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. What is the S.T.A.R. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. 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. Prices to rent a four-bedroom apartment on. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and 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. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. 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. 01:36 technique - and why do banks like it? American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. 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. There are 3 older and 37 younger executives at HSBC plc. What is the S.T.A.R. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. 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. Continue reading your article witha WSJ subscription, Already a member? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. 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. Quinn noted that HSBC had no mandatory retirement age and that Wong, who runs 70 in November, stepped down from the top role in the region entirely based on his own personal decision. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. 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 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. Given the delicacy of the choice facing CEO and Chairman Noel Quinn and Mark Tucker, they might be wondering whether the only thing more difficult to navigate than office politics is real politics. Contact:sbutcher@efinancialcareers.comin the first instance. 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 Holdings plc is a British multinational universal bank and financial services holding company. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. It is free to register and only takes a minute or two. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. All quotes delayed a minimum of 15 minutes. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. (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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Whatsapp/Signal/Telegram also available. See here for a complete list of exchanges and delays. The fired Google engineer who thought its A.I. 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 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. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. We support credit card, debit card and PayPal payments. After working overseas for a number of years I have often reflected from afar that Australias. 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. Thank you. 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. 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. 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. [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. Compare Standard and Premium Digital here. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. WebPeter Wong Net Worth. 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. technique - and why do banks like it? cookies In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. 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. 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. The possibility is, however, fascinating to contemplate. 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. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. +44 (0) 20 7992 2045 Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". 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.. 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. Or would he take the job just for the love of the game and a ticket to Davos? 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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. university Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 01:36 https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. Simply log into Settings & Account and select "Cancel" on the right-hand side. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. We can only wonder what the cast of Industry will do with this trend if it catches on (it wont) (FT), 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 (Bloomberg), Marty Chavez has joined Sixth Street Partners, an investment manager set up by fellow Goldman alumni. 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. 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Wong has been CEO of Asia Pacific since February 2010. Rosha has worked in financial services for nearly 30 years. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. WebPeter Wong Net Worth. 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. 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. We are investing in Asias dynamic markets and in our technology. 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. 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. Today, that position may be as precarious as ever. 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 have estimated Peter Wong's net worth , money, salary, income, and assets. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one The possibility is, however, fascinating to contemplate. Please dont call them veterans, that term refers to the former staff of less prestigious banks. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. 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). Eventually it will unless its offensive or libelous (in which case it wont.). Liked by Peter Wong. 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. The possibility is, however, fascinating to contemplate. Today is my first day as CEO of HSBC Australia. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. 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. 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. WebMore activity by Peter. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. The region will continue to be run as a single entity, jointly managed. Peter will stay in the house, said HSBC group CEO Noel Quinn. Our Standards: The Thomson Reuters Trust Principles. 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. This copy is for your personal, non-commercial use only. 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. In fact, theres early evidence that its already taking place. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. [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. All Rights Reserved. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. Find thousands of job opportunities by signing up to eFinancialCareers today. 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? He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. He is from British Hong Kong. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. (. 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. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. journalists in 50+ countries covering politics, business, innovation, trends and more. . His net worth has been growing significantly in 2021-2022. Liaos successor will be announced in due course, the bank added. 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. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k.

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