HSBC global equities chief exits amidst restructuring: report

The bank has been revamping its investment banking arm.

HSBC’s Hong Kong-based global equities chief Hossein Zaimi is leaving the bank as part of an overhaul in the lender’s embattled investment banking arm, reports Reuters.

Zaimi took up a supplementary position as co-global head of securities financing in March after the bank revealed plans to shrink its global banking & markets arm and cut tens of thousands of jobs.

Other departures are likely to follow in the coming weeks, showing that chief executive Noel Quinn’s downsizing plans is extending to some of HSBC’s most profitable markets.

HSBC had originally postponed restructuring its workforce in March, citing the extraordinary circumstances of the pandemic. Come June, it told staff it would resume redundancies as part of a plan to streamline its global footprint, boost earnings and compete more strongly with rivals.

Here’s more from Reuters.