Going the distance: Russell Goldsmith is leading City National Bank as it branches out into new service areas, such as international trade and wealth management.SINCE Russell Goldsmith took over from his father as chairman and chief executive of City National Bank 11 years ago, the Beverly Hills-based financial institution has emerged as the largest independent bank in the region. Now, as several new business banks have opened in recent years, City National is branching out into new service areas, including international trade and wealth management. The bank also has made acquisitions and spread its influence geographically. Two years ago, City National began moving into a new administrative headquarters in the former Arco Plaza in downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or , though it retains its old Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. building as its corporate headquarters. Goldsmith, who moved to Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. with his family while still an infant, grew up watching his father run a real estate business and then City National. But he decided to go into entertainment law, and in the 1980s was named chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Lorimar Telepictures and, later, chief executive of Republic Pictures. He also had a stint as vice chairman of the San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Padres
Not to be confused with San Diego Padres. in the early 1990s. He sold Republic in 1994 and a year later took the reins reins pl.n. The kidneys, loins, or lower back. of City National from his father. Earlier this year, Los Angeles Mayor Antonio Villaraigosa Antonio Ramon Villaraigosa (born Antonio (Tony) Ramon Villar, Jr. on January 23, 1953) is the mayor of Los Angeles, California. He is the first Latino mayor of Los Angeles since Cristobal Aguilar in 1872. tapped Goldsmith to lead the Committee on the Economy and Jobs, which is fashioning strategies for economic development and retaining and creating jobs. Question: Running City National Bank has become sort of a family tradition for you. Answer: Yes it has. My grandfather (Ben Maltz) was an original shareholder of the bank when it was founded more than 50 years ago, and, of course, my father (Brain Goldsmith) was chief executive for 20 years. One of the turning points of my life was being named to the board. It was a rare chance to work with my father. I learned a lot watching him run the bank while I served on the board for 17 years. Q: So why did you then go into the entertainment industry? A: Actually, that wasn't so much of a departure. I started my professional career as an entertainment lawyer. So when l was offered the post of chief operating officer at Lorimar, I jumped at it. It was a great time to be in the television business. Q: Why did you return to banking? A: I sold Republic Pictures in 1994 and was looking to do some other things when I was asked to be Chief executive at City National. At the time, my father was looking to step back from the business. For me, given my long involvement at the bank and its focus on Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , it was a natural. Also, my contacts in the entertainment industry were very useful, since entertainment clients were such a significant portion of the bank's business. Basically, the bank's footprint The amount of geographic space covered by an object. A computer footprint is the desk or floor surface it occupies. A satellite's footprint is the earth area covered by its downlink. See form factor. 1. matched up with my professional life, my personal life and my interests. Q: City National appears to be branching out now from its original focus on the entertainment industry and local businesses. A: The entertainment industry still represents a significant portion of our business and we are still focused on being the best bank for business. Yes, we have grown geographically and yes, we are offering new products and services. But we are committed to remaining focused and not trying to be all things to all people. Q: You've also started up services aimed at the import-export market. What's behind that? A: Very simply, our clients are doing more and more business internationally, especially in Asia and most especially China. If we want to serve the need of our clients, we must move in that direction, too. We formed an alliance with the Bank of Fast Asia (based in Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. ) to help our clients establish banking relationships in China. We have also focused on foreign exchange conversions and international letters of credit. Q: You've recently consolidated most of the bank's administrative operations to the former Arco Plaza in downtown Los Angeles. Why? A: First of all, let me make it clear that we are not leaving Beverly Hills. We will maintain our corporate headquarters here. But we've grown tremendously in the last 10 years, with offices in 14 locations throughout the county. We needed some place to consolidate everyone and the Beverly Hills location was too small to do that. We looked all over the county, but when we became aware of the space at Arco Plaza, we jumped at the opportunity that presented. Here was a highly visible location that's centrally located for our colleagues, with great access to freeways and public transportation. It was a natural for us. Q: Was there any sense that the bank was moving downtown to fill the void left by all the consolidations and mergers of banking institutions, such as First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. or Security Pacific Bank? A: Sure, that was an element, but not the main reason. I prefer to see it as a statement of our faith in a vibrant downtown. When we made the decision four years ago, we felt that downtown was turning the corner. Q: Speaking of buyouts, you must have had your share of offers in recent years. Are there any buyout Buyout The purchase of a company or a controlling interest of a corporation's