(Updates with company comment in the last paragraph.)
HSBC Holdings (HSBC) is ending its $26,000 perk for its mid-level and more senior bankers in Hong Kong that subsidized the joining fee of a members' club by 50%, the Financial Times reported Thursday, citing people with knowledge of the matter.
The change will enable the company to provide better life and health insurance to staff following the cuts to school and club subsidies, the report said.
Senior HSBC bankers can still access other club-related perks in the territory, the report said.
Employees of the bank and its Hang Seng unit in Hong Kong "have access to broad learning and development opportunities and a competitive benefits package," an HSBC spokesperson said in an email 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.)
Price: $99.82, Change: $-0.44, Percent Change: -0.43%