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Market Chatter: HSBC Scraps HK$200,000 Hong Kong Club Membership Benefit

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HSBC (HKG:0005) is scrapping a benefit that covered half the joining fee for members' clubs in Hong Kong, as the bank cuts back on employee perks in the city, the Financial Times reported, citing people familiar with the matter.

From January, mid-level and senior bankers will lose the benefit, which covered 50% of a club's joining fee, up to HK$200,000, according to the report.

"We are focused on investing in our employees competitively. HSBC and Hang Seng employees in Hong Kong have access to broad learning and development opportunities and a competitive benefits package," an HSBC spokesperson said in an emailed statement to.

(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.)

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