(Bloomberg) -- City National Bank said Chris Doll will succeed John Bai as its chief financial officer, the third new leader in recent weeks after the lender’s parent Royal Bank of Canada injected capital into the division to clean up its balance sheet.
Doll — who starts on Nov. 27 — joins from Fifth Third Bancorp, where he was most recently a senior vice president and served as head of investor relations, a spokesperson for City National said in an emailed statement Monday. Bai, who spent close to a decade in roles with Royal Bank and City National, will leave the unit at the end of the calendar year to support the transition.
Doll is the third recent hire from Fifth Third amid a period of tumult for regional US banks following the collapse of several including Silicon Valley Bank. On Friday, City National said Howard Hammond, another Fifth Third veteran, will succeed Kelly Coffey as its new chief executive officer, just six weeks after Royal Bank pumped money into its Los Angeles-based unit to shore up its liquidity. Coffey, who has led the firm since 2019, will stay on in a newly created role of CEO of City National Entertainment.
In September, Greg Carmichael, also a former CEO of Cincinnati-based Fifth Third, was named executive chair of City National’s board.
Royal Bank bought City National in 2015 for $5 billion and has since injected capital into the subsidiary on several occasions. The firm — often called the “bank to the stars” because of its ties to Hollywood and the entertainment industry — has about $96 billion of assets and offers banking, investment and trust services in Southern California, as well as in the San Francisco Bay area, New York, Miami and other cities.
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