HSBC Global Head of Equities Exiting as Restructuring Gets Going

(Bloomberg) -- HSBC Holdings Plc’s global head of equities is leaving the lender as the bank revives restructuring plans that are hitting the securities unit.

Hossein Zaimi, who has held the role within HSBC’s global banking and markets division since 2017, is leaving within weeks, according to people familiar with the matter, who asked not to be named discussing private information. Zaimi, based in Hong Kong, wasn’t immediately available for comment.

HSBC’s equities business was one of its poorest-performing units last year, reporting a 16% fall in adjusted revenue to $993 million, and is now facing cutbacks as part of the bank’s long-awaited overhaul. Europe’s largest lender recently restarted cutting as many as 35,000 jobs, three months after the coronavirus outbreak led it to put that program on hold.

The global banking and markets unit is one of the main targets of the reductions, with jobs being culled over the past week, a person familiar with the matter said.

Zaimi has been at the bank for more than 16 years, according to his LinkedIn profile. He was previously at Credit Lyonnais.

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