City National CEO Russell Goldsmith was interviewed by Bloomberg TV about the successful merger with Royal Bank of Canada nearly one year after it closed on Nov. 2, 2015. Goldsmith also discussed how financial reform has strengthened banks like City National during an interview on the morning show Bloomberg GO with anchors Jonathan Ferro and Alix Steel on Sept. 26.
He specifically pointed to:
- RBC’s AA credit rating
- Strong reserves that make City National and RBC safe for clients
- Wealth management that is focused on preserving clients’ capital
When asked about competitors going into wealth management with online service models, Goldsmith pointed out that City National and RBC are private, business banks that cultivate long-term, one-on-one relationships with individual clients.
“At City National and RBC … it’s more personal, it’s focused around the client. I’ve always said you can’t just hand somebody a fixed model … you’ve got to really understand who they are, what their risk appetite is, what their needs are,” Goldsmith. “That’s much more personal than an online service.”