City National Bank Chairman Russell Goldsmith to Retire

Legendary banking and community leader to step down after 26 years as chairman of the bank.

City National Bank announced today that Russell Goldsmith, chairman of City National Bank and RBC Wealth Management U.S., will retire on January 31, 2022.

“While it has been my honor to serve as chairman of City National Bank since 1995 and chairman of RBC Wealth Management U.S. since 2016, now is the right time to retire,” Goldsmith said. “With both companies in excellent shape and strong teams of next-generation management in place — led by their two outstanding CEOs, City National Bank’s Kelly Coffey and RBC Wealth Management U.S.’s Michael Armstrong — the time has come for me and the two companies to complete our successful leadership transition.”

“Additionally, the U.S. is RBC’s second home market, and both companies will continue to benefit from the strong leadership of Royal Bank of Canada’s CEO, Dave McKay. I will always be very grateful for the many opportunities I have had to lead both companies and for the countless contributions of so many colleagues, clients and shareholders and the support of the communities we serve for the gratifying success of both companies in my tenure over all these years,” he added.

“I want to recognize Russell for his incredible career and success growing City National from entrepreneurial beginnings into a premier U.S. private and commercial bank,” said McKay. “I especially want to thank Russell for his partnership and stewardship over the last few years in setting up the businesses for continued success.”

Goldsmith served 43 years on the City National Board of Directors, 26 years as chairman of the bank and 23 years as its CEO. When Goldsmith became City National’s chairman and CEO in 1995, the company had $3 billion in assets, 1,300 colleagues and 16 offices in Southern California. As of October 31, 2021, the bank had grown to $91 billion in assets, 5,600 colleagues and 74 offices in seven states, including California and New York, as well as the District of Columbia. In addition, the bank has nearly $100 billion in assets under management or administration. In February 2019, Kelly Coffey succeeded Goldsmith as CEO.

“Russell’s impact as the Chairman of City National Bank and RBC Wealth Management stretches well beyond Los Angeles, deep into the banking, financial and civic communities across New York, San Francisco, Minneapolis, Orange County, Nashville, Atlanta and Washington, D.C.,” said Coffey. “Russell will be greatly missed. He led City National to extraordinary success for 26 years, and I am honored to continue leading us into the next chapter. I will be forever grateful for Russell’s wisdom, guidance and support. He will always be a part of our City National family.”

In November 2015 following the merger with the Royal Bank of Canada, Goldsmith also became chairman of RBC Wealth Management U.S., a nationwide business that today has $542 billion in assets and serves nearly 320,000 households through more than 2,100 financial advisors in 42 states and Washington, D.C. Since the merger, Goldsmith also chaired the executive committee of RBC’s Intermediate Holding Company in the United States.

“We will deeply miss Russell — the consummate professional who embodies a rare combination of wisdom, intellectual curiosity, and creativity with a competitive winning mindset,” said Michael Armstrong, CEO for RBC Wealth Management U.S. “Personally, I am grateful for having had the opportunity to work with Russell and learn from a man with vision who built strong relationships with his clients and had an impact on so many industries. I have valued his leadership, support and friendship.”

Throughout his career, Goldsmith has been actively involved in the community and engaged in programs and initiatives to drive economic growth and prosperity. From 2008 through 2011, Goldsmith represented the Twelfth Federal Reserve District on the Federal Reserve Board’s 12-member Federal Advisory Council, and he served as its vice president for two years.

Goldsmith is also the founder and chairman of the Los Angeles Coalition for the Economy & Jobs, an independent organization of local leaders that has been focused on fostering economic and job growth since 2010. From 2006 to 2008, he served as chairman of the Los Angeles Economy & Jobs Committee, which was created by the city’s then Mayor Antonio Villaraigosa. In 2010, he founded the Mid-Size Bank Coalition of America, which today is composed of more than 100 banks across the United States. He chaired the organization until 2015.

Goldsmith currently serves on the board of directors of Cedars-Sinai Medical Center in Los Angeles and is a member of the Aspen Institute Board of Trustees.

The Los Angeles Business Journal has named Goldsmith to its annual list of the 500 most influential Angelenos every year since it began publishing the list in 2016, and in 2013 the publication named him “Business Person of the Year.”

Goldsmith is the son of Bram Goldsmith, who served as chairman and CEO of City National Bank from 1975 to 1995. He passed away in 2016. Goldsmith’s grandfather, Ben Maltz, also served as chairman and was one of the founders of City National.