Following two quarters of big losses at City National Bank, Royal Bank of Canada is taking steps to make the Los Angeles-based subsidiary more efficient.Bloomberg/Adobe Stock Three months after former Fifth Third Bancorp CEO Greg Carmichael joined City National Bank, the strategy for returning the Los Angeles-based bank to profitability is starting to come into focus. City National, a unit of Toronto-based Royal Bank of Canada, is looking to cut costs substantially after reporting losses of $285 million between May and October 2023. “We’re starting to get a much better handle on the cost structure,” RBC Chief Executive Officer Dave McKay told analysts on Tuesday, referring to expens
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