He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. Terms & Conditions. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. Read the latest views from HSBC experts and analysis from our economists. 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.. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. WebPeter Wong Net Worth. His net worth has been growing significantly in 2021-2022. Whatsapp/Signal/Telegram also available. 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. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. offers FT membership to read for free. You may change or cancel your subscription or trial at any time online. You are leaving HSBC.com. 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. 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. On this Wikipedia the language links are at the top of the page across from the article title. 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. Perched on the citys steep slopes, they are minutes from downtown. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. All rights reserved. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. 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. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Contact:sbutcher@efinancialcareers.comin the first instance. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany and Italy stall EU ban on combustion engines, Germany seeks to buy Leopard tanks from Switzerland, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Panic station at Fox News: how the Murdochs agonised over Trumps loss, UK housing market braced for make-or-break spring, Harrods chief shrugs off recession fears because rich get richer. 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 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. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Today is my first day as CEO of HSBC Australia. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. 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. Wong has been CEO of Asia Pacific since February 2010. 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. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Powered and implemented by Interactive Data Managed Solutions. Can Credit Suisse Really Put its House in Order? Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. 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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. .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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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. 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. Peter Wongs income source is mostly from being a successful . 2023 Fortune Media IP Limited. heidi.ashley@hsbc.com, May Kek The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. His net worth has been growing significantly in 2021-2022. 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. 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. Endless possibilities, diverse outlooks. Whatsapp/Signal/Telegram also available. may.y.m.kek@hsbc.com.hk. He is from British Hong Kong. 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. Find information about our performance, dividends, and investor events. A five-bed, four bathroom 4000 sq ft apartment at. 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. is currently advertised at HK$280k per month. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. 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. 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. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. Prices to rent a four-bedroom apartment on. 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. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. 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. 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. 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. So who are the two candidates? Find thousands of job opportunities by signing up to eFinancialCareers today. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. The fired Google engineer who thought its A.I. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. He is from British Hong Kong. Under Wongs leadership, the region has become an increasingly important part of HSBC. 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. Apartments in mid-levels Central are also popular among expats. 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. In fact, theres early evidence that its already taking place. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Can Shell close the valuation gap with US rivals? 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. 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). These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. So, how much is Peter Wong worth at the age of 71 years old? 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Peter Wong has been HSBC Asia Pacifics chief since 2010. 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. WebPeter Wong Net Worth. 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. Check if your What is the S.T.A.R. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. In Hong Kong, at least, it seems its Beijing-side up. There are 3 older and 37 younger executives at HSBC plc. He is from British Hong Kong. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. Offers may be subject to change without notice. The move follows public pressure from Hong Kongs former chief executive Leung Chun-ying for HSBC to support the law and aligns the bank with a growing chorus of executives from Hong Kong business institutions supporting the bill. 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. 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. The possibility is, however, fascinating to contemplate. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. or S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Thank you. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. The possibility is, however, fascinating to contemplate. 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. See here for a complete list of exchanges and delays. 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. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. 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. 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. 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. [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. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. Standard Digital includes access to a wealth of global news, analysis and expert opinion. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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. REUTERS/Brendan McDermid/File Photo/File Photo. Critics view the law as subverting the one country, two systems agreement that has provided the city with relative independence and autonomy from mainland China since it was handed over from the U.K. in 1997. [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. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 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. Or would he take the job just for the love of the game and a ticket to Davos? 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. WebPeter Wong Net Worth. David Liaos successor will be announced in due course. The region will continue to be run as a single entity, jointly managed. 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. 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. Our Standards: The Thomson Reuters Trust Principles. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. university 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 plc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, Stocks and cryptocurrency portfolio tracker. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. Since a lot of the actual money made in HSBCs Asian franchise is still denominated in or linked to the U.S. dollar, Beijing isnt the only opaque regulatory environment they have to worry about. His net worth has been growing significantly in 2021-2022. 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. 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. There are 3 older and 37 younger executives at HSBC plc. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one All Rights Reserved. +852 2822 4940 Peter will stay in the house, said HSBC group CEO Noel Quinn. our Subscriber Agreement and by copyright law. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. Peter Wong has been HSBC Asia Pacifics chief since 2010. And often the most intriguing power plays take place slightly below the C-suite. ), Excellent relocation packages for HSBC senior executives. and other data for a number of reasons, such as keeping FT Sites reliable and secure, We appreciate you taking the time to give us feedback. Londons Savile Row exported bespoke British suits to the one percent. 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. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. +44 (0) 20 7992 2045 All Rights Reserved. Apartments in mid-levels Central are also popular among expats. 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. 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. , the highest point on Hong Kong island, start at around $160k (14k) a month. In 2019, those figures had grown to 49% and 90%, respectively. 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. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. Continue reading your article witha WSJ subscription, Already a member? 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. Peter 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. personalising content and ads, providing social media features and to Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. For a full comparison of Standard and Premium Digital, click here. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. This will generate unprecedented opportunities both for the bank and for our customers. 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. Peter Wongs income source is mostly from being a successful . Find thousands of job opportunities by signing up to eFinancialCareers today. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. After working overseas for a number of years I have often reflected from afar that Australias. 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. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. Reset here, 1999 - 2023 citywire.com. There are 3 older and 37 younger executives at HSBC plc. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. In the past decade, the firm has firmly shifted focus back to Asia again. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. 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. . 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. Contact:sbutcher@efinancialcareers.comin the first instance. 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.