HSBC cuts back US$38,000-per-kid school perk for some Hong Kong bankers
This comes as CEO Georges Elhedery plows ahead with a cost-trimming campaign
HSBC is reducing a generous education benefit for new hires and senior staff transferring to Hong Kong, part of a cost-cutting campaign led by CEO Georges Elhedery. Existing band-three employees and managing directors will continue receiving the perk, but new recruits and transfers at those levels will lose it. The benefit, which covers up to 95% of school fees for employees and their families, has been a valuable recruitment tool for HSBC.
The bank, which has over 30,000 staff in Hong Kong, operates the city's largest market and recently completed a major restructuring effort expected to save $2 billion.
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