Breaking News: City National Bank purchased by Royal Bank of Canada for $5.4 billion

City National Bank purchased by Royal Bank of Canada for $5.4 billion Los Angeles Times | January 22, 2015 | 5:55 AM The parent of City National Bank, the largest bank headquartered in Los Angeles, has been purchased by Royal Bank of Canada for $5.4 billion, the firms announced today. The cash and stock deal adds City National Corp. to RBC's holdings in the U.S., where it is the eighth-largest wealth management firm. After the deal, City National Chairman and Chief Executive Russell Goldsmith will remain as chairman and chief executive of City National and also be responsible for RBC's U.S. wealth management unit. For the latest information go to www.latimes.com.