HSBC (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%, 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, a source told the media outlet.

Senior HSBC bankers can still access other club-related perks in the territory, according to the report.

HSBC did not immediately respond to a request for comment from MT Newswires.

(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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