Analysts marching out of HSBC

HSBC's media analysts have quit, led by team boss Charles Peacock, taking the investment bank's recent departures to more than 60. Despite the grim City jobs market, others to go recently include global research head Mark Brown, banking analyst Michael Lever, two insurance analysts and the metals and mining and investment trust teams. Head of derivative sales Charlie Tritton left to join New Star Asset Management. Research head Charles Cade led up to 20 analysts to Winterflood Securities.

Sources blame the defections on the suspension of cash bonuses, though HSBC insists that 60% of staff received them.

One client warned: 'Fund managers use their preferred analysts and I will follow my preferred people to wherever they go next.' HSBC confirms it is recruiting new staff, though declines to give details.