Market Chatter: HSBC Scraps School Fee Subsidy for New Hong Kong Hires

04:10 AM EDT, 09/17/2026 (MT Newswires) -- HSBC Holdings (HSBA.L) will phase out an annual $38,000 school fee subsidy benefit for new hires in Hong Kong, London's Financial Times reported Thursday, citing a company spokesperson. The bank's Asia co-heads reportedly told staff that locally hired workers as well as transfers from other locations will no longer receive the subsidy. However, existing director-level staff and above who currently receive the perk and those with a child born this year will still receive it. In an email to MT Newswires, HSBC referred to its statement given to the FT, saying its staff in Hong Kong have "access to a broad and market-competitive total reward package." (Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.