LONDON (Reuters) – HSBC (HSBA.L) has appointed Franck Lacour as its new head of equities, following the resignation of Hossein Zaimi, according to a staff memo on Wednesday.

Lacour currently serves as head of Markets, France, which he will retain until a successor is named, the memo – signed by Georges Elhedery, Co-CEO Global Banking & Markets – said.

News of Lacour’s promotion comes less than a week after Reuters reported the imminent departure of Zaimi, who is leaving HSBC just months after assuming an additional post as co-global head of securities financing in March.

A spokesman for HSBC confirmed the contents of the memo.

The lender is pursuing a massive revamp of its Global Banking & Markets division and is preparing to axe tens of thousands of jobs in an effort to improve returns and compete more strongly against rival investment banks.

Zaimi is expected to remain at HSBC until the end of August to help with a transition period.

In addition, the bank has appointed Selene Chong as deputy global head of equities, and head of equities, Asia Pacific. Chong will be based in Hong Kong.

Mehmet Mazi is also appointed as co-head of securities financing, in addition to his role as head of debt trading and financing, the memo said.

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