City National Expands to Philadelphia

City National Bank has hired its first dedicated team in Pennsylvania. The new team, led by Matthew Salvitti, Tim Pippet and David Elliott, is based in the greater Philadelphia area and specializes in meeting the unique financial needs and challenges of ultra-high-net-worth clients.

Salvitti spoke to the Philadelphia Business Journal about why the bank is planting its flag in the city, and what differentiates City National’s approach.

“Because we are an $80 billion bank that is backed by a $2 trillion bank, we can be creative and flexible and draw on those resources,” Salvitti said. “City National customizes for each client. Not everyone is willing to do that. A lot of other banks just put clients in brackets.”

The team’s goal is to grow like City National did in Washington, D.C., where it opened a few years back with three people and now has more than 20.

Click here to read the article in the Philadelphia Business Journal.