ANZ's "toxic" global markets division is hunting for a new chief, after Eddie Listorti, acting managing director of markets since late 2015, said on Friday he was leaving the bank to start his own fund.
Mr Listorti is among the senior ANZ employees who have been named in sacked trader Etienne Alexiou's $30-million lawsuit against the bank.
Mr Alexiou is claiming he was unfairly dismissed for breaching the bank's code of conduct with a series of lewd emails, arguing the division encouraged and promoted a "toxic culture" within the country's third largest bank.
Mr Alexiou's statement of claim cited three examples of Mr Listorti, who signed Mr Alexiou's termination letter, acting inconsistently with ANZ's code of conduct, according to the court documents.
ANZ is defending the court action.
In an email to staff on Friday, ANZ's Australian chief executive Mark Whelan thanked Mr Listorti for his contribution to the bank.
"I realise it is probably a surprise to see Eddie leaving. He took on the role at short notice in November after [former division head] Steve Bellotti left ANZ," Mr Whelan wrote.
"In that time Eddie has done a great job leading the business through a challenging period with volatile financial markets and reputational issues in the media, however I understand the personal ambition he has to step outside ANZ to establish his own fund."
Mr Listorti joined ANZ in 2010 from investment bank Dresdner Kleinwort, where he had had a senior trading role.
In his role at ANZ, Mr Listorti grew the fixed income currencies and commodities business, which included expansion into Singapore, London and China, Mr Whelan said.
"He has also created a great team that is delivering the best-of-class product solutions for our clients," Mr Whelan said.
ANZ's group general manager of markets risk Shayne Collins will take on Mr Listorti's role from February 22 as the bank searches for a permanent replacement.
ANZ is among the banks being investigated by the Australian Securities and Investments Commission for potential manipulation of the bank bill swap rate. ASIC is understood to be nearing the end of its investigation, which began in 2012.
Mr Alexiou was stood down by ANZ for alleged involvement in the potential manipulation of the BBSW, though was sacked later for breaching the bank's code of conduct.
ANZ chief executive Shayne Elliott has said the "unacceptable" behaviour outlined in Mr Alexiou's statement of claim, and in an originating application lodged by another sacked employee Paddy O'Connor who later dropped his case, only involved a "handful of people". The alleged behaviour included visits to strip clubs, references to drug taking and crude and bullying language.
Mr Listorti's departure is the latest in a string of key management changes Mr Elliott has encountered since taking over the bank from former chief executive Mike Smith earlier this year. Mr Whelan replaced Andrew Geczy, ANZ's former institutional bank head, only last month.