The CIO at the Australian bank's wealth arm has left the firm with immediate effect, amid allegations of misconduct towards women.

Martyn Wild, the senior manager who runs the A$34 billion ($25.9 billion) of investments in Australia-based Westpac’s wealth management arm, has left the lender, following allegations about inappropriate behaviour towards two female staff.

"Mr Wild had previously been disciplined for breaches of Westpac Group's code of conduct arising out of a number of recent allegations," BT Financial Group said last Friday.

“Clayton Utz undertook a comprehensive and independent review of all allegations made in this case. While some allegations were not substantiated, we immediately took disciplinary action, including a first and final warning in relation to those that were substantiated,” BT Financial Group's chief executive, Brad Cooper, said.

“Mr Wild then resumed his duties at BTFG. However, in light of recent developments we’ve agreed with Mr Wild that he will leave the business effective immediately. We’re absolutely committed to having a workplace that reflects the company’s values," he said.

Cooper said appropriate conduct, and respect for other staff members, was integral to Westpac and BT’s culture. Where there is evidence that someone has not acted in a way that is consistent with the group’s code of conduct and policies disciplinary action is taken, he added. This could include formal warnings, impacts on remuneration and bonuses, or dismissal.

Westpac confirmed Wild will not receive a bonus for this year nor any special termination payments.