The remaking of City National in Fifth Third’s image continued Monday as a third alumnus of the Cincinnati-based bank is set to join the beleaguered Royal Bank of Canada subsidiary.
Chris Doll, a Fifth Third senior vice president and head of investor relations, will join City National on Nov. 27 as the bank’s next CFO, a City National spokesperson told Bloomberg on Monday.
Doll, a 13-year Fifth Third veteran, will succeed John Bai in the role.
Bai has served as City National’s CFO since April 2021, according to his LinkedIn profile, and added chief transformation officer to his title last year. He came to City National from parent company RBC, which he joined in 2014. Bai will leave the City National unit at the end of this year after supporting the bank through its transition, Bloomberg reported.
Doll follows former Fifth Third CEO Greg Carmichael and Fifth Third’s consumer-banking chief, Howard Hammond, to City National. Hammond was named City National’s next CEO on Friday. Like Doll, he begins in his role Nov. 27. Carmichael joined City National as executive chair last month.
Doll began at Fifth Third in 2007 as a financial analyst but left four years later only to return to the Cincinnati-based bank in 2014 as a vice president and senior capital panning manager, according to his LinkedIn profile.
Hammond’s appointment as CEO puts outgoing chief executive Kelly Coffey in a new role as CEO of City National Entertainment.
RBC, for its part, infused $2.95 billion into City National this year in a move Keefe, Bruyette & Woods analysts Mike Rizvanovic and Abhilash Shashidharan called an “internal bailout.” City National reported a $38 million loss for its fiscal third quarter, which ran from May to July.
