The surprise departure of Bank of America Merrill Lynch's top executive in Europe was prompted by a clash with the bank's US leadership over the company's Brexit strategy, Financial News has learned.

BAML announced last month that Alex Wilmot-Sitwell would step down from his role as president for Europe, the Middle East and Africa after six years with the bank. At the time, the bank said that Wilmot-Sitwell, one of the Square Mile's best-known figures, wanted to "pursue opportunities outside the bank".