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. I am also grateful to Laura Cha for her contribution to the Group and HBAP Boards over the past 16 years., In a joint statement, David Liao and Surendra Rosha said: We are taking over the helm of HSBC Asia Pacific at a very exciting time. The 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. I would also like to thank Peter for his extraordinary contribution to HSBC and for agreeing to continue to share his expertise as non-executive Chairman of HBAP. 01:36 The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Peter Wong has been HSBC Asia Pacifics chief since 2010. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one WebPeter Wong Net Worth. Indosuez Loses Senior Banker in Singapore, US Law Firms Pounce on Lehmann's Outflow Comments, Julius Baer Names Greater China Group Head, Citi Appoints APAC Head of New Banking Unit, David Liao and Surendra Rosha, APAC co-CEOs, HSBC, HSBC Investors Demand Vote on Spin-Off, Dividends, HSBC Beats Target With Additional Tier 1 Bond, HSBC Plans to Shed Private Offices in Hong Kong, Singapores Big Three Banks Deliver Profit Hat-Trick, HSBC's Asia Profit Share Up Amid Regional Pivot, Credit Suisse's Quick Fixes Won't Do the Job, Singapore Raises Threshold for Investor Program, Fidelity Launches First Retail Fund in Mainland China, Julius Baer: Full Hiring Pipeline in Asia, Sothebys Grabs Retail Space for New Hong Kong Auction House. 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. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. There are 3 older and 37 younger executives at HSBC plc. Peter Wong has been HSBC Asia Pacifics chief since 2010. 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. Liked by Peter Wong. +852 2822 4940 It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. 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. 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. 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. 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. Our Standards: The Thomson Reuters Trust Principles. Find thousands of job opportunities by signing up to eFinancialCareers today. Taipan House eludes executives succeeding Peter Wong See here for a complete list of exchanges and delays. +44 (0) 20 7992 2045 Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. WebMore activity by Peter. 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. 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. [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. 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. HSBC promotes executive who backed Hong Kong security crackdown If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. He may be stepping down from his post, but it was reported that he will not be leaving the company. Taipan House eludes executives succeeding Peter Wong Eventually it will unless its offensive or libelous (in which case it wont. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 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.. 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. Weve entered into an agreement with Royal Bank of Canada. WebPeter Wong Net Worth. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. HSBC says Asia Pacific CEO Peter Wong Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. 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 Heidi Ashley technique - and why do banks like it? Today is my first day as CEO of HSBC Australia. The possibility is, however, fascinating to contemplate. Peter Wong (banker A five-bed, four bathroom 4000 sq ft apartment at. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. 01:36 Thank you. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. For cost savings, you can change your plan at any time online in the Settings & Account section. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. . The region will continue to be run as a single entity, jointly managed. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. HSBC 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. Hongkong and Shanghai Banking Corporation Limited 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. 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]. On this Wikipedia the language links are at the top of the page across from the article title. Have a confidential story, tip, or comment youd like to share? He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. HSBC Powered and implemented by Interactive Data Managed Solutions. His net worth has been growing significantly in 2021-2022. is currently advertised at HK$280k per month. Terms & Conditions. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. After working overseas for a number of years I have often reflected from afar that Australias. 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. 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. Distribution and use of this material are governed by WebPeter Wong Net Worth. After working overseas for a number of years I have often reflected from afar that Australias. The next site will open in a new browser window. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. All Rights Reserved. Peter Wong These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. Their collective experience of our markets across Asia Pacific, together with their combined knowledge of the bank and our customers mean they are ideally placed to grow the business. HSBC As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. You may change or cancel your subscription or trial at any time online. The battle for power within HSBC 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. HSBC promotes executive who backed Hong Kong security crackdown HSBC's Hong Kong relocation packages journalists in 50+ countries covering politics, business, innovation, trends and more. The fired Google engineer who thought its A.I. The battle for power within HSBC (. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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. Today, that position may be as precarious as ever. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Back in 2010 when group CEO Michael Geoghegan relocated to Hong Kong from London the bank came under fire for awarding him a 300k (HK$3m) bonus, on top of his relocation package. HSBC 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. The battle for power within HSBC HSBC I am very excited to have David and Rosha join the Group Executive Committee. Under Wongs leadership, the region has become an increasingly important part of HSBC. In the past decade, the firm has firmly shifted focus back to Asia again. may.y.m.kek@hsbc.com.hk. HSBC our Subscriber Agreement and by copyright law. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. All quotes delayed a minimum of 15 minutes. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices We have estimated Peter Wong's net worth , money, salary, income, and assets. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Peter Wong has been HSBC Asia Pacifics chief since 2010. In Hong Kong, at least, it seems its Beijing-side up. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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.. Reporting by Rachel Armstrong, Editing by Himani Sarkar, Philippines says Chinese navy ship spotted near disputed island, North Korea says US causing international arms control collapse, Exclusive: Nvidia's plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft, China's economy, government revamp in focus as parliament set to open, American Airlines, flight attendants union seek mediation in contract negotiations, France's nuclear output hit by strike at EDF, U.S. CDC issues advisory after confirmed measles case in Kentucky, As space junk threat grows, government and investors seek solutions, Media report that UAE considering leaving OPEC not true - sources, Exclusive news, data and analytics for financial market professionals. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. HSBC's Hong Kong relocation packages 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. HSBC Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. There are 3 older and 37 younger executives at HSBC plc. Eventually it will unless its offensive or libelous (in which case it wont.). Reset here, 1999 - 2023 citywire.com. HSBC In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Peter Wong 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). Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Compare Standard and Premium Digital here. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. Prices to rent a four-bedroom apartment on. Peter Wong 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. 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.. So, how much is Peter Wong worth at the age of 71 years old? Continue reading your article witha WSJ subscription, Already a member? 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. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. HSBC Peter Wong WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. HSBC All rights reserved. (Financial News), 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. The oldest executive at HSBC Holdings plc is Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, 71, who is the Advisor. David Liaos successor will be announced in due course. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. 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. 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. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. 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. (, Shorts in the office, yes or no? Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. His leadership over the past 11 years has seen us grow our revenues in Asia substantially and build our lead in key sectors even as the markets underwent rapid change. 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. And often the most intriguing power plays take place slightly below the C-suite. 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. 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. 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. Endless possibilities, diverse outlooks. Peter Wong Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. technique - and why do banks like it? 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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.
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