# City National Bank (RBC): Technology stack

Source: https://www.bankingnewsai.com/banks/city-national/technology-stack
Last updated: Oct 16, 2026

*Part of the [City National Bank (RBC) AI strategy profile](https://www.bankingnewsai.com/banks/city-national).*

## What technology does City National Bank run on, and how is RBC rebuilding it?

City National Bank's technology is in a multi-year rebuild onto Royal Bank of Canada's US platforms. At RBC's March 27, 2025 investor day, executive chair Greg Carmichael said City National had tripled in assets after RBC bought it in 2015, with an organization 'not structured to handle that growth', and the plan set out an integrated technology operating model, consolidation of 'like technology platforms' and exits from non-core businesses such as FilmTrack; RBC wealth head Neil McLaughlin said US margins were 'weighed by headwinds related to the re-platforming of CNB'. The cost shows in RBC's US efficiency ratio: 83% in 2024, 79% for fiscal 2025 and 75% in the second quarter of 2026, against a low-70s target for 2027. Technology is run by Michael Palmer, head of technology and RBC's US CIO, whose remit includes regulatory remediation and future-state design across City National and RBC's other US units. Client-facing pieces include a relaunched City National Online (September 2024) and RBC Clear cash management, which RBC Capital Markets is extending to City National clients. On September 9, 2026 Dave McKay said remediation and re-platforming costs would start to come down from the end of 2026. No core banking vendor, cloud provider or engineering headcount for City National has been disclosed. ([RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_transcript.pdf), [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf), [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2025q4speech.pdf), [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2026q2speech.pdf), [City National Bank](https://www.cnb.com/about-us/leadership/michael-palmer.html), [City National Bank](https://cnb.com/personal-banking/online-banking/support/updated-city-national-online.html), [Investing.com](https://investing.com/news/transcripts/royal-bank-of-canada-at-scotiabank-summit-ai-growth-lift-returns-93CH-4893978))

## What are the main pieces of City National's technology rebuild?

From RBC's investor-day materials, quarterly calls and annual reports and City National's own pages. Status is as the source describes it.

| Item | What it is | Status | Date | Sources |
| --- | --- | --- | --- | --- |
| Integrated US technology operating model | 'Integrated technology operating model providing one view of all RBC services and products'; 'Consolidate like technology platforms, eliminating redundancy'; integrate and consolidate redundant US support functions | Announced | March 27, 2025 | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf) |
| One RBC IT infrastructure and brand | Carmichael: integrating platforms at the functional level with one US head per function, building an IT infrastructure to operate as one RBC business, and starting a migration to one brand in the US | In progress | March 27, 2025 | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_transcript.pdf), [American Banker](https://americanbanker.com/news/rbc-plans-mortgage-expansion-under-revised-us-strategy) |
| Exit of non-core businesses | 'Simplifying operating model by exiting certain non-core businesses (e.g., FilmTrack)', the intellectual-property rights software firm City National bought in August 2019 | Done or under way | March 27, 2025 | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf), [City National Bank via GlobeNewswire](https://globenewswire.com/news-release/2019/11/05/1941564/7781/en/city-national-bank-and-cash%C3%A9t-card-to-launch-rithmpay.html) |
| City National Online | Relaunched consumer online banking: streamlined balances, payments, transfers and statements, new navigation and enhanced text and email alerts for fraud monitoring | Live | September 14, 2024 | [City National Bank](https://cnb.com/personal-banking/online-banking/support/updated-city-national-online.html) |
| RBC Clear | US cash-management platform built from scratch by RBC Capital Markets, launched April 16, 2024 for Fortune 1000 companies; Capital Markets is 'working with Greg and the City National Bank team to leverage RBC Clear'; over 180 clients and US$23 billion of deposits onboarded in fiscal 2025 | Live; extending to City National clients | 2024-2025 | [American Banker](https://americanbanker.com/articles/rbc-is-expanding-its-u-s-business-with-a-cash-management-offering), [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_transcript.pdf), [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2025q4speech.pdf) |
| Global Transaction Banking | A new business that integrates technology platforms across commercial banking, Capital Markets and City National for globally connected clients | Announced | August 27, 2026 | [GuruFocus (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/royal-bank-canada-ry-q3-230145385.html), [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/2026q3speech.pdf) |
| Platform for acquisitions | McKay: RBC is building the capability to roll another bank onto its US platforms | In build | August 27, 2026 | [GuruFocus (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/royal-bank-canada-ry-q3-230145385.html) |
| HR platform | City National 'has not been integrated onto our primary HR platform', so RBC's learning-hours and technology-hiring figures exclude it | Not integrated (fiscal 2024 and 2025) | December 2024; December 2025 | [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2024_e.pdf), [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/ar_2025_e.pdf) |
| Fintech-built client tools | Datafaction (acquired 2010; AgilLink accounting software for business managers), Exactuals (acquired 2018; SaaS for complex payments) and the RithmPay virtual-card joint venture with CASHét, to be integrated into AgilLink | Owned or announced as of 2019 | November 5, 2019 | [City National Bank via GlobeNewswire](https://globenewswire.com/news-release/2019/11/05/1941564/7781/en/city-national-bank-and-cash%C3%A9t-card-to-launch-rithmpay.html) |

