The New York-based chief executive of Jefferies Bache and the head of the futures execution and clearing unit’s London arm have left as Societe Generale nears the completion of the takeover of the business from US investment bank Jefferies Group.

Jefferies, which acquired the business in July 2011 from Prudential Financial, announced plans in April this year to dispose of most of the business to SocGen, with a close expected by the end of June, and to exit the remainder of Jefferies Bache's futures and commodities operations. Jefferies chairman and chief executive Richard Handler said at the firm's second-quarter results on June 16: "We expect to have substantially completed the unwind of Bache by the end of the summer."