"Letitia has enhanced the legal, risk and compliance functions and respective teams and it is testament to this that KB is looking at options to replace her roles internally," a spokesperson for the bank told this publication when asked about the matter.

Arun Lad in Smith’s team is taking over as head of legal and compliance on an interim basis. WealthBriefing is unable to provide further details at this stage.

Among recent changes at the firm was its announcement in April that CEO Sally Tennant was stepping down to take on the role of senior advisor. She was succeeded by Martha Boeckenfeld, who had been chief financial officer at the bank's parent company RHJ International. Tennant had been in the post since late 2011 after she joined from Lombard Odier in London.