LONDON: HSBC's global equities chief Hossein Zaimi is leaving the bank, two sources with direct knowledge of the matter said on Friday, in the latest revamp of the lender's troubled investment banking operations.
Hong-Kong-based Zaimi, who has worked at HSBC for more than 16 years, took up a supplementary position as co-global head of securities financing in March, shortly after the bank unveiled plans to shrink its Global Banking & Markets division and axe tens of thousands of jobs.
Zaimi could not immediately be reached for comment. A spokesman for HSBC declined to comment.
Zaimi's exit is expected to be followed by other departures in Asia in the coming weeks, showing that Chief Executive Noel Quinn's cost-saving drive is extending to some of the bank's most profitable markets.
Until now, the bulk of HSBC's headcount cuts have come in Europe and its global headquarters in London's Canary Wharf.