“City National Bank, one of the regional financial institutions with broad ties to the entertainment industry, is adding to the response effort after wildfires swept through Los Angeles County over the past week. The Howard Hammond-run bank, along with its parent firm the Royal Bank of Canada (RBC), has pledged $3 million to the Entertainment Industry”, — write: www.hollywoodreporter.com
The Howard Hammond-run bank, along with its parent firm the Royal Bank of Canada (RBC), has pledged $3 million to the Entertainment Industry Foundation, International Medical Corps, Neighborhood Housing Services Los Angeles County, United Way of Greater Los Angeles, West Los Angeles Community Development Corporation and more groups.
“As the largest bank headquartered in Los Angeles, this tragedy is deeply personal for us. Our clients, colleagues and communities are suffering unimaginable devastation,” said president and CEO Hammond. “We know we have an important role to play in helping address both the immediate needs in the wake of these fires as well as in the long-term work to rebuild.”
The commitment follows fellow financial giant JPMorgan Chase’s $2 million pledge on Jan. 10 to unspecified philanthropic organizations helping out with wildfire recovery in Southern California. “The scale and intensity of these fires are unlike anything we’ve seen before, and I want to assure you that you are not alone — we are here to support you,” CEO Jamie Dimon wrote to staff.
Major studios, many of which are headquartered or have large footprints in the Southland, have mobilized with multimillion dollar donations. Disney and Warner Bros. Discovery pledged $15 million toward relief efforts while Amazon, YouTube, Comcast and Netflix committed $10 million apiece and Sony put forward an additional $5 million. Paramount Global and Fox Corp directed $1 million to recovery efforts.
The Palisades Fire has burned more than 23,700 acres while the Eaton Fire in Altadena devastated more than 14,000 acres, with more than 12,300 structures destroyed, per CalFire. An estimated two dozen people have been killed and the economic toll has been estimated by AccuWeather at between $250 billion to $275 billion.
Dave McKay, president and CEO, RBC, added of the bank’s donation, “Our thoughts are with the tens of thousands of families that have been impacted, including clients, colleagues and their loved ones, and the response teams working tirelessly to battle the fires and provide relief.”
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