Senior HSBC bankers face double blow as school-fee subsidy cut adds to job risks: sources

HSBC axes education benefits worth up to HK$300,000 as integration with Hang Seng Bank threatens jobs – but investors stay upbeat HSBC, the biggest lender in Hong Kong, will scrap an education subsidy programme for all newly hired or newly promoted senior executives from Friday, according to an internal memo seen by the South China Morning Post. Employees who were already in the bank’s top three grades as of Thursday, including managing directors and department heads, will continue to enjoy the benefit, which provides subsidies of up to HK$300,000 (US$38,240) for secondary school fees and HK$220,000 for primary school fees per year.

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