With more than three decades of experience in the financial services industry, including fifteen years in executive roles at Fifth Third Bancorp, Hammond offers a wealth of knowledge as CEO of City National.

His most recent title was executive vice president and head of Fifth Third’s consumer banking division, where he oversaw more than 1,000 financial centres, 8,000 individuals and the company’s performance, goals, operations, and strategy.

Prior positions held by Fifth Third included president and CEO of Fifth Third Securities, where he played a key part in revolutionising the company and increasing assets under management by $8.5bn, as well as head of retail banking and brokerage.

Under his leadership, Hammond will manage 6,600 co-workers at City National, emphasising operational efficiency in his new position.

He will additionally become a member of the Executive Committee of RBC’s U.S. Intermediate Holding Company and the board of directors of City National.

Hammond is going to move to Los Angeles and will report to Greg Carmichael, City National’s executive chair.

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“City National has an incredible reputation for putting its clients, colleagues and communities first,” said Hammond. “I look forward to working closely with Greg, Kelly and the rest of the leadership team to build on the strength of City National and lead the business into the future.”

Carmichael, executive chair of City National, said: “Howard brings exceptionally strong experience to City National. His work at Fifth Third reflects operational excellence, strong risk management, and the ability to transform an organization for the future. He is the ideal leader to take City National to its next stage and prepare the bank for future success.”

Furthermore, Coffey will take on the newly established role of CEO, City National Entertainment, which will allow her to further strengthen the company’s ability to provide strategic counsel and a premium client experience.

She will use her connections and experience to introduce City National and RBC’s knowledge to the bank’s entertainment clientele.

JaHan Wang, executive vice president of entertainment banking at City National, will report to Coffey, while Martha Henderson will continue to work in entertainment banking as vice chairman.

Coffey added: “For me, banking has always been about clients — the people, businesses, and non-profit organisations we support. The entertainment industry is incredibly dynamic, and City National’s role in supporting this community is more important than ever as we remain at the forefront of industry developments and hone our services to meet the evolving needs of our clients. I’m excited about the opportunity to work more closely with clients and help City National serve them even better.”