(Reuters) - The Minneapolis Federal Reserve Bank has launched a search for a new first vice president and chief operating officer after its current COO James Lyon told the bank's board that he will retire at the end of March 2017, the Minneapolis Fed said on Monday.

The Minneapolis Fed is also seeking a new research chief after Sam Schulhofer-Wohl, who ran the bank's research department since 2013, left the bank in late August for a position at the Chicago Fed.

(Reporting by Ann Saphir)