City National Bank of California has hired Richard Gershen as executive vice president and director of its wealth management services division.

Mr Gershen will be responsible for City National Asset Management and City National Securities, the company's broker-dealer subsidiary, as well as the bank's personal trust and business trust services and its eight majority-owned asset management affiliates. He will lead a team of approximately 500.

Reporting to chairman and chief executive officer Russell Goldsmith, Mr Gershen will also serve on City National Bank's executive committee.

Mr Gershen joins from Evergreen Investments, a division of Wachovia, where he was executive managing director for business management and strategy.