A new research report from Piper Jaffray suggests that the recent departure of Berkshire Bank CEO Michael Daly might have been related to a “toxic” workplace culture.

Piper Jaffray analysts in their report said an anonymous letter from Berkshire employees that said the workplace culture was in dire need of change was sent sent to analysts and bank insiders weeks before Daly retired, according to Bloomberg.

Piper Jaffray analysts then went one step further and analyzed Berkshire Bank employee reviews on Glassdoor.com. They found that only 25 percent of employees would recommend working at Berkshire to a friend, well below the 62 percent median within Piper’s coverage universe.

CEO approval was around 35 percent, compared to Piper’s 84 percent median.

Piper Jaffray analyst Matthew Breese said in the report he thinks it unlikely that Daly’s departure was a coincidence and that it was likely related to the culture, according to Bloomberg.

Berkshire Bank announced that Daly, the CEO of Berkshire Bank since 2002, was stepping down from his post Monday night. He received a $7.5 million dollar separation payment.

Daly will be replaced by Richard M. Marotta, formerly an executive vice president at the company, who will become CEO, president and be appointed to the board of directors. Sean Gray, the company’s COO, will become president of Berkshire Bank.

Shares of Berkshire’s stock fell 1.4 percent to $33.59 per share on Tuesday.