HSBC ‘reviewing’ private school perk for bankers in Hong Kong
Summary
HSBC is considering changes to a benefit that pays for school fees for some bankers in Hong Kong as part of a major reorganization under CEO Georges Elhedery. The bank has not decided yet and the benefit costs tens of millions of dollars annually.Key Facts
- HSBC is reviewing a perk that pays most of the school fees for mid and top-level bankers’ children in Hong Kong.
- The subsidy covers 95% of fees up to HK$220,000 for primary and HK$300,000 for secondary school children.
- Hundreds of HSBC staff in Hong Kong receive this benefit, which does not exist in other HSBC global hubs.
- The perk is not available to workers at Hang Seng Bank, which HSBC fully bought in January 2024.
- School fees in Hong Kong have increased since the Covid pandemic, with some schools planning a 4.1% fee rise.
- CEO Georges Elhedery began leading HSBC in 2024 and is focused on cutting costs and simplifying the bank.
- HSBC makes most of its profits in Hong Kong and China and aims to expand in Asia.
- The bank was founded in 1865 to support trade between Europe and Asia and is a major bank in Hong Kong.
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