HSBC ‘reviewing’ private school perk for bankers in Hong Kong

Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubs HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under its chief executive, Georges Elhedery. Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet. Hundreds of staff in Hong Kong – HSBC’s biggest market – benefit from the subsidy, which costs the lender tens of millions of dollars a year, and is not available in its other hubs around the world, reportedly leading to tension at its headquarters in London. It is also not offered to staff of Hang Seng Bank, which HSBC acquired in full in January for £10bn and delisted from the local stock exchange. HSBC’s staff in Hong Kong at mid and top level are entitled to a subsidy that covers 95% of annual school fees up to HK$220,000 (£20,700) for each child in primary school and HK$300,000 a child in secondary school. International school fees are a huge expense for families in Hong Kong and costs have