City National Bank in Los Angeles will soon have a new CEO.
The $96 billion-asset unit of Royal Bank of Canada said in a press release that Howard Hammond will succeed Kelly Coffey, who to transition to a newly created role as CEO of City National’s entertainment unit. The moves will occur on Nov. 27.
Hammond, who will join City National’s board, recently served as head of consumer banking at Fifth Third Bancorp. He will report to Greg Carmichael, City National’s executive chairman and a former Fifth Third CEO.
RBC bought City National in 2015. The U.S. bank agreed earlier this year to a consent order by the Justice Department and pay a $31 million fine to address claims it failed to offer home loans to Black and Hispanic borrowers in Los Angeles County from 2017 to 2020.
The bank reported a $38 million loss in its fiscal third quarter as it deals with balance sheet issues.