Sal Oppenheim and Siegfried Piel are to part company “by mutual agreement, due to differing business views”, the Luxembourg-based private bank has announced. Mr Piel was global head of trading and derivatives, as well as a member of the executive board.

Dieter Pfundt, partner and member of the board of directors, said: "Siegfried Piel's commitment was a valuable contribution to the successful development of the derivatives and certificate market in Germany and other German-speaking countries."

The bank has said it will announce Mr Piel's successor “in the next few weeks.”