This is quite often the case in more complex roles such as yours, where the organisation has to fill the void (often for regulatory reasons) and so reallocates work. In your case the company didn’t use an interim, and effectively promoted one of the people working for you and then created a new role for the other half of the job.
You should have a return to work interview with your line manager and/or HR. It might be that they will look at a phased return of responsibilities for you, but if not then you have a choice to make.
If the job is no longer suitable then it might be sensible to have a protected conversation (without prejudice, ie it isn’t recorded on your file) about either internal alternatives, or the possibility of a paid settlement agreement, given that if they insist on maintaining the new set-up they will have constructively dismissed you (ie they have engineered your departure)
For readers, these issues are very complex, do get specialist help
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