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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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Retail Rents Falling From Manhattan To Los Angeles

PYMNTS

Meanwhile, the National Restaurant Association estimates that more than 100,000 eateries have either closed permanently or at least long term due to the pandemic. That’s one out of every six. Nationwide, Moody’s Analytics estimated that effective retail rents would fall 11.1

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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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RBC's City National Bank taps Fifth Third's Hammond as new CEO

American Banker

City National Bank has tapped Howard Hammond, a 17-year veteran of Fifth Third Bancorp, as CEO of the Los Angeles-based bank, replacing Kelly Coffey, who will move to a newly-created role as CEO of the bank's entertainment unit.

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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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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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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.