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. 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 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. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. See here for a complete list of exchanges and delays. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Have a confidential story, tip, or comment youd like to share? heidi.ashley@hsbc.com, May Kek As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. or 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. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. 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. For a full comparison of Standard and Premium Digital, click here. We believe HSBCs ability to help our customers navigate and capitalise on these developments within the region and beyond makes us the best partner for growth., 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. 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. 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. Continue reading your article witha WSJ subscription, Already a member? 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. Or would he take the job just for the love of the game and a ticket to Davos? In fact, theres early evidence that its already taking place. Under Wongs leadership, the region has become an increasingly important part of HSBC. 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]. 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. 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. 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.. This will generate unprecedented opportunities both for the bank and for our customers. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. How standard depends on whether they agree to move on expat or local terms. Build your career at HSBC. He is from British Hong Kong. In particular, the result of who comes out on top can often tell you more about long term strategy and priorities than a month of Investor Days. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. Compare Standard and Premium Digital here. Back in 2010 when group CEO Michael Geoghegan relocated to Hong Kong from London the bank came under fire for awarding him a 300k (HK$3m) bonus, on top of his relocation package. HSBC first became embroiled in Hong Kongs pro-democracy movement last year, joining a list of companies with operations in Hong Kong, such as Starbucks and Chinese stateowned banks, that were targeted by protesters for their perceived ties to Beijing. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, The industry leader for online information for tax, accounting and finance professionals. The next site will open in a new browser window. 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. The possibility is, however, fascinating to contemplate. There are 3 older and 37 younger executives at HSBC plc. 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. Endless possibilities, diverse outlooks. ), Excellent relocation packages for HSBC senior executives. 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. So, how much is Peter Wong worth at the age of 71 years old? The possibility is, however, fascinating to contemplate. Terms & Conditions. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. 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. The possibility is, however, fascinating to contemplate. WebMore activity by Peter. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. His net worth has been growing significantly in 2021-2022. Peter Wong has been HSBC Asia Pacifics chief since 2010. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Please dont call them veterans, that term refers to the former staff of less prestigious banks. Liaos successor will be announced in due course, the bank added. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. Last updated: 1 March 2023 at 11:00am EST. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. Liked by Peter Wong. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. There are 3 older and 37 younger executives at HSBC plc. WebMore activity by Peter. A five-bed, four bathroom 4000 sq ft apartment at. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Rosha has worked in financial services for nearly 30 years. 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. He is from British Hong Kong. 01:36 The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. WebPeter Wong Net Worth. our Subscriber Agreement and by copyright law. The possibility is, however, fascinating to contemplate. 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. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. The pandemics social-distancing measures that quelled protests in early 2020 provided a temporary reprieve for HSBCs Hong Kong locations, but the demonstrations have resurged in the wake of Beijings national security law. journalists in 50+ countries covering politics, business, innovation, trends and more. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. .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. Can Credit Suisse Really Put its House in Order? After working overseas for a number of years I have often reflected from afar that Australias. In 2019, those figures had grown to 49% and 90%, respectively. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. All Rights Reserved. So, how much is Peter Wong worth at the age of 71 years old? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Premium access for businesses and educational institutions. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Find thousands of job opportunities by signing up to eFinancialCareers today. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. The fired Google engineer who thought its A.I. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Can it survive in a socially distanced world? Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Peter will stay in the house, said HSBC group CEO Noel Quinn. For non-personal use or to order multiple copies, please contact Eventually it will unless its offensive or libelous (in which case it wont.). Powered and implemented by Interactive Data Managed Solutions. (Bloomberg), Shorts in the office, yes or no? Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. HSBC has some company houses, butliving 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. 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. 01:36 REUTERS/Brendan McDermid/File Photo/File Photo. 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. Although Peter Wongs successor to the top job wont necessarily inherit his position on the HK delegation to the Chinese Peoples Political Consultative Conference, he (both the two internal candidates are men) will still be an important man in town. 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. Reset here, 1999 - 2023 citywire.com. Offers may be subject to change without notice. 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.. +852 2822 4940 We support credit card, debit card and PayPal payments. The updated policy will support the transition towards a net zero future by 2050 or sooner. cookies 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. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. You are leaving HSBC.com. The region will continue to be run as a single entity, jointly managed. 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. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Simply log into Settings & Account and select "Cancel" on the right-hand side. 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). 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. For those preferring to escape the City, The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. Contact:sbutcher@efinancialcareers.comin the first instance. 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. technique - and why do banks like it? 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. WebPeter Wong Net Worth. (. Apartments in mid-levels Central are also popular among expats. Heidi Ashley is currently advertised at HK$280k per month. David Liaos successor will be announced in due course. He may be stepping down from his post, but it was reported that he will not be leaving the company. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. Beijings new national security law was ratified last week by Chinas National Peoples Congress and aims to shore up Chinas national security by preventing and punishing acts of secession, terrorism, and foreign interference in Hong Kong. HSBC today announces that David Liao and Surendra Rosha have been appointed Co-Chief Executives of HSBC Asia Pacific, taking over from Peter Wong with immediate effect. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. WebMore activity by Peter. 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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Please sign in or register to comment. His leadership over the past 11 years has seen us grow our revenues in Asia substantially and build our lead in key sectors even as the markets underwent rapid change. 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. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations.
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