LOS ANGELES – City National Bank, America’s Premier Private and Business Bank®, announced today that financial executive Bill Sappington has joined the bank as executive vice president in charge of both its private banking and wealth management businesses.
In this newly created role, Sappington will be responsible for overseeing and growing all private banking and wealth management businesses at City National. The company’s private banking division provides banking and wealth management services to individuals and families, professional services firms and select nonprofit organizations. City National’s wealth management subsidiaries include City National Rochdale, which is headquartered in Los Angeles and New York, and manages more than $36 billion in client assets. It also includes City National Securities, which offers responsive broker-assisted trading capabilities.
Sappington brings more than 30 years of expansive financial services experience to City National. He will report directly to Russell Goldsmith, chairman and chief executive officer of City National Bank and chairman of RBC Wealth Management-U.S. Sappington will also work closely with the bank’s president, Chris Warmuth, who oversees private banking. Sappington will join the executive committee of City National Bank and the senior management committee of RBC Wealth Management-U.S.
“We are delighted to welcome Bill to City National,” Goldsmith said. “He is a proven and strategic leader with an impressive track record of success in both wealth management and private banking. We’re counting on Bill to add real value in both areas and to further strengthen City National’s capabilities and client service.”
Both Garrett D’Alessandro, chief executive officer at City National Rochdale, and Michael Pagano, executive vice president and head of Private Banking at City National Bank, will report to Sappington. Also reporting to him will be Gwen Miller, City National’s executive vice president of RBC Banking Solutions; Michael Nunnelee, senior vice president and president of City National Securities; and Bill Freeman, City National senior vice president in charge of wealth management affiliates.
Prior to joining City National, Sappington served as executive director of private banking for BNY Mellon in New York and was responsible for delivering and expanding all private banking capabilities. Before that, he was with Bear Stearns as the head of credit and lending for the Private Client Services Group. Previously, he was with Merrill Lynch as the head of global securities-based lending with the firm’s Global Banking Group. Sappington received his bachelor’s degree from the University of California, Berkeley and is a graduate of The Wharton School at the University of Pennsylvania’s Executive Leadership Program.
“I am so pleased to be joining City National. They are known for a client-first culture and a track record of excellence and innovation,” said Sappington, who will be based primarily in the bank’s Los Angeles office. “In my new role overseeing both private banking and wealth management, I look forward to further integrating and expanding this very important component of City National’s successful business model.”
For an image of Sappington, go to: ttps://www.cnb.com/content/dam/cnbcom/publishingimages/Bill-Sappington.jpg
About City National Bank
With $48.7 billion in assets, City National Bank provides banking, investment and trust services through 72 offices, including 19 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville, Atlanta, Minneapolis and Washington, D.C. In addition, the company and its investment affiliates manage or administer $64.9 billion in client investment assets.
City National is a subsidiary of Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 34 other countries.
For more information about City National, visit the company’s website at cnb.com.