RBC recruits top JPMorgan executive to lead City National Arm

Royal Bank of Canada hired Kelly Coffey, head of JPMorgan Chase & Co.'s private bank, to manage City National Corp., a decision that strengthens its US footprint and raises expectations for the California-based business.

RBC acquired City National for US $ 5.4 billion in 2015 and for the past three years the US bank has been led by long-time CEO Russell Goldsmith. Following the completion of the acquisition, Mr. Goldsmith also became Chairman of the RBC Wealth Management Division in the United States.

Ms. Coffey was hired to succeed Mr. Goldsmith after spending 30 years at JPMorgan and his predecessor, Morgan Guaranty. Mr. Goldsmith will remain president of City National, a title he already held, and he also chairs RBC's wealth-related activities in the United States.

Over the course of her career, Ms. Coffey has held a number of positions within JPMorgan, including the diversified industries division of its investment bank and, more recently, the management of the private bank, which is directed to wealthy clients and has an asset of 800 billion US dollars. . Ms. Coffey graduated from Georgetown University's Master's Program in Foreign Service, began her career working in Argentina, and stated that she had never intended to enter the banking sector, but she had finally become seduced.

Inside RBC, City National is considered a crucial division for growth. It is particularly important for the CEO, Dave McKay, who signed the acquisition in his first year in this role.

"We needed a new platform for growth. we needed something that could excite us, "he said in an interview at the time of the acquisition.