Kelly Coffey Leaves JPM for City National10.25.2018
JPMorgan Chase’s Kelly Coffey is leaving as head of the firm’s U.S. private bank to become chief executive officer of City National Bank, American Banker reported.
“After more than 25 years at JPMorgan, and a career spanning the United States, Latin America, the investment bank and asset and wealth management, Kelly Coffey has informed us of her decision to pursue a new opportunity outside of the firm,” JPMorgan told staff in a memo Tuesday, American Banker reported.
Coffey will succeed Russell Goldsmith as CEO of City National, a Los Angeles-based unit of Royal Bank of Canada, on Feb. 1, according to a statement.
City National, which has $49 billion in assets and is housed in RBC’s wealth-management division, is a private and commercial lender. It also has $67 billion in client investment assets and has helped drive some of the Canadian lender’s growth in the U.S. since RBC acquired it in 2015.
Coffey spent five years as CEO of JPMorgan’s U.S. private banking unit, according to the memo. People who reported to her will now be overseen by wealth management co-CEO Barry Sommers.
JPMorgan had $576 billion of assets under management for private banking clients at the end of the third quarter, 14 percent more than a year earlier as financial firms vie to handle money for a growing pool of ultra-wealthy individuals, American Banker reported. Private banking is part of JPMorgan’s asset and wealth management division, run by Mary Callahan Erdoes.