UPDATE 1-MOVES-RBC hires U.S. co-heads of consumer and retail banking-sources

Wed May 18, 2016 4:51pm EDT
 
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(Adds details of Credit Suisse retail hire in last paragraph)

By Lauren Hirsch and Mike Stone

May 18 (Reuters) - Royal Bank of Canada has hired two co-heads of U.S. consumer and retail investment banking in New York, one from Wells Fargo & Co and another from Credit Suisse Group AG, according to people familiar with the matter.

Andrew van der Vord and David Frank will be co-heads of consumer retail investment banking, the people said, asking not to be named because the hires had not yet been announced.

Credit Suisse and Wells Fargo declined to comment. A representative for RBC did not immediately return a request for comment.

Andrew van der Vord comes from Credit Suisse, where he was global vice chairman of consumer investment banking. He will also be vice chairman of investment banking at RBC in addition to his co-head role.

David Frank will join RBC from Wells Fargo, where he was head of retail investment banking for the past five years. Before joining Wells Fargo, Frank was at Credit Suisse for a decade.

Credit Suisse hired Jeff Cohen in March from Lazard Ltd as its vice chairman of global retail. Jens Welter runs the team globally. (Reporting by Lauren Hirsch and Mike Stone in New York; Additional reporting by Olivia Oran in New York; Editing by David Gregorio and Jonathan Oatis)