Royal Bank of Canada has plucked away executives from Wells Fargo and Credit Suisse to be the co-heads of U.S. consumer and retail investment banking, according to a news report.
The $855 billion-asset Toronto bank has hired Andrew van der Vord from Credit Suisse and David Frank from Wells, Reuters reported Wednesday. Sources familiar with the situation confirmed the story for American Banker on Thursday.
Van der Vord was the global vice chairman of consumer investment banking for the $842 billion-asset Credit Suisse since 2009, according to his LinkedIn page. Previously, he was global head of consumer retail investment banking at JPMorgan Chase from 2005 to 2008, and global head of consumer investment banking at Citigroup from 2000 to 2006.
Frank was head of retail investment banking for the $1.8 trillion-asset Wells Fargo since 2011. From 1999 to 2011, he worked at Credit Suisse, initially as a director and later as head of retail investment banking, according to his LinkedIn page.