HSBC's shares tank 5% on dismal 2014 earnings
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One HSBC boss has resigned while another is said to be debating over whether he should quit his job in protest against new Bank of England rules which could lead to lengthy jail sentences being handed out the senior bankers of failed lenders.

Sources told IBTimes UK that Alan Thomson, a member of the audit and risk committees of HSBC Bank, has tendered his resignation and will leave the board at the end of October.

However, sources add that while John Trueman, the UK operation's deputy chairman is understood to be close to resigning, despite having only taken on that role in December last year, he has not officially left the bank.

Thomson's exit will appear in a public filing by the end of the month. Another will regarding Trueman, should his resignation become official.

HSBC declined to comment.

The bankers are protesting proposals that could see senior bankers facing jail time in the event of large scale bank failings. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) are behind the proposals to strengthen senior bankers' accountability.

Following reports of the HSBC departures, Andrew Tyrie MP, chairman of the Treasury Committee, said: "The crisis showed that there must be much greater individual responsibility in banking. A buck that does not stop with an individual often stops nowhere.

"The new Senior Managers Regime will require banks to identify who is responsible for what at the very top. Implementation will require banks and regulators to exercise their judgement."

The proposed "Senior Managers' Regime" carries the powers to jail top bankers for up to seven years for reckless misconduct. Board directors and top executives would be given clear responsibilities and would have to prove they were not aware of or had challenged improper behaviour at the time.

Thomson, a former finance director at Smiths Group, the engineering company, joined HSBC's UK board in December. Trueman has been a director of HSBC Bank for 10 years and has held posts at other investment banks.