I'm sure. Every now and then, I'll get a message (from a spy, maybe? I forget) stating that Faction X cannot pay full wages to their army, and that some of their troops have rebelled as a result, etc.
I'll add myself to the list of players who've never seen this -- so much so that I've often thought "this really ought to happen". I've seen factions with negative coffers in the hundreds of thousands (using -ian) and never seen this occur. Maybe the presence of a spy encourages such mutinies? I shall have to update my complaint from "this doesn't happen" to "this doesn't happen enough"

However, I have lost a few stacks to bribery, but likewise no more than 4 or 5 over all the years I've been playing MTW.