffey, while Martha Henderson continues as Vice Chairman of Entertainment Banking.
- City National manages $96 billion in assets and offers banking services through 69 branches across the U.S., with an additional $98 billion managed or administered in client investment assets.
The leadership shift comes after Royal Bank of Canada's continued support for City National since its acquisition in 2015. Despite a recent $12 million loss in the third quarter, the bank reported an adjusted net income of $229 million from City National over the past year. This financial backing and strategic management have cemented City National's status as a cornerstone institution with a 70-year legacy in major cities across America.
The new appointments are slated to reinforce City National's dedication to serving the unique needs of clients within the entertainment industry, with Hammond and Coffey poised to lead the bank into its next chapter of growth and client service excellence.
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