In a move to improve the coordination of operations in the United states, France's Credit Lyonnais has named Robert A. Cohen, Executive voice president and branch manager, to the new post of U.S. chief executive responsible for commercial and investment banking.
The French bank's decision follows similar moves by other foreign banks. Recently, Germany's Dresdner Bank also named a single head for U.S. banking activities.
Mr. Cohen, 45, continues to head Credit Lyonnais' U.S. commercial banking operations. He also becomes chairman of Credit Lyonnais securities (USA) Inc., the bank's U.S. investment subsidiary.
Jacques Mounier, 47, was named president and chef executive of Credit Lyonnais Securities. Mr. Mountier has been senior vice president, treasurer, and a deputy general manager of Credit Lyonnais U.s. Branches since 1989.
Credit Lyonnais said Thursday the changes underscored the bank's commitment to develop its capital market capabilities.
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It is one of the largest foreign banks in the United States, with some $37 billion of assets.
At a press conference Thursday, Mr. Cohen said the bank expected to increase the headcount at its securities subsidiary by about 60 over the next 12 to 18 months in a effort to build up its ability to underwrite and distribute corporate debt.
The commercial bank employs 700 people in the U.S., while the securities unit employs 100.