Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Find thousands of job opportunities by signing up to eFinancialCareers today. Under Wongs leadership, the region has become an increasingly important part of HSBC. How standard depends on whether they agree to move on expat or local terms. Taipan House eludes executives succeeding Peter Wong HSBC 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. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 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. 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. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. After working overseas for a number of years I have often reflected from afar that Australias. 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. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Eventually it will unless its offensive or libelous (in which case it wont.). 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. Peter Wong 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. 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. Peter Wongs income source is mostly from being a successful . 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. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Can it survive in a socially distanced world? The updated policy will support the transition towards a net zero future by 2050 or sooner. , the highest point on Hong Kong island, start at around $160k (14k) a month. So who are the two candidates? [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. 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. Yet in the wake of HSBCs bleak earnings report for the first quarter of 2020pretax profit fell nearly 50% compared with the same period last yearsome analysts predict that the banks turn toward Asia could become even more dramatic. So, how much is Peter Wong worth at the age of 71 years old? I am very excited to have David and Rosha join the Group Executive Committee. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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 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. 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. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. HSBC on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. HSBC Asia Pacific announces retirement offers FT membership to read for free. 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. Apartments in mid-levels Central are also popular among expats. Despite the recent turmoil, HSBC has long been embedded in the fabric of Hong Kong, to the point that it remains one of three banks that prints Hong Kongs currency. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. His net worth has been growing significantly in 2021-2022. Gain a global perspective on the US and go beyond with curated news and analysis from 600 And often the most intriguing power plays take place slightly below the C-suite. Peter Wong Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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.. You can still enjoy your subscription until the end of your current billing period. Peter Wong has been HSBC Asia Pacifics chief since 2010. That plan was temporarily put on hold in March, as the company delayed laying off thousands of workers amid the pandemic and global economic depression. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Peter Wong Premium access for businesses and educational institutions. heidi.ashley@hsbc.com, May Kek WebPeter Wong Net Worth. This will generate unprecedented opportunities both for the bank and for our customers. 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. Contact:sbutcher@efinancialcareers.comin the first instance. After working overseas for a number of years I have often reflected from afar that Australias. HSBC 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. There are 3 older and 37 younger executives at HSBC plc. 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? 01:36 Peter Wong Find the latest media releases, HSBC news, speeches and award wins. Chief executives tend to be replaced by board committees and transparent processes, after all. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. Peter will step into the role of non-executive Chairman of HBAP, replacing Laura Cha, who has also stepped down as non-executive Director of HSBC Holdings. Liked by Peter Wong. Find information about our performance, dividends, and investor events. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. HSBC's Hong Kong relocation packages This copy is for your personal, non-commercial use only. Can Shell close the valuation gap with US rivals? 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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 Asia Pacific announces retirement In June 2015, thenHSBC chief executive Stuart Gulliver unveiled a 150-page Asia pivot strategy document to move operations away from Europe and into growing Asian economies. 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. university HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Taipan House eludes executives succeeding Peter Wong He is from British Hong Kong. WebPeter Wong Net Worth. We have estimated Peter Wong's net worth , money, salary, income, and assets. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. Peter Wong 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. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. 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. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. 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. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. 01:36 Eventually it will unless its offensive or libelous (in which case it wont. REUTERS/Brendan McDermid/File Photo/File Photo. The battle for power within HSBC They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. In fact, theres early evidence that its already taking place. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. You are leaving HSBC.com. 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. Check if your 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]. Liao, who was HSBC's head of global banking for Asia Pacific, and Rosha, who was CEO of HSBC India, will continue to run the region as a single entity and be based in Hong Kong. Wong 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.. 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. personalising content and ads, providing social media features and to That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Today is my first day as CEO of HSBC Australia. His net worth has been growing significantly in 2021-2022. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. 01:36 our Subscriber Agreement and by copyright law. Thank you. HSBC promotes executive who backed Hong Kong security crackdown All Rights Reserved. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. We appreciate you taking the time to give us feedback. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. is currently advertised at HK$280k per month. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. 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. Peter Wong (banker HSBC 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. The battle for power within HSBC During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. 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? https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. WebMore activity by Peter. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Wong has been CEO of Asia Pacific since February 2010. In the past decade, the firm has firmly shifted focus back to Asia again. Peter Wong has been HSBC Asia Pacifics chief since 2010. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. 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.. HSBC says Asia Pacific CEO Peter Wong Peter Wong Today is my first day as CEO of HSBC Australia. HSBC plc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, Stocks and cryptocurrency portfolio tracker. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. Peter will stay in the house, said HSBC group CEO Noel Quinn. HSBC You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. ), Excellent relocation packages for HSBC senior executives. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. Peter Wong Londons Savile Row exported bespoke British suits to the one percent. 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. 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. 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. Peter Wong Rosha has worked in financial services for nearly 30 years. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. HSBC HSBC Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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. HSBC (, 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. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. 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 will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. HSBC 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. Peter Wongs income source is mostly from being a successful . A five-bed, four bathroom 4000 sq ft apartment at. 2023 Fortune Media IP Limited. For non-personal use or to order multiple copies, please contact In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. 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. The battle for power within HSBC Powered and implemented by Interactive Data Managed Solutions. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. Peter Wong 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. 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. Whatsapp/Signal/Telegram also available. FORTUNE may receive compensation for some links to products and services on this website. 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. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. 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). WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. All rights reserved. The possibility is, however, fascinating to contemplate. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. The possibility is, however, fascinating to contemplate. HSBC promotes executive who backed Hong Kong security crackdown 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. 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.

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