" RBC was recently made aware of allegations involving Ms. Ahn and immediately launched an internal review and engaged outside legal counsel to investigate," RBC said in a statement.

" The investigation found evidence that, in contravention of the RBC Code of Conduct, Ms. Ahn was in an undisclosed close personal relationship with another employee which led to preferential treatment of the employee including promotion and compensation increases," the statement said.

" As a result, the two individuals have had their employment terminated," the bank said.

" The investigation found no evidence of conduct by the former CFO or the other employee with respect to the bank's previously issued financial statements, RBC's strategy or its financial or business performance," the bank said in a statement.

The bank announced it has appointed Katherine Gibson as Interim Chief Financial Officer (CFO).

Speaking on the appointment, the bank said: " She is a respected and experienced leader who has been with the bank for 22 years, most recently as SVP, Finance & Controller, and is widely considered a trusted advisor with a strong analytical and governance mindset."