HSBC cuts back $48,000-per-kid school perk for some Hong Kong bankers

HSBC Holdings has ended a long-standing education benefit for new hires in Hong Kong and for senior staff transferring to the city, cutting back one of the city's most generous banking perks. The perk, which covers up to 95% of school fees for children up to HK$220,000 (S$35,800) annually per child in primary school and HK$300,000 (S$48,800) per child in secondary school, has been scaled back as part of CEO Georges Elhedery's cost-trimming campaign.

Existing band-three employees and managing directors who already receive the benefit will retain it, but new recruits and transfers at those levels will no longer qualify. The decision comes as HSBC undergoes its biggest overhaul in a decade, including thousands of job cuts and a flattening of management layers.

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