HSBC is scrapping school fee subsidies for new hires in Hong Kong and employees transferring to the city.
Staff were notified of the change in a memo sent by David Liao and Surendra Rosha, co-heads of the Asia and the Middle East business.
The long-standing benefit – which covers up to HK$300,000 (US$38,000) in school fees and was introduced to attract international talent – will still be available to existing senior employees, including those with a child born in 2026, Bloomberg reports.
A spokesperson for HSBC told International Adviser: “We are focused on rewarding our employees fairly and competitively. HSBC employees in Hong Kong have access to a broad and market competitive total reward package.”
The bank’s CEO Georges Elhedery has been executing a cost-cutting programme since assuming the top role two years ago. His restructuring campaign has included combining business units as well as eliminating duplicated roles and targeting senior management expenses.
