Royal Bank of Canada's decision to reenter U.S. banking with a focus on affluent customers says a lot about the overall industry's trajectory.

The Toronto company agreed Thursday to buy City National, a storied $33 billion-asset company that has spent decades serving the high-net-worth crowd in cities like Los Angeles, New York and San Francisco, while catering to the entertainment industry.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access