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May 04, 2015 7:36 PM ET

Banks

Company Overview of City National Bank

Company Overview

City National Bank provides banking, trust, and investment services to entrepreneurs, professionals, businesses, and families. Its banking services include checking, savings, money market, and retirement accounts; and certificates of deposit, international banking, online services, and gift cards. The company’s portfolio of loans comprises real estate financing, loans and lines of credit, equipment financing, and working capital financing. It also offers wealth management services, such as investing, planning, trust services, and retirement services; and commercial banking services, including term and asset-based lending, deposit and investment services, and franchise finance for various ind...

555 South Flower Street

Los Angeles, CA 90071

United States

Founded in 1953

Phone:

213-673-7700

Fax:

310-858-3334

Key Executives for City National Bank

Chairman of The Board, Chief Executive Officer, Chief Executive Officer of City National Corporation and President of City National Corporation
Age: 64
President, Director, Member of Strategy & Planning Committee and Executive Vice President of City National Corporation
Age: 59
Chief Financial Officer, Executive Vice President, Member of Strategy & Planning Committee, Chief Financial Officer of City National Corporation and Executive Vice President of City National Corporation
Age: 59
Senior Vice President and Chief Accounting Officer
Age: 41
Chief Information Officer, Executive Vice President, Chairman of Capital Investment Committee and Chairman of Information Technology Steering Committee
Compensation as of Fiscal Year 2014.

City National Bank Key Developments

US Labor Department Sues City National Bank and Officers

The U.S. Department of Labor has filed a lawsuit against the fiduciaries of the City National Corp. Profit Sharing Plan. Filed in the U.S. District Court for the Central District of California Western Division, the lawsuit alleges that the plan lost more than $4 million when fiduciaries engaged in self-dealing and conflicted transactions involving plan assets when they caused the plan to pay excessive fees to City National Bank and its affiliates. Defendants include City National Bank; Executive Vice President for Human Resources Marianne Lamutt; Chief Financial Officer Christopher Carey; Executive Vice President, General Counsel and Secretary, Michael B. Cahill; and Senior Vice President and Manager Michael Nunnelee. An EBSA investigation found that, through the end of 2011, plan fiduciaries and affiliates received millions of dollars in compensation, commissions and fees at the expense of the plan. Rather than outsource plan services to avoid potential conflicts of interest, or reimburse themselves for only direct expenses, City National Bank and other fiduciaries established compensation rates for the plan on par with those charged to the banks retail clients. By doing so, they created conflicts that resulted in multiple breaches of the Employee Retirement Income Security Act. The compensation issues were compounded because City National Bank employees were not required to track the amount of time they spent working on plan issues. This allowed large and unreasonable fees to be charged to the plan. Proper tracking and monitoring of expenses could have prevented this and limited plan expenses.

City National Bank Appoints John Brouillard as Vice President and Wealth Advisor with Bank's Entertainment Team in New York

City National Bank announced that it has hired John Brouillard as a vice president and wealth advisor with the bank's Entertainment team in New York. Brouillard will be responsible for growing the Entertainment team's already robust wealth management business in New York by working closely with the team's seasoned relationship managers. He will be working with all investment platforms offered by City National, including City National Rochdale and Convergent Wealth Advisors. Prior to joining City National, Brouillard served as a portfolio manager with Bank of America Merrill Lynch, where he managed small cap equity portfolios on Merrill Lynch's $600 billion managed accounts platform.

City National Hires Peyman Salehi as Senior Vice President and Manager of the Beverly Hills Private Client Services Team

City National Bank announced that it has hired Peyman Salehi as senior vice president and manager of the Beverly Hills private client services team. Based out of the City National's Roxbury office in Beverly Hills, Salehi leads a team of private client services professionals and will be adding new bankers to better serve clients. Salehi and his team provide customized credit, investment management, wealth planning and trust services to high-net-worth families, select nonprofits and professional services firms. He reports to Gwen Miller, executive vice president and manager of private client services in the greater Los Angeles area for City National Bank. With more than two decades of wealth management and banking experience, Salehi most recently served as the managing director for J.P. Morgan Private Bank's high net worth team in Chicago. In this capacity, his team provided comprehensive wealth management solutions and services to high-net-worth clients in the downtown Chicago area.

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