HSBC has repeated its controversial policy of paying no bonuses across large areas of the investment bank, including equities, corporate finance and debt, a division that was thought to have had a better year than others.

But insiders hope that after another gloomy 12 months in the City of London, the absence of bonuses may not have as damaging an effect as last year when HSBC was hit by a wave of departures after announcing that bonuses had been slashed, often to zero.