Liked by Peter Wong. See here for a complete list of exchanges and delays. 2023 Fortune Media IP Limited. 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. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. 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. Have a confidential story, tip, or comment youd like to share? For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. In fact, theres early evidence that its already taking place. The industry leader for online information for tax, accounting and finance professionals. Peter Wong has been HSBC Asia Pacifics chief since 2010. Liked by Peter Wong. 01:36 ), Excellent relocation packages for HSBC senior executives. There are 3 older and 37 younger executives at HSBC plc. HSBC Holdings plc is a British multinational universal bank and financial services holding 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. 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. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. 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). 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. On Wednesday, HSBCs Asia-Pacific chief executive Peter Wong signed a petition in support of Beijings new national security law on the Chinese messaging platform WeChat, and the bank later issued a statement supporting the measure thats aimed at Hong Kong. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. There are 3 older and 37 younger executives at HSBC plc. 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. After working overseas for a number of years I have often reflected from afar that Australias. 01:36 Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. (, 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. 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. heidi.ashley@hsbc.com, May Kek may.y.m.kek@hsbc.com.hk. Today is my first day as CEO of HSBC Australia. 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. . Premium access for businesses and educational institutions. 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.. Liao, who was HSBC's head of global banking for Asia Pacific, and Rosha, who was CEO of HSBC India, will continue to run the region as a single entity and be based in Hong Kong. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. or Check if your , the highest point on Hong Kong island, start at around $160k (14k) a month. For a full comparison of Standard and Premium Digital, click here. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one So, how much is Peter Wong worth at the age of 71 years old? Contact:sbutcher@efinancialcareers.comin the first instance. So, how much is Peter Wong worth at the age of 71 years old? We have estimated Peter Wong's net worth , money, salary, income, and assets. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Reset here, 1999 - 2023 citywire.com. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. cookies Thank you. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. WebMore activity by Peter. You can still enjoy your subscription until the end of your current billing period. 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. Weve entered into an agreement with Royal Bank of Canada. 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. personalising content and ads, providing social media features and to Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. David, formerly Head of Global Banking Asia Pacific, and Surendra (known widely by his last name, Rosha), formerly CEO of HSBC India, will share panregional leadership responsibilities that include jointly leading regional businesses and functions, embedding purpose, values and culture, developing leadership and talent and overseeing risk, capital and liquidity levels. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Some of that might have vested in the meantime; if it was linked to the UBS share price then he will have lost about 10% on the stock but made back slightly more on the Swiss franc exchange rate. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. So, how much is Peter Wong worth at the age of 71 years old? Despite the recent turmoil, HSBC has long been embedded in the fabric of Hong Kong, to the point that it remains one of three banks that prints Hong Kongs currency. Wong has been CEO of Asia Pacific since February 2010. 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.. WebMore activity by Peter. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? (Bloomberg), Have a confidential story, tip, or comment youd like to share? (Bloomberg), Shorts in the office, yes or no? According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. A five-bed, four bathroom 4000 sq ft apartment at. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. And often the most intriguing power plays take place slightly below the C-suite. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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). Contact:sbutcher@efinancialcareers.comin the first instance. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. In recent days, Londonbased Standard Chartered bank and the citys traditional trading houses Swire Pacific and Jardine Matheson have also pledged support for Beijings controversial policy. The banks iconic lion sculptures, which have sat outside HSBCs Asia headquarters in downtown Hong Kong since it moved to the building in 1935, were spray-painted and set on fire. [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. our Subscriber Agreement and by copyright law. 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 Hong Kong, at least, it seems its Beijing-side up. 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Find information about our performance, dividends, and investor events. His net worth has been growing significantly in 2021-2022. We have estimated Peter Wong's net worth , money, salary, income, and assets. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. You may change or cancel your subscription or trial at any time online. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. 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. Peter Wongs income source is mostly from being a successful . 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. Eventually it will unless its offensive or libelous (in which case it wont. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. He may be stepping down from his post, but it was reported that he will not be leaving the company. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. Peter Wong has been HSBC Asia Pacifics chief since 2010. Hitendra Dave has been appointed as Interim CEO of HSBC India, effective today, and he will be named as permanent CEO when full regulatory approval is received. Perched on the citys steep slopes, they are minutes from downtown. 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. 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. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. 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. 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 may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. I am very excited to have David and Rosha join the Group Executive Committee. 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. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Can Credit Suisse Really Put its House in Order? Prices to rent a four-bedroom apartment on. His net worth has been growing significantly in 2021-2022. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Our ski trip made me question my life choices, Michelle Yeoh: Finally we are being seen, Apocalypse then: lessons from history in tackling climate shocks, How Glasgows tiny, muckraking crime mag stays afloat. Meanwhile, fees for two children at the international school start at an average of HK$432k per year bringing the total for accommodation and education to more than HK$3m a year. This copy is for your personal, non-commercial use only. 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.. Weve announced further financed emissions targets for four carbon-intensive sectors. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. analyse how our Sites are used. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one The region will continue to be run as a single entity, jointly managed. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. +852 2822 4940 There are 3 older and 37 younger executives at HSBC plc. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. David Liaos successor will be announced in due course. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Supporting Beijings national security law may give the bank greater profit potential in China in the medium to longer term, said Jeffrey Halley, senior market analyst for Asia Pacific OANDA. He is from British Hong Kong. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. 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. He is from British Hong Kong. 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. Some of these relocation perks are necessary such as housing,schooling,shipping costs plus a membership in Golf Club as these are all the things that will help them to focus on the work as they do not need to focus on housing, schooling for their children etc, 2023 eFinancialCareers - All rights reserved, One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. Peter will step into the role of non-executive Chairman of HBAP, replacing Laura Cha, who has also stepped down as non-executive Director of HSBC Holdings. 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. All Rights Reserved. Find thousands of job opportunities by signing up to eFinancialCareers today. After working overseas for a number of years I have often reflected from afar that Australias. WebPeter Wong Net Worth. Can it survive in a socially distanced world? 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. 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. 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. How standard depends on whether they agree to move on expat or local terms. 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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. Compare Standard and Premium Digital here. 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. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Whatsapp/Signal/Telegram also available. His net worth has been growing significantly in 2021-2022. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Terms & Conditions. Please sign in or register to comment. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. The possibility is, however, fascinating to contemplate. All quotes delayed a minimum of 15 minutes. technique - and why do banks like it? 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. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. Today is my first day as CEO of HSBC Australia. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Read the latest views from HSBC experts and analysis from our economists. The possibility is, however, fascinating to contemplate. Build your career at HSBC. We support credit card, debit card and PayPal payments. Standard Digital includes access to a wealth of global news, analysis and expert opinion. FCA regulator blamed for Arms decision to shun London listing, There are no domestic equity investors: why companies are fleeing Londons stock market, Argentina diary: Come armed with $100 bills, Deluge of inflation data pushes US borrowing costs to 2007 levels, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? Interestingly, neither Liao nor Rosha will occupy the so-called 'Taipan House' a colonial era home bought by HSBC in 1983 for its top executives and chairmen. 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 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. 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. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP).
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