City National Bank Hires Private Banking Team in Philadelphia
City National Bank announced today that it has hired a new team of private bankers to serve the greater Philadelphia area. The team is based in Radnor, Pennsylvania, and specializes in the unique financial needs and challenges of ultra-high-net-worth clients.
Experienced bankers specializing in ultra-high-net-worth clients amplify the bank’s East Coast expansion
Philadelphia — City National Bank announced today that it has hired a new team of private bankers to serve the greater Philadelphia area. The team is based in Radnor, Pennsylvania, and specializes in the unique financial needs and challenges of ultra-high-net-worth clients.
Led by Matthew Salvitti, Tim Pippet and David Elliott, the new team enhances City National’s capabilities in Philadelphia and amplifies the bank’s growth on the East Coast.
“Our expansion into Philadelphia reflects strong demand for the highly tailored financial solutions, personal service and sophisticated capabilities that City National is known for,” said Kelly Coffey, CEO of City National. “Speaking as a Pennsylvania native, this community is a great fit for City National. I’ve known Matt, Dave and Tim for many years, and they are excellent advisors. They bring strong expertise that complements our growth strategy on the East Coast.”
“I’m excited to welcome this team who will lead our expansion of the private bank within the greater Philadelphia market,” said Brandon Williams, senior vice president and eastern regional manager of City National’s Private Banking group. “Matt, Tim and David are excellent additions to the private bank, and I look forward to working with them in helping our clients achieve their banking and wealth management goals.”
The team specializes in advice and services in investment management, customized credit, depository and cash management, wealth planning, and trust services to business owners, entrepreneurs, corporate executives, real estate professionals, professional sports team owners, family offices, hedge fund and private equity principals and funds, and family foundations. With this expansion, City National will deliver its full suite of financial capabilities to greater Philadelphia.
Leading the new Philadelphia area team are:
- Matthew Salvitti, senior vice president and private banker. Salvitti has spent the past 15 years with J.P. Morgan, where he most recently led the regional private banking team’s efforts in providing planning, investing, lending and trust advice to large single-family offices and closely held business owners. Prior to J.P. Morgan, he worked at Bear Stearns in the firm’s Prime Finance business covering hedge funds and alternative asset managers. Salvitti is a Certified Merger & Acquisition Advisor (CM&AA) and a Chartered Alternative Investment Analyst (CAIA). He serves on the Board of Girls on the Run Philadelphia and the executive committee of the CAIA Philadelphia chapter. He is active in various other groups including the Alliance of M&A Advisors, the Association for Corporate Growth (ACG) and the Chester County Economic Development Council.
- Tim Pippet, senior vice president and private banker. Pippet has spent the past 18 years at J.P. Morgan, with a focus on delivering the firm’s lending capabilities to ultra-high-net-worth clients. He started out in New York helping grow the financial sponsor and hedge fund practices, as well as the global families group covering families in Europe and the Middle East. Over the past nine years, Pippet led the Private Bank’s Mid-Atlantic Lending Practice. He sits on the board and the finance committee of Lutheran Settlement House.
- David Elliott, senior vice president and private banker. Elliott has more than 25 years’ experience in the finance industry working across municipal fixed income, energy, commodities, institutional equities and capital markets, hedge funds, and private wealth. Elliott spent the past several years at J.P. Morgan, as a private banker. Active in the community, he serves on the golf committee of Summer Search, a national nonprofit mentoring organization, as well as the Jay Sigel Invitational golf committee benefiting the Abramson Family Cancer Research Institute at the University of Pennsylvania.
This news of the Philadelphia team comes on the heels of City National’s recent announcement about the new national head of its Private Banking division, Abel Montañez. In May, the bank hired a new Cross-Border Banking team in New York. In 2020, City National opened new branches in the Washington, D.C., area and Atlanta, as well as three new branches in Manhattan — in Manhattan West, Flatiron and NoMad.
City National is backed by Royal Bank of Canada (RBC), one of North America’s leading diversified financial services companies and one of the strongest, most secure and best-performing banks in the world. RBC’s business model has a focus on innovation and providing exceptional experiences to its 17 million clients in Canada, the U.S. and 34 other countries.
Click here for an image of the Philadelphia team.
Click here for an image of Salvitti.
Click here for an image of Pippet.
Click here for an image of Elliot.