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He has been replaced by Raymond Sykes, director & head of private banking, on an interim basis until a successor is found.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.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till