## What has the rebuild cost, and when do the costs fall?

RBC reports technology cost for its US region, not for City National alone. Figures as published.

| Measure | Value | As of | Said by | Sources |
| --- | --- | --- | --- | --- |
| US region non-interest expense | US$4.7 billion (2016), US$6.0 billion (2019), US$9.2 billion (2024); drivers include 'Investments to remediate certain non-financial risks and standards to strengthen operational infrastructure' and strategic investments including RBC Clear | 2024 | RBC investor-day deck | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf) |
| US region efficiency ratio, history | 75% (2016), 76% (2019), 83% (2024) | 2024 | RBC investor-day deck | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf) |
| US region efficiency ratio, fiscal 2025 | 79%, improved by 4 percentage points, helped by centralizing shared services and eliminating duplicative processes, operations and functions | Fiscal 2025 | RBC Q4 2025 prepared remarks | [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2025q4speech.pdf) |
| US region efficiency ratio, 2026 | 75% in Q2 2026; 75% year to date at Q3 2026 | May and August 2026 | Dave McKay | [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2026q2speech.pdf), [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/2026q3speech.pdf) |
| Efficiency ratio target | Low-70% by 2027 | March 2025 | RBC investor-day deck | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_presentation.pdf) |
| Effect on US wealth margins | 'In the US, our margins were weighed by headwinds related to the re-platforming of CNB' | March 27, 2025 | Neil McLaughlin | [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/investorday2025_transcript.pdf) |
| When costs fall | Remediation and re-platforming costs 'will start to come down the end of 2026 into 2027' | September 9, 2026 | Dave McKay | [Investing.com](https://investing.com/news/transcripts/royal-bank-of-canada-at-scotiabank-summit-ai-growth-lift-returns-93CH-4893978) |

## Who runs technology, operations and controls at City National?

| Person | Role | Technology remit | Sources |
| --- | --- | --- | --- |
| Michael Palmer | EVP and head of technology, City National; RBC US CIO | Vision and leadership for all bank technology; US technology strategy, architecture and operating model for City National, RBC Wealth Management (US), Global Asset Management (US), RBC Bank (Georgia) and Capital Markets (US); 'strengthening and modernizing U.S. technology through regulatory remediation' | [City National Bank](https://www.cnb.com/about-us/leadership/michael-palmer.html) |
| David Cameron | EVP and chief operating officer (June 2026) | Newly unified COO group integrating bankwide operations, controls and change management | [City National Bank](https://www.cnb.com/about-us/media/press-releases/2026/david-cameron-chief-operating-officer.html) |
| Steve Comer | EVP, Governance, Risk and Controls Office | GRC head for RBC's Combined U.S. Operations; oversees the Enterprise Project Management Office and Enterprise Change Management Office; coordinates with regulators | [City National Bank](https://www.cnb.com/about-us/leadership/steve-comer.html) |
| Naim Kazmi | Group Head, Technology & Operations, RBC (from February 2026) | Group technology; previously technology lead for the HSBC Bank Canada integration | [RBC via CNW (Yahoo Finance)](https://finance.yahoo.com/news/rbc-creates-ai-group-help-140100667.html), [RBC](https://www.rbc.com/investor-relations/_assets-custom/pdf/2026q1speech.pdf) |

