Breaking News
Get 40% Off 0
👀 Reveal Warren Buffett's stock picks that are beating the S&P 500 by +174.3% Get 40% Off

City National Bank appoints new CEO and entertainment division head

Published Nov 13, 2023 07:51AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
FITB
-1.15%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
RY
-0.50%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

City National Bank appoints new CEO and entertainment division head
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email