City National is no longer under local control as of Monday, when the Royal Bank of Canada completed its acquisition of the “bank to the stars.”
The Los Angeles financial institution, once famous for loaning Frank Sinatra ransom funds when his son was kidnapped in 1963, will stay in its downtown headquarters and no name change is in the works, according to City National’s new owners. Execs at RBC say Angelinos won’t notice the change in ownership.
The deal was first announced in January of 2015. City National CEO Russell Goldsmith — who succeeded his father Bram, who founded the bank — will continue in his current role and also take over the U.S. wealth management business of RBC. [LA Times] — Heather Grossmann