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Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. 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. Can it survive in a socially distanced world? 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. 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. We are investing in Asias dynamic markets and in our technology. 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. Have a confidential story, tip, or comment youd like to share? Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. At the same time, the bank has become increasingly reliant on China and Asia more broadly in recent years, meaning political missteps in the region carry enormous risk. 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. Check if your He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. WebPeter Wong Net Worth. [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. Londons Savile Row exported bespoke British suits to the one percent. Peter Wong has been HSBC Asia Pacifics chief since 2010. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Prices to rent a four-bedroom apartment on. It is free to register and only takes a minute or two. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. 01:36 (Bloomberg), Have a confidential story, tip, or comment youd like to share? Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. 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. 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. Liked by Peter Wong. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. We support credit card, debit card and PayPal payments. 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. 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. So, how much is Peter Wong worth at the age of 71 years old? Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. 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. ), Excellent relocation packages for HSBC senior executives. +852 2822 4940 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 possibility is, however, fascinating to contemplate. 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.. 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. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. Build your career at HSBC. Distribution and use of this material are governed by Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. He is from British Hong Kong. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. All quotes delayed a minimum of 15 minutes. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. Heidi Ashley 2023 eFinancialCareers - All rights reserved, 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. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. 01:36 The region will continue to be run as a single entity, jointly managed. may.y.m.kek@hsbc.com.hk. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. Our Standards: The Thomson Reuters Trust Principles. The possibility is, however, fascinating to contemplate. WebMore activity by Peter. In 2019, those figures had grown to 49% and 90%, respectively. 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. Continue reading your article witha WSJ subscription, Already a member? Under Wongs leadership, the region has become an increasingly important part of HSBC. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. In the past decade, the firm has firmly shifted focus back to Asia again. is currently advertised at HK$280k per month. 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. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. 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. 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.. personalising content and ads, providing social media features and to 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. (. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. There are 3 older and 37 younger executives at HSBC plc. 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. 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. [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. How standard depends on whether they agree to move on expat or local terms. 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.. Gain a global perspective on the US and go beyond with curated news and analysis from 600 (, Shorts in the office, yes or no? 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. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. 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. There are 3 older and 37 younger executives at HSBC plc. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. HSBC did not announce where the cuts would come from, but Quinn said resources would be redistributed from underperforming areas to faster-growing markets like Asia and the Middle East. 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? Weve announced further financed emissions targets for four carbon-intensive sectors. Offers may be subject to change without notice. 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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. There are 3 older and 37 younger executives at HSBC plc. And often the most intriguing power plays take place slightly below the C-suite. 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. Today is my first day as CEO of HSBC Australia. 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. What is the S.T.A.R. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). WebPeter Wong Net Worth. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. This copy is for your personal, non-commercial use only. 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. 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? 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. Thank you. 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). 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. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). 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. For a full comparison of Standard and Premium Digital, click here. His net worth has been growing significantly in 2021-2022. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Wong has been CEO of Asia Pacific since February 2010. The possibility is, however, fascinating to contemplate. 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. Peter Wongs income source is mostly from being a successful . As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Find the latest media releases, HSBC news, speeches and award wins. 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. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. The fired Google engineer who thought its A.I. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. 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. Whatsapp/Signal/Telegram also available. 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. 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.. On this Wikipedia the language links are at the top of the page across from the article title. 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. . 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. The next site will open in a new browser window. 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. Can Credit Suisse Really Put its House in Order? Today, that position may be as precarious as ever. After working overseas for a number of years I have often reflected from afar that Australias. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Chief executives tend to be replaced by board committees and transparent processes, after all. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Can Shell close the valuation gap with US rivals? So, how much is Peter Wong worth at the age of 71 years old? 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. The possibility is, however, fascinating to contemplate. Contact:sbutcher@efinancialcareers.comin the first instance. [1] He holds a BComm degree from the University of Calgary in Canada, a masters degree in computer science and another master's degree in marketing and finance from Indiana University in the United States. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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.. There are 3 older and 37 younger executives at HSBC plc. 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. We use 01:36 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]. You can still enjoy your subscription until the end of your current billing period. journalists in 50+ countries covering politics, business, innovation, trends and more. A five-bed, four bathroom 4000 sq ft apartment at. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Rosha has worked in financial services for nearly 30 years. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. 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. Reset here, 1999 - 2023 citywire.com. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. Premium access for businesses and educational institutions. 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. 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. His net worth has been growing significantly in 2021-2022. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Endless possibilities, diverse outlooks. 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. offers FT membership to read for free. 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. technique - and why do banks like it? In fact, theres early evidence that its already taking place. Find thousands of job opportunities by signing up to eFinancialCareers today. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. 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. You may change or cancel your subscription or trial at any time online. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. WebMore activity by Peter. 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. In Hong Kong, at least, it seems its Beijing-side up. All Rights Reserved. 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.