The head of risk assessment in Allfirst is to retire, the AIB-owned bank in Baltimore, Maryland, has announced. Mr Brian King (56) becomes the eighth executive at the AIB-owned bank to retire or be fired in the wake of the bank's loss of $691.2 million (€775.3 million) in a currency trading scandal.

Allfirst said Mr King was leaving to devote more time to charitable and other non-profit organisations. The bank added that Mr King's departure coincided with a plan announced last year to consolidate finance and risk-management areas on a company-wide basis.

An internal investigation, headed by Mr Eugene Ludwig, into the massive losses incurred by trader Mr John Rusnak, said last month that Allfirst's internal controls were weak and recommended that a new head of the risk-assessment group should be hired.

For most of his 27-year career at the bank, Mr King was involved in the human resources area. A former employee said there was internal criticism of the appointment at the time because of his lack of experience in risk assessment.

The Ludwig report said that Mr King had kept personal notes which were "reasonably detailed and highly critical of the treasury operation and the environment there". He recorded "apparent conversations" with Allfirst chairman Mr Frank Bramble about an inquiry from Citibank in March 2000 to AIB's treasurer Mr Pat Ryan over a $1 billion foreign currency transaction by Allfirst.

The report said Mr Bramble did not recall talking to Mr King about Citibank's inquiry and Mr Bramble's calendar "indicates he was on vacation on one of the days that appears on the notes".

Mr Ryan was told that the $1 billion transaction was matched by a bigger amount owed to Allfirst by Citibank.

Mr Rusnak avoided detection of his losses over five years because no one at the bank verified bogus trades he was recording.

Mr Bramble is also retiring from Allfirst next month.