In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. 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. It is free to register and only takes a minute or two. We have estimated Peter Wong's net worth , money, salary, income, and assets. journalists in 50+ countries covering politics, business, innovation, trends and more. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Eventually it will unless its offensive or libelous (in which case it wont. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. Forgot your password? He may be stepping down from his post, but it was reported that he will not be leaving the company. But HSBCs most recent move could ensnare it even further in the Hong KongBeijing feud thats extended to the U.K. and the U.S., where the bank operates and where governments oppose the national security law. The banking version of Game of Thrones is often quite disappointing in terms of its visual appeal, but there can still be a lot of entertainment in a good old-fashioned succession battle. Today is my first day as CEO of HSBC Australia. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). In any case, Mr Orcel was prepared to exchange it for a package in Santander which was valued at 35m with some equity upside; on the assumption that taking a CEO job would mean both losing his UBS shares and having to give up his 100m lawsuit against Santander, what would Unicredit need to pay? Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. 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.. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. We appreciate you taking the time to give us feedback. Please dont call them veterans, that term refers to the former staff of less prestigious banks. Whatsapp/Signal/Telegram also available. analyse how our Sites are used. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. The next site will open in a new browser window. In 2019, those figures had grown to 49% and 90%, respectively. But that will mean nothing if they are shut out of the U.S. financial system. As an international bank, HSBC depends on trading in U.S. dollars, the global reserve currency, and any threat to HSBCs ability to use U.S. currency would be disastrous for the bank, he said. is currently advertised at HK$280k per month. (Bloomberg), Have a confidential story, tip, or comment youd like to share? So, how much is Peter Wong worth at the age of 71 years old? You are leaving HSBC.com. Heidi Ashley We are investing in Asias dynamic markets and in our technology. Their collective experience of our markets across Asia Pacific, together with their combined knowledge of the bank and our customers mean they are ideally placed to grow the business. There are 3 older and 37 younger executives at HSBC plc. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. Peter Wongs income source is mostly from being a successful . In fact, theres early evidence that its already taking place. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Distribution and use of this material are governed by 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. 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. Liaos successor will be announced in due course, the bank added. Im looking forward to taking up my new role as HBAP Chairman, and am proud to have David and Rosha drive the next phase of growth in the region.. 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. cookies The bank was headquartered in Hong Kong for over a century, but moved its base operations to London in 1993 amid a push to expand outside Asia. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. It isn't necessarily a bad thing that both HSBC candidates are men, just the same as it wouldnt necessarily be a bad thing if they were both women. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. The possibility is, however, fascinating to contemplate. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. What is the S.T.A.R. He is from British Hong Kong. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. How standard depends on whether they agree to move on expat or local terms. Other appointments include Deputy Chairman of the Hong Kong General Chamber of Commerce; Council Member of Hong Kong Trade Development Council and a member of its Belt and Road Committee; and a Member of the Chongqing Mayors International Economic Advisory Council. HONG KONGHSBC Holdings PLC on Monday said its Asia-Pacific CEO Peter Wong is retiring and it has appointed two veteran bankers to take over the running of its business in the region. WebPeter Wong Net Worth. Can it survive in a socially distanced world? Perched on the citys steep slopes, they are minutes from downtown. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. 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. 01:36 HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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.. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. According to one Italian business newspaper, Andrea Orcel is in pole position for the Unicredit job, although there is no source given beyond rumours and they dont exactly help the storys credibility by referring to him as an ex Credit Suisse banker. Peter T. S. Wong serves as Group Managing Director; Deputy Chairman and Chief Executive Officer - The Hongkong and Shanghai Banking Corporation Limited of the Company. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. Our Standards: The Thomson Reuters Trust Principles. 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. In the past decade, the firm has firmly shifted focus back to Asia again. Formerly known as the Hong Kong and Shanghai Banking Corporation, HSBC was founded in 1865 in Hong Kong, just decades after China was forced to cede Hong Kong to the U.K. after the first Opium War. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. organisation Continue reading your article witha WSJ subscription, Already a member? 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. His net worth has been growing significantly in 2021-2022. Or would he take the job just for the love of the game and a ticket to Davos? He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. technique - and why do banks like it? Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Thank you. The move was understood as politically necessary to avoid punitive action against the bank by Beijing but drew widespread international and local Hong Kong criticism.[3][5]. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. personalising content and ads, providing social media features and to For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Perched on the citys steep slopes, they are minutes from downtown. The police accused Spark of using the funds for personal gain, paying protesters, and other illegal activities., Spark denounced the accusations as a smear campaign orchestrated by Beijing. See here for a complete list of exchanges and delays. HSBC reiterates that under the one country, two systems principle, it respects and supports all laws that stabilize Hong Kongs social order and boost the economy to develop prosperously, the banks statement said. our Subscriber Agreement and by copyright law. 