City National Rochdale | Oct. 24, 2018

City National Bank Names Kelly Coffey CEO

Coffey succeeds Russell Goldsmith, who remains Chairman

Coffey succeeds Russell Goldsmith, who remains Chairman

LOS ANGELES – City National Bank today announced that after 23 years as Chairman and CEO, Russell Goldsmith will be succeeded as the company’s CEO by Kelly Coffey and that Goldsmith will continue to serve as its Chairman.

Coffey is now the chief executive officer of JPMorgan’s U.S. Private Bank, one of the largest private wealth management businesses in the nation. Coffey has led the business since 2015, and she is responsible for a team of 3,000 people in 34 communities across the United States.

During a 30-year career at JPMorgan and its predecessor, Morgan Guaranty, Coffey has held a series of leadership positions in corporate finance and mergers and acquisitions, equity markets, investment banking and private banking.

Coffey will be City National’s fourth CEO in its 65-year history. She will begin on February 1, 2019. In addition to becoming a member of its Board of Directors, she will chair both the bank’s strategy and planning committee and its executive committee. Among those who will report to Coffey are the bank’s president, Chris Warmuth, and its chief financial officer, Chris Carey. Coffey also will join the senior management committee of RBC Wealth Management-U.S. and the business executive committee of RBC’s Intermediate Holding Company in the United States.

“I couldn’t be more proud of my time at JPMorgan or more excited about my future at City National,” Coffey said. “Russell and his team have built an exceptional business, and it has been further enhanced by RBC’s financial strength. I look forward to leading City National as it continues to serve clients and communities around the U.S.”

Goldsmith will continue to play an active leadership role at City National, both as Chairman of its Board of Directors and as a member of the bank’s strategy and planning and executive committees. He will also remain involved with its clients, communities and colleagues.

In addition to his role as Chairman of City National, Goldsmith will remain Chairman of RBC Wealth Management-U.S. and will continue to chair the executive committee of RBC’s Intermediate Holding Company in the United States. Coffey will report to Goldsmith. Michael Armstrong, the CEO of RBC Wealth Management-U.S., continues to report to Goldsmith.

Goldsmith will transition from his CEO responsibilities after more than 23 years of exceptional leadership at City National. He joined the company’s board of directors in 1978 and was named Chairman and CEO in 1995. Since then, City National has expanded from 16 offices to 72 offices in six states plus the District of Columbia. Its assets have grown from $3 billion to nearly $50 billion. The bank now employs more than 4,800 colleagues and oversees client investment assets of $67 billion. It has been profitable in every quarter for 25 consecutive years.

“Russell has provided City National with exemplary leadership for more than two decades,” said RBC President and CEO Dave McKay. “His plan was always eventually to step back from his day-to-day CEO responsibilities, and I’m pleased that he will remain active with the company. I’m delighted to welcome Kelly, who is an outstanding leader with exceptional experience. I know that she will build on Russell’s incredible legacy as CEO and will be a huge asset as we further strengthen RBC’s and City National’s growth prospects in the United States.”

Important Disclosures

The information presented does not involve the rendering of personalized investment, financial, legal, or tax advice. This presentation is not an offer to buy or sell, or a solicitation of any offer to buy or sell, any of the securities mentioned herein.

Certain statements contained herein may constitute projections, forecasts, and other forward-looking statements, which do not reflect actual results and are based primarily upon a hypothetical set of assumptions applied to certain historical financial information. Certain information has been provided by third-party sources, and although believed to be reliable, it has not been independently verified, and its accuracy or completeness cannot be guaranteed.

Any opinions, projections, forecasts, and forward-looking statements presented herein are valid as of the date of this document and are subject to change.

All investing is subject to risk, including the possible loss of the money you invest. Past performance is no guarantee of future results.

Investment management services provided by City National Bank through its wholly owned subsidiary City National Rochdale, LLC, a registered investment advisor.
Investment management services provided by City National Bank through its wholly owned subsidiary City National Rochdale, LLC, a registered investment advisor.

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