City National Bank, the Los Angeles-based lender owned by Royal Bank of Canada, hired Fifth Third Bancorp’s Howard Hammond as its next chief executive officer.
He will succeed Kelly Coffey, who will remain with the firm as CEO of City National Entertainment, according to an emailed statement Friday. The changes take effect Nov. 27.
Hammond will report to Greg Carmichael, who was named executive chair of City National in September and reports directly to RBC CEO Dave McKay. Carmichael is also a former executive of Cincinnati-based Fifth Third.
RBC injected capital into its US division in September in what KBW analysts Mike Rizvanovic and Abhilash Shashidharan dubbed an “internal bailout.”
Read More: RBC Injected $2.95 Billion into City National This Year