## What does the City National profile record on this topic?

| Date | Move | Detail | Sources |
| --- | --- | --- | --- |
| Sep 9, 2026 | McKay at Scotiabank summit: remediation and re-platforming costs to fall; AI credit tools built | City National earned US$183 million (CAD 230 million) before remediation and re-platforming cost reductions that start from the end of 2026; RBC is deploying AI for commercial auto-adjudication and credit adjudication ('built, and we just demoed it to the board') and names mortgages as its largest AI use case. The adjudication tools are described at RBC level; City National is not named as a user. | [Investing.com](https://investing.com/news/transcripts/royal-bank-of-canada-at-scotiabank-summit-ai-growth-lift-returns-93CH-4893978) |
| Aug 27, 2026 | Wealth head: AI use cases funded inside the existing technology budget | Neil McLaughlin, CEO of RBC Wealth Management, says AI work on adviser productivity, back-office streamlining and 'AI for Alpha' sits within existing technology funding with no step-up required; US Wealth Management includes City National. | [The Motley Fool](https://fool.com/earnings/call-transcripts/2026/08/31/rbc-ry-q3-2026-earnings-call-transcript) |
| Aug 27, 2026 | Q3 call: US efficiency ratio 75%; remediation costs still falling | RBC's US region efficiency ratio is 75% year to date against a low-70s target. McKay says RBC is accelerating AI execution toward $700 million to $1 billion of enterprise value by fiscal 2027, and that City National is part of a 'change in investment in our platform, our risk platforms, our tech platforms'. | [The Motley Fool](https://fool.com/earnings/call-transcripts/2026/08/31/rbc-ry-q3-2026-earnings-call-transcript), [RBC](https://rbc.com/investor-relations/_assets-custom/pdf/2026q3speech.pdf) |
| Aug 27, 2026 | Third-quarter call: City National on shared RBC platforms | McKay says a new global transaction banking business integrates technology platforms across commercial banking, Capital Markets and City National, and that City National is building the capability to roll another bank onto its platforms. | [GuruFocus (Yahoo Finance)](https://finance.yahoo.com/markets/stocks/articles/royal-bank-canada-ry-q3-230145385.html), [The Motley Fool](https://fool.com/earnings/call-transcripts/2026/08/31/rbc-ry-q3-2026-earnings-call-transcript) |
| Dec 3, 2025 | RBC's 40-F: AI-powered insights in the US wealth digital platform | US Wealth Management, the segment that includes City National, lists 'enhancements to the digital platform with AI-powered insights', RBC Premium Savings and record adviser recruitment among its 2025 investments. | [Royal Bank of Canada (SEC filings)](https://www.sec.gov/Archives/edgar/data/1000275/000119312525305927/d95203dex2.htm) |
| Dec 3, 2025 | RBC's 40-F: City National's year was about risk controls | The annual report says City National focused on risk management across the three lines of defence, and lists AI, including GenAI, among emerging technologies that call for investment to manage risk. | [Royal Bank of Canada (SEC filings)](https://www.sec.gov/Archives/edgar/data/1000275/000119312525305927/d95203dex2.htm) |
| Aug 27, 2025 | 'Back on its front foot' | Net income of $114 million for May–July 2025, the best in three years; remediation costs falling. | [American Banker](https://americanbanker.com/news/rbcs-city-national-bank-is-back-on-front-foot-ceo-says) |
| Jan 9, 2025 | RBC and Cohere to co-develop 'North for Banking' | A group-level generative-AI platform for financial services, to integrate with RBC's internal platforms; RBC said advisers in its advice centre and Capital Markets research analysts already used genAI. | [RBC via PR Newswire](https://prnewswire.com/news-releases/rbc-and-cohere-partner-to-develop-the-next-generation-of-highly-secure-generative-ai-solutions-for-financial-services-302346783.html) |
| Jan 31, 2024 | OCC assesses $65 million penalty and issues consent order | Systemic deficiencies in operational, compliance, strategic and investment-management risk management; noncompliance with the OCC's heightened standards since 31 December 2020; Bank Secrecy Act violations. The order requires independent validation of the models and filtering thresholds in the BSA/AML monitoring systems and a fair-lending risk-management programme; it does not mention AI. The bank said its focus was 'strengthening our infrastructure and systems'. | [OCC](https://occ.gov/news-issuances/news-releases/2024/nr-occ-2024-8.html), [OCC](https://occ.gov/static/enforcement-actions/eaAA-ENF-2024-08.pdf), [Banking Dive](https://www.bankingdive.com/news/rbc-city-national-65-million-penalty-occ-risk-management-bsa-aml-fair-lending/706295/) |

## Common questions

### Why is City National Bank re-platforming?

RBC says City National grew too quickly after the 2015 acquisition, tripling in assets with an organization 'not structured to handle that growth', and the January 2024 OCC consent order cited risk-management deficiencies. RBC's response, set out at its March 2025 investor day, is one US operating model with consolidated technology platforms, shared services and an enhanced risk and controls framework.

### What core banking system or cloud does City National use?

Not disclosed. RBC's filings, investor-day materials and earnings calls describe platform consolidation and an integrated US technology operating model but do not name a core banking vendor, a cloud provider or an engineering headcount for City National. The bank's 2019 releases describe its own fintech tools, such as Datafaction's AgilLink accounting software.

### When will City National's re-platforming costs come down?

RBC CEO Dave McKay said on September 9, 2026 that City National's remediation and re-platforming costs would start to come down from the end of 2026 into 2027. RBC's US region efficiency ratio moved from 83% in 2024 to 79% in fiscal 2025 and 75% in 2026, with a target in the low 70s.

### Who runs technology at City National Bank?

Michael Palmer, executive vice president and head of technology, who is also RBC's US chief information officer with a mandate covering regulatory remediation and future-state US technology. David Cameron became chief operating officer in June 2026 over operations, controls and change management, and Steve Comer runs the Governance, Risk and Controls Office.

### Is City National moving onto RBC's systems and brand?

Yes, by RBC's account. Carmichael said in March 2025 that RBC was building an IT infrastructure to operate as one RBC business and would start migrating to one RBC brand in the US. In August 2026 McKay said a new Global Transaction Banking business integrates technology platforms across commercial banking, Capital Markets and City National.
## Deeper on City National

- [What is City National Bank's AI strategy?](https://www.bankingnewsai.com/banks/city-national/ai-strategy)
- [What AI research, patents and partnerships does City National Bank have?](https://www.bankingnewsai.com/banks/city-national/ai-research-patents-partnerships)


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