Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. For non-personal use or to order multiple copies, please contact Greg Guyett, who runs global banking, Barry OByrne, the head of commercial banking and Nuno Matos who runs wealth management for HSBC, are all relocating from London as part of Noel Quinns pivot to Asia.. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Liked by Peter Wong. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Please dont call them veterans, that term refers to the former staff of less prestigious banks. HSBC WebThe HSBC International Employee Share Purchase Plan is an employee share purchase plan offered to employees in Hong Kong since 2013 and has been extended to further countries in the HSBC Group from 2014. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. HSBC Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. HSBC HSBC Wong may have protected HSBCs crucial Asia growth by trading Hong Kong for China, [but] the company has now taken sides in a hotly contested Hong Kong debate, the results of which remain unsettled for now.. The oldest executive at HSBC Holdings plc is Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, 71, who is the Advisor. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. HSBC appoints the widely anticipated internal successors of Peter Wong ex-APAC global banking head David Liao and ex-India CEO Surendra Rosha according to a statement. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. Terms & Conditions. The possibility is, however, fascinating to contemplate. So, how much is Peter Wong worth at the age of 71 years old? Build your career at HSBC. Yet in the wake of HSBCs bleak earnings report for the first quarter of 2020pretax profit fell nearly 50% compared with the same period last yearsome analysts predict that the banks turn toward Asia could become even more dramatic. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. HSBC David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. Peter Wongs income source is mostly from being a successful . Indosuez Loses Senior Banker in Singapore, US Law Firms Pounce on Lehmann's Outflow Comments, Julius Baer Names Greater China Group Head, Citi Appoints APAC Head of New Banking Unit, David Liao and Surendra Rosha, APAC co-CEOs, HSBC, HSBC Investors Demand Vote on Spin-Off, Dividends, HSBC Beats Target With Additional Tier 1 Bond, HSBC Plans to Shed Private Offices in Hong Kong, Singapores Big Three Banks Deliver Profit Hat-Trick, HSBC's Asia Profit Share Up Amid Regional Pivot, Credit Suisse's Quick Fixes Won't Do the Job, Singapore Raises Threshold for Investor Program, Fidelity Launches First Retail Fund in Mainland China, Julius Baer: Full Hiring Pipeline in Asia, Sothebys Grabs Retail Space for New Hong Kong Auction House. Endless possibilities, diverse outlooks. Elsewhere, on the one hand you have a big Italian bank with M&A ambitions thats in need of a CEO; on the other hand you have Europes top banking M&A rainmaker sitting on the sidelines, who just happens to be Italian and to have a business plan for a European megabank in his desk drawer. The pre-tax profit from Asia-Pacific in the first nine months this year represents 80 per cent of the total, compared with only 34 per cent in 2005 when Wong joined. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. HSBC's Hong Kong relocation packages WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. HSBC says Asia Pacific CEO Peter Wong to retire | Reuters Make sense of the market with highlights of the latest news and trends in global financial markets. Peter Wong is 68, he's been the Group Managing Director; Deputy Chairman and Chief Executive Officer - The Hongkong and Shanghai Banking Corporation Limited of HSBC plc since 2015. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Reporting by Rachel Armstrong, Editing by Himani Sarkar, Philippines says Chinese navy ship spotted near disputed island, North Korea says US causing international arms control collapse, Exclusive: Nvidia's plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft, China's economy, government revamp in focus as parliament set to open, American Airlines, flight attendants union seek mediation in contract negotiations, France's nuclear output hit by strike at EDF, U.S. CDC issues advisory after confirmed measles case in Kentucky, As space junk threat grows, government and investors seek solutions, Media report that UAE considering leaving OPEC not true - sources, Exclusive news, data and analytics for financial market professionals. , the highest point on Hong Kong island, start at around $160k (14k) a month. David Liao and Mark Yunfeng Wang have been mentored by Mr Wong over the last few years hes delayed his retirement to ensure that HSBC has a deep enough bench to choose from. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific, Shanghai Administration for Industry & Commerce. Apartments in mid-levels Central are also popular among expats. With a rent bill that presumes a lot of extremely wealthy footfall and the prospect of further lockdowns and permanent work-from-home policies, some of the worlds poshest niche retailers and sandwich shops are giving up in the City of London (Financial News), While fending off questions about Ralph Hamers investigation, Axel Weber suggests that there are plenty of candidates to replace he himself after his last year as UBS chairman, but that the bank probably wont be doing any mega deals while the new leadership team beds in. Last updated: 1 March 2023 at 11:00am EST. analyse how our Sites are used. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Given the delicacy of the choice facing CEO and Chairman Noel Quinn and Mark Tucker, they might be wondering whether the only thing more difficult to navigate than office politics is real politics. The outcome of the process to decide who will be the next CEO of the Hong Kong and Shanghai Banking Corporation (effectively Head of Asia) is going to shine a lot of light on some of the most important questions in the global banking industry. We support credit card, debit card and PayPal payments. The London-headquartered banking giant named David Liao and Surendra Rosha as Asia-Pacific co-CEOs with immediate effect, giving them oversight of a business that is HSBCs .