David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. See here for a complete list of exchanges and delays. 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. How standard depends on whether they agree to move on expat or local terms. Peter Wong has been HSBC Asia Pacifics chief since 2010. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. . Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. 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. 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. Apartments in mid-levels Central are also popular among expats. 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. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. The possibility is, however, fascinating to contemplate. Find thousands of job opportunities by signing up to eFinancialCareers today. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. So, how much is Peter Wong worth at the age of 71 years old? Compare Standard and Premium Digital here. Rosha has worked in financial services for nearly 30 years. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. [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. 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. 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 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. 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. In fact, theres early evidence that its already taking place. Greg Guyett, who runs global banking, Barry OByrne, the head of commercial banking and Nuno Matos who runs wealth management for HSBC, are all relocating from London as part of Noel Quinns pivot to Asia.. Peter Wong has been HSBC Asia Pacifics chief since 2010. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. There are 3 older and 37 younger executives at HSBC plc. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. 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. Peter will stay in the house, said HSBC group CEO Noel Quinn. 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? We are investing in Asias dynamic markets and in our technology. 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. 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. His net worth has been growing significantly in 2021-2022. 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.. Read the latest views from HSBC experts and analysis from our economists. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. The updated policy will support the transition towards a net zero future by 2050 or sooner. We have estimated Peter Wong's net worth , money, salary, income, and assets. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. cookies All quotes delayed a minimum of 15 minutes. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. Perched on the citys steep slopes, they are minutes from downtown. Endless possibilities, diverse outlooks. 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. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. Peter Wongs income source is mostly from being a successful . Perched on the citys steep slopes, they are minutes from downtown. , the highest point on Hong Kong island, start at around $160k (14k) a month. 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 possibility is, however, fascinating to contemplate. [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 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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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.. Apartments in mid-levels Central are also popular among expats. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. WebMore activity by Peter. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Contact:sbutcher@efinancialcareers.comin the first instance. The next site will open in a new browser window. There are 3 older and 37 younger executives at HSBC plc. Offers may be subject to change without notice. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. may.y.m.kek@hsbc.com.hk. You are leaving HSBC.com. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. 01:36 There are 3 older and 37 younger executives at HSBC plc. Contact:sbutcher@efinancialcareers.comin the first instance. 01:36 Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Can Shell close the valuation gap with US rivals? Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. 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. 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. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. All Rights Reserved. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one I am very excited to have David and Rosha join the Group Executive Committee. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. 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. Can Credit Suisse Really Put its House in Order? Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. The fired Google engineer who thought its A.I. Powered and implemented by Interactive Data Managed Solutions. See here for a complete list of exchanges and delays. WebPeter Wong Net Worth. 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. 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. (, 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. 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. 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. We use Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. (. Peter Wong has been HSBC Asia Pacifics chief since 2010. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. Today is my first day as CEO of HSBC Australia. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. It is free to register and only takes a minute or two. In Hong Kong, at least, it seems its Beijing-side up. 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HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Peter Wongs income source is mostly from being a successful . He is from British Hong Kong. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. Find the latest media releases, HSBC news, speeches and award wins. 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. ), Excellent relocation packages for HSBC senior executives. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Liked by Peter Wong. The possibility is, however, fascinating to contemplate. Liaos successor will be announced in due course, the bank added. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one For a full comparison of Standard and Premium Digital, click here. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. +44 (0) 20 7992 2045 Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. 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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 information about our performance, dividends, and investor events. Thank you. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Gain a global perspective on the US and go beyond with curated news and analysis from 600 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. offers FT membership to read for free. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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. 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. You can still enjoy your subscription until the end of your current billing period. technique - and why do banks like it? The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. 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 chief executive Peter Wong will officially retire and serve as a non-executive chairman while his role is replaced by a dual appointment. 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. Have a confidential story, tip, or comment youd like to share? Or would he take the job just for the love of the game and a ticket to Davos? 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. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. Can it survive in a socially distanced world? 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.. Chief executives tend to be replaced by board committees and transparent processes, after all. 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. 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. In the past decade, the firm has firmly shifted focus back to Asia again. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. After working overseas for a number of years I have often reflected from afar that Australias. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k 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. 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. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. So, how much is Peter Wong worth at the age of 71 years old? Find thousands of job opportunities by signing up to eFinancialCareers today. 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. 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. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. We support credit card, debit card and PayPal payments. Londons Savile Row exported bespoke British suits to the one percent. or And often the most intriguing power plays take place slightly below the C-suite. Standard Digital includes access to a wealth of global news, analysis and expert opinion. He is from British Hong Kong. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. This copy is for your personal, non-commercial use only.