What is your first reaction when you hear that HSBC Securities has lost another group of equity analysts? Score an immediate 10 if you have a long yawn. Score nine if you say to yourself: 'I didn't know they had any left'. Score zero if you say: 'I feel sorry for HSBC'.

I have never admired people who whinge, especially in the financial services area where earnings are, in most cases, totally disproportionate to intellectual dexterity.