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}biggest profit generator. Peter Wongs income source is mostly from being a successful . For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. HSBCs Asia Pacific chief executive Peter Wong will officially retire and serve as a non-executive chairman while his role is replaced by a dual appointment. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. I would also like to thank Peter for his extraordinary contribution to HSBC and for agreeing to continue to share his expertise as non-executive Chairman of HBAP. It is free to register and only takes a minute or two. Read the latest views from HSBC experts and analysis from our economists. WebPeter Wong Net Worth. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. For a full comparison of Standard and Premium Digital, click here. Under Wongs leadership, the region has become an increasingly important part of HSBC. HSBC appoints the widely anticipated internal successors of Peter Wong ex-APAC global banking head David Liao and ex-India CEO Surendra Rosha according to a statement. HSBC In June 2015, thenHSBC chief executive Stuart Gulliver unveiled a 150-page Asia pivot strategy document to move operations away from Europe and into growing Asian economies. WebMore activity by Peter. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. I am also grateful to Laura Cha for her contribution to the Group and HBAP Boards over the past 16 years., In a joint statement, David Liao and Surendra Rosha said: We are taking over the helm of HSBC Asia Pacific at a very exciting time. HSBC promotes executive who backed Hong Kong security crackdown We can only wonder what the cast of Industry will do with this trend if it catches on (it wont) (, Crypto investment banker Mike Novogratz got a tattoo of the Bitcoin logo a few weeks ago and promises hell get another one when the price reaches $500,000 (, Marty Chavez has joined Sixth Street Partners, an investment manager set up by fellow Goldman alumni. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. Today is my first day as CEO of HSBC Australia. His net worth has been growing significantly in 2021-2022. HSBC says Asia Pacific CEO Peter Wong could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. He was appointed Head of Global Markets in Indonesia in 2005, before transferring to Hong Kong in 2007 to lead the Asia Pacific regional Institutional Sales team. [3], In 2020, in a highly symbolic act that ended the bank's previous political neutrality, Wong signed a public petition supporting the Chinese leaderships creation of a far-reaching national security law for Hong Kong. So who are the two candidates? View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. Gain a global perspective on the US and go beyond with curated news and analysis from 600 In Hong Kong, at least, it seems its Beijing-side up. This copy is for your personal, non-commercial use only. Wong has been CEO of Asia Pacific since February 2010. Peter Wong The Hongkong and Shanghai Banking Corporation, Chinese People's Political Consultative Conference, "HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific", China has HSBCs taipan in a vice with few options but to fall in line with the security law for Hong Kong in the banks biggest market, HSBCs Asia chief backs China security law for Hong Kong, https://en.wikipedia.org/w/index.php?title=Peter_Wong_(banker)&oldid=1142634491, Members of the Election Committee of Hong Kong, 20072012, Members of the Election Committee of Hong Kong, 20122017, Members of the Election Committee of Hong Kong, 20172021, Members of the Election Committee of Hong Kong, 20212026, Members of the Chinese People's Political Consultative Conference, Articles containing traditional Chinese-language text, Creative Commons Attribution-ShareAlike License 3.0, 1996: Appointed as the Director of Operating, Services, and Sales for, 2000: Appointed as Chief Executive for Hong Kong of Standard Chartered Bank, 2010: Appointed as the first Chinese Asia Pacific CEO of The Hongkong and Shanghai Banking Corporation, This page was last edited on 3 March 2023, at 14:50. Powered and implemented by Interactive Data Managed Solutions. or He may be stepping down from his post, but it was reported that he will not be leaving the company. They also escape the senior managers' regime. Another expat banker said that golf or country club membership will likely be included because its seen as a sought-after perk in Hong Kong. What is the S.T.A.R. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Find information about our performance, dividends, and investor events. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. organisation HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. As of 2018, according to the Reuters special report, Mr Orcel might have had as much as 55m invested in the UBS long term incentive scheme, all of which was forfeit if he went to work for another bank. The fired Google engineer who thought its A.I. He is from British Hong Kong. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. June 7 (Reuters) - HSBC (HSBA.L) said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha who will jointly run the region. As of 2018, according to the, With a rent bill that presumes a lot of extremely wealthy footfall and the prospect of further lockdowns and permanent work-from-home policies, some of the worlds poshest niche retailers and sandwich shops are giving up in the City of London (, While fending off questions about Ralph Hamers investigation, Axel Weber suggests that there are plenty of candidates to replace he himself after his last year as UBS chairman, but that the bank probably wont be doing any mega deals while the new leadership team beds in. REUTERS/Brendan McDermid/File Photo/File Photo. Under Wongs leadership, the region has become an increasingly important part of HSBC. Peter Wong, who was previously the bank's top executive in Asia, has become chairman of HSBC Asia Pacific and adviser to the bank's chairman Mark Tucker and chief executive Noel Quinn. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. So, how much is Peter Wong worth at the age of 71 years old? We are investing in Asias dynamic markets and in our technology. He is from British Hong Kong. (, Saving 10% on state income taxes, much more on housing and having plentiful golfing and beaches the attractions of Wall Street South in the Brickell neighbourhood of Miami are obvious. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. You may change or cancel your subscription or trial at any time online. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. After working overseas for a number of years I have often reflected from afar that Australias. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. The battle for power within HSBC Through it all, the unwavering focus on the needs of our customers and tight teamwork and collaboration have been central to our success and will ensure HSBCs future growth. Peter Wong, HSBC Deputy Chairman and Chief Executive for Asia Pacific, said Mr. FitzGeralds international banking experience and strong expertise in client relationship management will be invaluable to the bank. HSBC 01:36 Liked by Peter Wong. Today, that position may be as precarious as ever. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? Can Shell close the valuation gap with US rivals? HSBC The next site will open in a new browser window. He joined HSBC in 1991 in India, where he worked in a variety of roles including in FX trading, Corporate Treasury Sales and as Head of Sales, Treasury and Capital Markets for India. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Compare Standard and Premium Digital here. The industry leader for online information for tax, accounting and finance professionals. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. WebThe HSBC International Employee Share Purchase Plan is an employee share purchase plan offered to employees in Hong Kong since 2013 and has been extended to further countries in the HSBC Group from 2014. Even as Asia increasingly bolsters the companys bottom line, the banks future still relies a great deal on pacifying authorities in the U.S., who have threatened sanctions against entities seen as involved in eroding Hong Kongs autonomy.. On this Wikipedia the language links are at the top of the page across from the article title. is currently advertised at HK$280k per month. Peter Wong, who was previously the bank's top executive in Asia, has become chairman of HSBC Asia Pacific and adviser to the bank's chairman Mark Tucker and chief executive Noel Quinn. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 01:36 According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. Distribution and use of this material are governed by Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Peter Wong has been HSBC Asia Pacifics chief since 2010. Elsewhere, on the one hand you have a big Italian bank with M&A ambitions thats in need of a CEO; on the other hand you have Europes top banking M&A rainmaker sitting on the sidelines, who just happens to be Italian and to have a business plan for a European megabank in his desk drawer. Perched on the citys steep slopes, they are minutes from downtown. Last year he sparked a backlash from the British and U.S. governments when he signed a petition backing China's imposition of a national security law on Hong Kong, breaking years of neutrality for the UK-based, Asia-focused lender. HSBC Hongkong and Shanghai Banking Corporation Limited Wong, who spent 16 years at HSBC, including 11 as Asia-Pacific CEO, said in an email sent to staff on Monday that focus on the needs of customers and teamwork would be key to success. Peter Wong Peter Wong said, It has been a tremendous honour to lead HSBC in the region and I am proud of the work we continue to do to open up a world of opportunities for our customers. We can only wonder what the cast of Industry will do with this trend if it catches on (it wont) (FT), Crypto investment banker Mike Novogratz got a tattoo of the Bitcoin logo a few weeks ago and promises hell get another one when the price reaches $500,000 (Bloomberg), Marty Chavez has joined Sixth Street Partners, an investment manager set up by fellow Goldman alumni. At the same time, the bank has become increasingly reliant on China and Asia more broadly in recent years, meaning political missteps in the region carry enormous risk. You can still enjoy your subscription until the end of your current billing period. The possibility is, however, fascinating to contemplate. HSBC says Asia Pacific CEO Peter Wong The shift has accelerated under HSBCs new chief executive, Noel Quinn, who assumed an interim role in August and got the permanent position in March. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Peter will stay in the house, said HSBC group CEO Noel Quinn. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. We have estimated Peter Wong's net worth , money, salary, income, and assets. Continue reading your article witha WSJ subscription, Already a member? living in Hong Kong is expensive with rental prices four or five times more than in other foreign cities, although with some expats heading home, they are lower than they have been. Find thousands of job opportunities by signing up to eFinancialCareers today. Taipan House eludes executives succeeding Peter Wong 01:36 HSBC promotes executive who backed Hong Kong security crackdown Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. On May 26, the Financial Times reported that HSBC board members were urging the company to make a tighter turn to Asian markets, which may include deeper cuts to the banks operations in the U.S. and Europe. His net worth has been growing significantly in 2021-2022. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. HSBC Holdings plc is a British multinational universal bank and financial services holding company. may.y.m.kek@hsbc.com.hk. In this role, he was responsible for directly managing overall client relationships across sectors, overseeing regional product teams, and managing first line risk, including Credit, Reputational and Financial Crime. (. HSBC Asia Pacific announces retirement
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