shares. Notes: A leveraged buyout is accomplished with borrowed money or by issuing more stock. offers currently on the table? A: I have no comment on that. But we've made some acquisitions ourselves as we want to solidify so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our reputation as the premier business bank in California. Just this year, we purchased Business Bank of Nevada, which will enable City National to become the premier business bank in that state. Q: Are you concerned about growing too quickly? A: Not about the growth itself. The major concern of any chief executive is always the execution of the strategy. That has been my primary concern. But we also have to be concerned about the state of the economy, since our business is very sensitive to that. Q: And what is your take of the state of the local economy? A: I would say the economy now is pretty good. There may be slowing in the housing sector, but business investment remains strong. We're keeping an eye on consumer spending Consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level. , since that drives so much of the economy. Q: What about the longer range outlook? A: Longer term, I think the outlook is also quite good, especially for Los Angeles. L.A. has remarkable strengths and diversity. Southern California now is the number two recipient of venture capital dollars in the entire world, behind Northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . We have great leadership in the auto industry, the toy industry, the entertainment industry and many others. Our higher education higher education Study beyond the level of secondary education. Institutions of higher education include not only colleges and universities but also professional schools in such fields as law, theology, medicine, business, music, and art. institutions are top notch notch (noch) incisure; an indentation on the edge of a bone or other organ. aortic notch dicrotic n. cardiac notch 1. . And above all is the entrepreneurial spirit that drives job creation in this city. Q: If the outlook is that good, why did you agree to lead Mayor Antonio Villaraigosa's effort to improve the economy? A: All great economies need help and energy and support. We do have challenges and they are well known to everybody: traffic, developing a world-class workforce and the image of this city as a place to do business. If business steps up, it can make a difference. Look what business did to draw attention to the workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. issue a couple years back. Q: What is the role of the Committee on the Economy and Jobs? A: This committee reflects the belief that the city has to do everything we can to foster job growth in the city, especially the creation of good-paying jobs. We're not involved in the day-to-day decisions on economic development, but rather crafting a longer-term vision. Q: Are you concerned that your recommendations will simply sit on a shelf like so many previous efforts? A: When the mayor contacted us and asked us to serve on this committee, he made it very clear that our mission was to come up with recommendations that could be implemented immediately, that would not just sit on a shelf. That's what we're trying to do. Of course, the key to this whole effort is the mayor himself. We expect to have our recommendations ready by the middle of 2007. Q: What's your take on the mayor? A: I believe that Mayor Villaraigosa has the potential to become the best mayor that this city has had so far. Q: What's your typical day like? A: I spend much of my day talking with clients--current clients and potential clients--as well as with my colleagues and employees. Right after this meeting I'm going to talk with a client. Also, on many days and evenings, there are various community events that I attend. Q: How do you balance the demands of running a growing bank--and now this committee--and a family? A: First, the committee meets once a month and we're not dealing with day-to-day operations. I view that as part of my commitment to giving back to the community, which was something my family instilled in me when I was growing up. As for the balance you talk about, yes, it's very important and it's something we communicate to our employees. We all work hard, but I make sure that there's time to spend with family. Q: Are any of your three children interested in following in your footsteps in the banking world? A: I generally like to keep matters like this private. All I'm going to say is, no, at this point, they are not interested in following me into the banking industry. Russell Goldsmith Title: Chairman and chief executive officer Company: City National Bank Born: Chicago, 1950 Education: B.A., government, Harvard College Harvard College is the undergraduate section and oldest school of Harvard University, founded in 1636 by the Massachusetts Legislature. The College is instructed by the Faculty of Arts and Sciences, which also instructs the Harvard Graduate School of Arts and Sciences. ; J.D. Harvard Law School Harvard Law School (colloquially, Harvard Law or HLS) is one of the professional graduate schools of Harvard University. Located in Cambridge, Massachusetts, Harvard Law is considered one of the most prestigious law schools in the United States. Career Turning Point: Taking over from his father as chief executive officer of City National Bank in 1995 Most Influential Person: Father, Bram Goldsmith, who ran a realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. and construction company before becoming chairman and chief executive of City National Bank Personal: Lives in Los Angeles with wife, Karen, an author and television producer; three children Hobbies It may never be fully completed or, depending on its its nature, it may be that it can never be completed. However, new and revised entries in the list are always welcome. This is a list of hobbies. : Skiing, golfing, boating, community activities. |
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