Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubs

HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under its chief executive, Georges Elhedery.

Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet.

HSBC, Barclays, Lloyds, NatWest and Santander will this week discuss with chancellor how to limit effects of conflict

• Middle East crisis – live updates

The bosses of Britain’s “big five” retail banks have been summoned to a meeting with the chancellor, Rachel Reeves, this week to discuss how to limit the economic impact of the crisis in the Middle East triggered by the US and Israel’s attacks on Iran.

The chief executives of HSBC, Barclays, Lloyds, NatWest and Santander have been asked to attend an emergency summit on Wednesday, amid increasing acceptance that a major economic hit from the Iran war is unavoidable.