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July 07, 2015 3:39 AM 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: 65
President, Director, Member of Strategy & Planning Committee and Executive Vice President of City National Corporation
Age: 60
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: 60
Senior Vice President and Chief Accounting Officer
Age: 42
Chief Information Officer, Executive Vice President, Chairman of Capital Investment Committee and Chairman of Information Technology Steering Committee
Compensation as of Fiscal Year 2015.

City National Bank Key Developments

City National Bank Appoints Three Experienced Wealth Advisers

City National Bank announced that it has hired three experienced wealth advisers to grow its East Coast operations and better meet the financial and wealth management needs of clients in New York and the surrounding area. Alan Wolberg has joined City National as a senior vice president and senior wealth planner. He provides comprehensive wealth and tax planning services to high- and ultra-high-net-worth clients. Wolberg joined City National from Bank of America Merrill Lynch, where he served as director and senior wealth strategist. With more than 25 years of experience in wealth planning, Wolberg is knowledgeable in multigenerational wealth transfer, charitable tax planning, financial planning, cash-flow analytics and wealth replacement strategies. Carolyn J. Finer has joined City National as a private investment consultant. She is responsible for working with the bank's Private Client Services team to develop tailored investment management analyses and solutions for high-net-worth private clients and also private foundations and endowments. Finer has more than two decades of experience in the investment management industry and served as a private wealth advisor and senior portfolio manager with UBS Financial Services. She holds the Chartered Financial Analyst designation and is a member of the CFA Institute.

City National Bank Announces Management Changes

City National Bank has appointed Diane Wakefield as a senior vice president and senior private client advisor for its Walnut Creek regional office, reporting to Craig Muller, senior vice president and team leader; and Scott Wiley as a vice president and senior private banker. Diane Wakefield's team provides tailored financial solutions for wealthy families, entrepreneurs and business management firms. Scott Wiley is based in the bank's San Francisco office, he specializes in providing complex financial solutions to high net worth individuals and families. He reports to David Kinkela, senior vice president and team leader of private banking for City National in San Francisco.

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.

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