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. Or would he take the job just for the love of the game and a ticket to Davos? With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. Powered and implemented by Interactive Data Managed Solutions. Forgot your password? David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. All Rights Reserved. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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 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. 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. His net worth has been growing significantly in 2021-2022. Liaos successor will be announced in due course, the bank added. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. His net worth has been growing significantly in 2021-2022. After working overseas for a number of years I have often reflected from afar that Australias. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. We have estimated Peter Wong's net worth , money, salary, income, and assets. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. Please dont call them veterans, that term refers to the former staff of less prestigious banks. It is free to register and only takes a minute or two. technique - and why do banks like it? 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". 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. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. WebMore activity by Peter. 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. 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. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. Liked by Peter Wong. Today is my first day as CEO of HSBC Australia. Meanwhile, fees for two children at the international school start at an average of HK$432k per year bringing the total for accommodation and education to more than HK$3m a year. 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. Compare Standard and Premium Digital here. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Chief executives tend to be replaced by board committees and transparent processes, after all. We support credit card, debit card and PayPal payments. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. 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. For non-personal use or to order multiple copies, please contact 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. See here for a complete list of exchanges and delays. Our Standards: The Thomson Reuters Trust Principles. Endless possibilities, diverse outlooks. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. Have a confidential story, tip, or comment youd like to share? David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. In fact, theres early evidence that its already taking place. Today is my first day as CEO of HSBC Australia. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. 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.. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. 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. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. 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. Terms & Conditions. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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 shift has accelerated under HSBCs new chief executive, Noel Quinn, who assumed an interim role in August and got the permanent position in March. 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. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. 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. analyse how our Sites are used. You can still enjoy your subscription until the end of your current billing period. HSBC reiterates that under the one country, two systems principle, it respects and supports all laws that stabilize Hong Kongs social order and boost the economy to develop prosperously, the banks statement said. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). 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. 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. 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. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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 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. Can Credit Suisse Really Put its House in Order? One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. +44 (0) 20 7992 2045 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. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. 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. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Rosha has worked in financial services for nearly 30 years. So, how much is Peter Wong worth at the age of 71 years old? For a full comparison of Standard and Premium Digital, click here. However, HSBCs Asia pivot has shown up clearly in its earnings. 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. 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. We appreciate you taking the time to give us feedback. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. There are 3 older and 37 younger executives at HSBC plc. WebMore activity by Peter. 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. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. Contact:sbutcher@efinancialcareers.comin the first instance. 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. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved, 50% off + free delivery on any order with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Score up to 50% off Nintendo Switch video games with GameStop coupon code. The possibility is, however, fascinating to contemplate. Wong has been CEO of Asia Pacific since February 2010. Peter Wongs income source is mostly from being a successful . As of 2018, according to the, 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 (, 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. On this Wikipedia the language links are at the top of the page across from the article title. 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 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. 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. 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. . 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. 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 joined HSBC in 2005 and became a Group Managing Director in 2010. 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. There are 3 older and 37 younger executives at HSBC plc. The possibility is, however, fascinating to contemplate. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. (Bloomberg), Shorts in the office, yes or no? Thank you. 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. 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). FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. 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. 01:36 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". This copy is for your personal, non-commercial use only. 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. cookies 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. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. our Subscriber Agreement and by copyright law. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). Eventually it will unless its offensive or libelous (in which case it wont. 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. The region will continue to be run as a single entity, jointly managed. journalists in 50+ countries covering politics, business, innovation, trends and more. WebPeter Wong Net Worth. Although Peter Wongs successor to the top job wont necessarily inherit his position on the HK delegation to the Chinese Peoples Political Consultative Conference, he (both the two internal candidates are men) will still be an important man in town. All rights reserved. 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. (Bloomberg), Have a confidential story, tip, or comment youd like to share? He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. For cost savings, you can change your plan at any time online in the Settings & Account section. is currently advertised at HK$280k per month. 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. 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. (. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. ), Excellent relocation packages for HSBC senior executives. Under Wongs leadership, the region has become an increasingly important part of HSBC. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Liked by Peter Wong. offers FT membership to read for free. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. 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He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Today, that position may be as precarious as ever. 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 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. After working overseas for a number of years I have often reflected from afar that Australias. 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. 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.. technique - and why do banks like it? Find thousands of job opportunities by signing up to eFinancialCareers today. Eventually it will unless its offensive or libelous (in which case it wont.). These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Formerly known as the Hong Kong and Shanghai Banking Corporation, HSBC was founded in 1865 in Hong Kong, just decades after China was forced to cede Hong Kong to the U.K. after the first Opium War. Weve announced further financed emissions targets for four carbon-intensive sectors. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. [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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. We are investing in Asias dynamic markets and in our technology. [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. 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. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. There are 3 older and 37 younger executives at HSBC plc.
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