LOS ANGELES--(BUSINESS WIRE)--Jan. 5, 2006--John Pedersen has beennamed senior risk management officer and executive vice president ofboth City National Corporation (NYSE: CYN) and its wholly ownedsubsidiary, City National Bank.
Pedersen joined City National in 2004, becoming chief creditreview officer and bringing with him more than two decades of bankingand regulatory experience.
In August 2005, Pedersen took interim responsibility for thecompany's risk management division, which includes the credit riskreview and internal audit functions. As a member of City National'sExecutive Committee, he has advised senior management and served asthe company's primary liaison with federal banking regulators.
In this position, Pedersen is responsible for assessing thecompany's risks and the controls it has in place to mitigate them. Oneof his primary responsibilities involves City National's expanding"enterprise-wide risk management" - the effort to identify andevaluate risks and to ensure appropriate returns through prudentcapital and risk allocation.
Pedersen reports to the Audit and Risk Committee of CityNational's Board of Directors and, for administrative purposes, alsois responsible to the bank's CEO Russell Goldsmith and its president,Christopher Warmuth.
"Managing risk is central to our company's effectiveness andperformance," Goldsmith said. "Sound risk management requires seasonedleadership, independent judgment and a wide-ranging knowledge offinancial services - three qualities that John has demonstratedconsistently during his career and through his very effectiveleadership at City National for over a year."
Pedersen began his career in 1982 as a tax examiner at theInternal Revenue Service. After two years there, he went to work as abank examiner, first at the Office of the Comptroller of the Currencyand then in the Office of Thrift Supervision.
In 1990, Pedersen moved to the private sector, where he worked incredit and risk review capacities for several financial institutions,including First Interstate Bancorp and KeyCorp. He came to CityNational Bank from Wachovia Bank, where he was responsible for riskmanagement, special assets, portfolio management and credit riskreview as the Chief Risk Officer for Wachovia Small Business Capital.
Pedersen received his bachelor's degree in finance and accountingat University of Oklahoma in Norman, Okla.
About City National
City National Corporation (NYSE: CYN) is a financial servicescompany with $14.4 billion in total assets. Its wholly ownedsubsidiary, City National Bank, is California's Premier Private andBusiness Bank(R). The bank provides banking, investment, and trustservices through 55 offices, including 12 full-service regionalcenters, in Southern California, the San Francisco Bay Area and NewYork City. City National and its affiliates manage or administerapproximately $38.8 billion in client trust and investment assets,including more than $18.4 billion under direct management.
For more information about City National, visit the company'sWebsite at http://cnb.com.
CONTACT: City National Corporation
Christopher J. Carey, 310-888-6777 (Investors)
Cary Walker, 213-833-4715 (Media)
SOURCE: City National Corporation