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. 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. HSBC demonstrates how China will use the national security law as new leverage for more political influence over foreign business community in this global city, he wrote. You can still enjoy your subscription until the end of your current billing period. HSBCs Asia Pacific CEO Peter Wong is retiring from his position and will become a non-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Build your career at HSBC. Last updated: 1 March 2023 at 11:00am EST. 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. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. heidi.ashley@hsbc.com, May Kek The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. In his Facebook post from last Saturday, Leung said HSBC should consider which side of the bread is buttered as he advised the bank to support the national security law. 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. 2023 Fortune Media IP Limited. Prices to rent a four-bedroom apartment on. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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.. Peter Wongs income source is mostly from being a successful . We support credit card, debit card and PayPal payments. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. We are investing US$6bn in Asia in the next 5 years and David and Rosha will lead this next phase of our Asia strategy as we focus on expanding and diversifying our presence across the worlds most dynamic region, said Group CEO Noel Quinn. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. [Leungs] recent call for HSBC to support Chinas new national security law really had an intended audience of only one person, and [Peter Wong] quickly signaled his support, said Brock Silvers, chief investment officer at Adamas Asset Management in Hong Kong. HSBC Holdings plc is a British multinational universal bank and financial services holding company. And often the most intriguing power plays take place slightly below the C-suite. He is from British Hong Kong. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Please be aware that the external site policies, or those of another HSBC Group website, may differ from our website terms and conditions and privacy policy. On this Wikipedia the language links are at the top of the page across from the article title. 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. HSBCs difficulties began in November 2019, when it suspended a corporate bank account for a client called Spark Alliance HK, an advocacy organization in Hong Kong that raises money for pro-democracy causes like paying bail for jailed protesters. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. Please sign in or register to comment. There are 3 older and 37 younger executives at HSBC plc. 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. Can Shell close the valuation gap with US rivals? Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. 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.. All rights reserved. (, Shorts in the office, yes or no? 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. 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. So, how much is Peter Wong worth at the age of 71 years old? Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. The industry leader for online information for tax, accounting and finance professionals. The announcement sparked years of speculationand even the companys own threatsthat HSBC would move its headquarters from London back to Hong Kong, but the firm remains based in the British capital. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Chief executives tend to be replaced by board committees and transparent processes, after all. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. Find the latest media releases, HSBC news, speeches and award wins. (. I am very excited to have David and Rosha join the Group Executive Committee. 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 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. Today is my first day as CEO of HSBC Australia. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. Apartments in mid-levels Central are also popular among expats. 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. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". His net worth has been growing significantly in 2021-2022. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. 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. Although hes described as at ease with officials and able to navigate Chinas opaque regulatory environment, both of which sound a little euphemistic, hes also an investment banker, having been a bond and FX trader in the 80s and worked for Deutsche before joining HSBC. We have estimated Peter Wong's net worth , money, salary, income, and assets. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. 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. In response, HSBC moved the lions off the street for only the third time in its historythe first was during World War II, and the second was during a construction project in the 1980s. Quinn noted that HSBC had no mandatory retirement age and that Wong, who runs 70 in November, stepped down from the top role in the region entirely based on his own personal decision. Contact:sbutcher@efinancialcareers.comin the first instance. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Check if your David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. Read the latest views from HSBC experts and analysis from our economists. 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. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. There are 3 older and 37 younger executives at HSBC plc. So, how much is Peter Wong worth at the age of 71 years old? 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. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. Standard Digital includes access to a wealth of global news, analysis and expert opinion. 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. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. 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. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. This will generate unprecedented opportunities both for the bank and for our customers. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. On May 4, HSBC announced that it had bought out National Trust, its partner in a life insurance joint venture in China, as a means to accelerate growth in Asia, as Quinn put it. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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. That plan was temporarily put on hold in March, as the company delayed laying off thousands of workers amid the pandemic and global economic depression. 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. This copy is for your personal, non-commercial use only. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. [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. WebMore activity by Peter. 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.
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