The Honest Company,
cofounded by Jessica
Alba, is headquartered
in Santa Monica.
ENTERTAINMENT, TECH AND REAL ESTATE FUEL LOS
FINANCIAL RESURGENCE. JENNA L. JONES
Industries, to explain the value of a strong LA
economy: stops a bullet like a
About percent of nonfarm jobs in the region are finance related, says Russell Goldsmith,
CEO and president of City National Bank, adding that nearly half of all Southern
financial jobs are concentrated in Los Angeles
Last year, CNB merged with Royal Bank of
Canada and is currently expanding its team of
bankers, especially in private and commercial
banking and equipment leasing, serving such
key industries as real estate, technology, entertainment, media and legal services.
In a 2015 report by the Los Angeles County
Economic Development Corporation, the tech
the investment funds it
was given credit for much of the local investment.
our tech footprint has grown, graduates are increasingly choosing to stay to work
at Snapchat or The Honest Company rather
than heading up north to Silicon says
Michelle Garakian, tech specialist in the office
of Los Angeles Mayor Garcetti.
Bursting with opportunity, the county is a
hub for tourism, trade, design, education and
more, according to Goldsmith: Angeles is
where the future is happening
Far from the wolves of Wall Street, Los financial landscape has the advantages
of incredible diversity, foreign investment and
a tech industry on the verge of exploding.
Although economic prowess was dampened by the recession,
the region is firing back up. In fact, last year, mergers and acquisitions
in LA hit their highest point in eight years with $439 billion in activity. Not only is California the eighth-largest economy in the world,
but more venture capital funds poured into the Golden State last year
than to all other states combined, as reported by 2015 MoneyTree Report.
As the second-largest metro area in the country, LA will continue
to recover this year and into 2017, according to William Yu, one of the
economists behind the UCLA Anderson Forecast.
The most famous export, entertainment, is getting a fresh
injection of Chinese funding. In January, Wanda Group acquired
Legendary Entertainment to the tune of $3.5 billion, which will lead
to increased production and jobs, says Stephen Cheung, president of
the World Trade Center Los Angeles. A former social worker, Cheung
uses the words of Father Boyle, the founder of the nonprofit Homeboy
112 a a
Years ago while living and working in New
York, Russell Goldsmith was paid a visit by his
grandfather, who told him something never
forget. Ben Maltz turned to his
the CEO and chairman of City National
and said, matter what you
be the best at
Maltz was one of the founding members of City National; for
decades father, Bram, headed up the private and business
bank, which eventually earned the reputation as the to the
thanks to a robust roster of clients who work in television, theater
and the arts. Since 1995, Goldsmith has carried on the legacy that his
grandfather and father started.
After graduating from Harvard Law School and serving as the CEO
of Republic Pictures, Goldsmith took over his role. At that time,
City National had $3 billion in assets; that number is now $36.4 billion.
Last year Goldsmith led the company through a merger with Royal
Bank of Canada to expand City capabilities. goal is to be
a trusted adviser to our clients, while providing outstanding
and investment solutions that meet their he says. the end of
the day, it is all about trust and
A A AY/G I AG CO PA Y; A I A A (G I
CEO AND PRESIDENT, CITY NATIONAL BANK