George Bogucki, managing director of Butterfield Private Bank (UK), has left the firm after three and a half years.
He has been replaced by Raymond Sykes, director & head of private banking, on an interim basis until a successor is found.
Bogucki joined Butterfield in January 2007 with a background which included leading M&A activity. This is no longer a focus for Butterfield in the aftermath of the banking crisis and contributed to Bogucki making a decision to leave the group.
Butterfield is now primarily focused on providing wealth management for private clients and SIPP banking facilities for a small number of professional trustees.
The group's parent company Bank of N.T. Butterfield & Son received a cash injection from Carlyle Group and other institutional investors of $550m in March this year as part of a plan to increase capital and remove risk from the bank's balance sheet.
Butterfield reported an audited net loss for the year ended 31 December 2009 of $213.4m compared to net income of $4.8m in 2008. These losses resulted from a write-down of primarily mortgage-backed securities and substantially higher commercial loan loss provisions.
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