Republic New York Corp. said Friday that Robert A. Cohen, a vice chairman, would resign, effective immediately.

Mr. Cohen, 50, joined $50.4 billion-asset Republic two years ago as head of global private banking and U.S. corporate banking.

A French national, he spent the previous 25 years at Paris-based Credit Lyonnais, most recently as executive officer of Credit Lyonnais Americas in New York.

His departure comes a little over a month after Republic's chairman and chief executive officer, Walter H. Weiner, announced plans to retire in April. Mr. Weiner, 68, is to be succeeded by Dov C. Schlein, 51, who is currently president.

The bank said Mr. Cohen is leaving on his own accord.

Republic is in the midst of a major restructuring, to refocus businesses on the core private banking and retail markets and away from the more risky trading it has done in the past.

Details of the plan are expected to be announced in the coming weeks.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.