HSBC Investment Bank has lost more staff following its decision to not pay cash bonuses to equity staff for 2001. David Kelso, a specialist salesman covering IT hardware companies, is joining JP Morgan Chase, which recently hired HSBC's highly rated metals and mining team.

In New York, Francois du Plessis has left even before taking up a new position as head of North American equities in New York. He was in the process of moving to the new post from his earlier job as head of HSBC Securities in Canada. Before that, Du Plessis worked for the investment bank in his native South Africa.