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Surge In eCommerce Has Port Of Los Angeles Facing 50 Pct More Cargo Shipments Than First Half Of 2020

PYMNTS

In Los Angeles, a widespread glut of shipments has slowed down operations at the nation's busiest container port complex, the Port of Los Angeles , according to CNBC. Port of Los Angeles Executive Director Gene Seroka , speaking Monday (Dec. 28) on CNBC, said the cargo volume is up 50 percent.

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City National reports layoffs amid focus on controlling costs

American Banker

The Los Angeles-based bank said that it's eliminating roles across its footprint. The job cuts follow a year in which expenses soared and losses piled up.

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Passport, the technology business for city transit systems, raises $43 million

PYMNTS

Passport, company that’s managing much of the technical aspects of how people pay to use public transportation resources in cities like London, Miami and Los Angeles, has just raised $43 million. Read More.

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After City National reports a big loss, executives predict a turnaround

American Banker

Los Angeles-based City National Bank recorded a $247 million loss during a tumultuous final quarter of its fiscal year. But executives at the bank's Canadian parent company say they expect a return to profitability in the first quarter.

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From California to Canada: RBC looks to move jobs north

American Banker

The Toronto-based company is looking to cut costs as it seeks to bolster the earnings of its Los Angeles-based City National Bank subsidiary. Royal Bank of Canada hopes to save money by moving positions from high-cost California to Vancouver.

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Amid profit woes, City National will get an infusion of new leadership

American Banker

Greg Carmichael, the former CEO of Fifth Third, will join the Los Angeles bank as its executive chair. The move comes a few weeks after City National, which is a unit of Royal Bank of Canada, reported a quarterly loss.

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Postmates Raises $300M In Venture Funding; Gives Tiger Global Management Seat On Board

PYMNTS

In a press release , Postmates said the funding round was led by Tiger Global Management, and comes on the back of a record year of growth, market expansion and adoption of a subscription service. Postmates, the on-demand delivery company, announced on Tuesday (Sept. 18) that it has raised $300 million in venture funding.