Los Angeles’s largest bank, City National Corp., announced significant reshuffling of its executive suite last week after its parent company, the Royal Bank of Canada, injected capital to shore up the division’s liquidity in September.
On Nov. 10, City National announced its chief executive, Kelly Coffey, will move to the newly created role of chief executive of City National Entertainment after four years at the bank’s helm.
The bank brought in 17-year industry veteran Howard Hammond to succeed her. Hammond joins from his post as executive vice president of Ohio-based Fifth Third Bancorp, the ninth-largest consumer bank in the United States.
A few days later, City National brought in another Fifth Third banker for the C-suite, announcing Chris Doll will succeed John Bai as chief financial officer.
Hammond, Doll and Coffey will officially begin in their new roles on Nov. 27. Bai will leave at the end of this year after almost a decade in roles with Royal Bank and City National.
As the new chief executive Hammond will once again report to another Fifth Third veteran. In September City National named former Fifth Third chief executive Greg Carmichael to be executive chair of its board.
“Howard brings exceptionally strong experience to City National,” Carmichael said. “His work at Fifth Third reflects operational excellence, strong risk management, and the ability to transform an organization for the future.”
Transformation may be a new directive for the $96 billion asset firm. City National was caught in this year’s regional bank turmoil, which eroded its liquidity and compressed net interest margins. In September the Royal Bank injected capital into City National and bought debt securities from the unit.
During Coffey’s tenure City National experienced significant asset growth. The bank nearly doubled its assets from $50 billion in 2019.
Coffey’s new role focusing on the entertainment industry will prove key for maintaining some of the firm’s most notable clients in Hollywood.
