HSBC’s $38,000-a-Child Hong Kong Perk Is in the Crosshairs as Cost Cuts Bite
HSBC is reviewing its subsidy for Hong Kong bankers’ private school fees, which covers up to HK$300,000 per child, Bloomberg reported. The benefit costs tens of millions annually and could be scrapped for new hires or adjusted as part of CEO Georges Elhedery’s cost-cutting drive. HSBC will report first-quarter earnings on May 5.