City National Rebrands Asset Unit, Expands Private Bank
The bank is hiring 85 new advisers to transition its Los Angeles clients to a holistic advisory business model.
Updated on Oct. 30, 2026 in Banking
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City National has rebranded its asset management division to RBC Rochdale and expanded its private banking staff with 165 new hires and promotions. These moves are part of a strategic shift to bolster the bank's advisory services for clients in Los Angeles and beyond.
Why it matters
By rebranding and investing in personnel, City National is working to signal long-term stability and shift from a transactional focus toward a more holistic advisory model. For banking clients, these organizational changes are intended to provide more specialized support and access to broader institutional capabilities.
City National currently holds $35 billion in deposits within Los Angeles as part of its $82.4 billion total deposit base. The bank manages $83.9 billion in total assets while growing its profit by 60% year-over-year in the fiscal third quarter.
The players
City National
A financial institution headquartered in Los Angeles that provides private banking and asset management services.
RBC
The parent corporation that acquired City National in 2015 and is integrating its brand to offer global institutional capabilities.
RBC Rochdale
The newly renamed asset management division formerly known as City National Rochdale.
The details
The bank is aggressively recruiting talent from competitors such as Comerica, Wells Fargo, Bank of America, and Wilmington Trust to expand its private bank. By integrating the RBC brand, the firm aims to leverage its parent company's institutional infrastructure to support its transition to a comprehensive advisory business. The hiring of 85 new staff and promotion of 80 existing employees is designed to build out these client-facing advisory teams.
Timeline
2015: RBC purchased City National.
June 30, 2026: FDIC data measured City National deposit market share.
August 2026: RBC released quarterly earnings presentation.
September 2026: RBC executives discussed U.S. acquisition plans.
October 2026: Banc of California launched private banking services.
Money Landscape
This reorganization follows the pattern established by the 2015 acquisition of City National by RBC, now further integrating the two entities under a shared brand identity. The move comes as the local banking landscape faces increased competition from new entrants like Banc of California.
Clients of City National should monitor any changes to their account services or assigned advisers as the bank integrates its new personnel. If you are seeking specialized wealth management, these expanded advisory teams may offer new resources, though you should always confirm any fee or service changes with your current banking professional.
The takeaway
City National is pivoting toward an advisory-led business model to differentiate its offerings in the competitive Los Angeles market. Clients should review their current service agreements and discuss the potential benefits of the firm's expanded resources with a qualified financial professional.
Further reading
For more information on how recent local industry shifts impact your financial planning, visit our Banking section.
Source note: This article includes information reported by Banking Dive.
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