RBC postpones investor day following death of City National chairman emeritus

Royal Bank of Canada has postponed a trader day that planned to discuss the recent purchase of Los Angeles-based City National Bank, following a death of the U.S. private and commercial bank’s chairman emeritus and board member Bram Goldsmith.

Goldsmith, who was 93, died on Sunday. He’d served as chief executive of City National from 1975 to 1995.

Royal Bank had scheduled the investor day for analysts and shareholders to take place this Friday in Toronto.

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“Bram was accountable for building City National into one of the most highly-respected and trusted banking franchises within the U.S.,” Dave McKay, RBC’s leader, said inside a statement late Monday.

McKay added that Goldsmith’s resolve for serving clients and the community was “demonstrated every single day as he continued to operate tirelessly as chairman emeritus and a person in the board.”

Goldsmith was first elected to City National’s board in 1964. He was the chairman from 1975 to 2013 and chairman and chief executive officer from 1975 to 1995.

Royal Bank acquired City National for $5 billion this past year, the biggest takeover in the Canadian bank’s history. A brand new date will be set for the investor day shortly, the financial institution said in the statement.