HSBC’s cost-saving drive is reportedly set to accelerate even in its most profitable markets in Asia following the departure of its global head of equities. Hossein Zaimi is leaving HSBC, according to a report citing two unnamed sources, after joining the bank more than 16 years ago. Zaimi also took on the additional role of co-head of securities financing in March shortly after HSBC revealed plans for its investment bank overhaul.
Adrian Lewis, EMEA head of equity capital markets (ECM), has also left to pursue opportunities outside of the industry, the report added. Lewis will be succeeded by Andrew Robinson, head of EMEA equity syndicate, reporting to Ed Sankey who was named global head of ECM in June 2019.
While the lion’s share of cost cuts reside in Europe, the report noted that Asia – the most profitable region for HSBC – will not be immune to restructuring. Following Zaimi’s departure, more exits are expected in the region in the coming weeks.
The bank originally planned to cut 35,000 jobs, $4.5 billion in costs, and $100 billion in risk-weighted assets before postponing the overhaul in March due to the coronavirus pandemic. In June, HSBC reportedly resumed such activities in June and was considering deeper cuts including more job losses or the possible sale of some businesses.
Simultaneously, the bank is also expanding its newly created wealth and personal banking unit – a combination of the whole private client business from retail to ultra-high net worth (UHNW) individuals – with around half of its $4 trillion in assets from Asia.
Since 2017, the bank has hired 800 employees for its affluent and emerging high net worth client businesses – Premier and Jade, respectively – across Hong Kong, Singapore, and mainland China including relationship managers, investment counselors, UHNW solution specialists, and product specialists.