Royal Bank of Canada hired Bank of America Corp.’s Andrew “Cal” Callaway to run U.S. heath-care investment banking.

Callaway will join RBC Capital Markets in New York as a managing director, the Toronto-based company said Tuesday in a memo. Callaway has spent most of his 20-year career at Deutsche Bank AG, where he was global head of life sciences. He most recently covered specialty pharmaceuticals and biotech firms at Bank of America’s Merrill Lynch.

Royal Bank has been bolstering its...