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

Senior bankers at HSBC are facing a double blow of losing a key employment benefit while also confronting potential job losses as the lender carries out a range of measures to cut costs and achieve fair treatment for all staff, according to sources.

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.