HSBC (HSBC) has cancelled the $38,000 school fee subsidy offered to new hires and senior staff moving to Hong Kong as part of the company's cost cutting program, a spokesperson for HSBC confirmed Thursday.
The statement followed reports from Bloomberg and the Financial Times.
Existing employees in Hong Kong who currently receive the subsidy will retain it, but new recruits and transfers are no longer qualified, Bloomberg said, citing a memo from the co-heads of HSBC's Asia and the Middle East business.
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