Deutsche Morgan Grenfell worldwide chief operating officer Jonathan Asquith resigned suddenly last week.
According to DMG, the appointment of Gerry Sherer as chief financial officer in August reduced the need for a chief operating officer.
Sherer reports directly to the bank's Frankfurt headquarters, bypassing Asquith.
Asquith was offered a position as regional manager for the UK following Sherer's
appointment but turned it down to pursue "other challenges".
Director of corporate communications Markus Will denies that Sherer's job effectively sidelined Asquith.
He says: "That is entirely the wrong interpretation. The UK is one of the most important regions for the bank."
Asquith's job as chief operating officer will not be filled.