So HSBC used to pay up to $38,000 to cover school fees for the bankers it flew in. Not a bonus. Not housing. School fees, specifically, because international school in Hong Kong costs more than most people's rent, and the bank knew that was the thing stopping a senior hire from saying yes. That perk is gone now. New hires just... pay for school like the rest of us.

Here's the timing that makes it funny. Same week, Hong Kong followed the Fed and raised interest rates for the first time since 2023, which means every mortgage in this city just got more expensive too. So the guy trading currencies at HSBC loses his kid's school subsidy, and the guy who bought a flat in Tai Po loses a bit more of his paycheque to the bank. Nobody's crying for the banker, don't worry, he's still fine. But it's a good reminder that "belt-tightening" always starts by cutting the smallest perk on the biggest salary, and gets called the same thing when it lands on your mortgage.