Jim Fallon, head of pubs, brewing and leisure at HSBC, has quietly quit in a sign that dissatisfaction with the bank's bonus policy is spreading beyond the equities division.

There is speculation that up to 10 more corporate financiers are considering leaving, following the well-respected Fallon out the door. The division has so far been much less affected by the row over bonuses than equities, with only 15 corporate financiers leaving in recent months.