, the highest point on Hong Kong island, start at around $160k (14k) a month. In his Facebook post from last Saturday, Leung said HSBC should consider which side of the bread is buttered as he advised the bank to support the national security law. Perched on the citys steep slopes, they are minutes from downtown. The updated policy will support the transition towards a net zero future by 2050 or sooner. . At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany and Italy stall EU ban on combustion engines, Germany seeks to buy Leopard tanks from Switzerland, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Panic station at Fox News: how the Murdochs agonised over Trumps loss, UK housing market braced for make-or-break spring, Harrods chief shrugs off recession fears because rich get richer. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). 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. Liaos successor will be announced in due course, the bank added. For a full comparison of Standard and Premium Digital, click here. Whatsapp/Signal/Telegram also available. 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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. The London-headquartered banking giant named David Liao and Surendra Rosha as Asia-Pacific co-CEOs with immediate effect, giving them oversight of a business that is HSBCs .css-1h1us5y-StyledLink{color:var(--interactive-text-color);-webkit-text-decoration:underline;text-decoration:underline;}.css-1h1us5y-StyledLink:hover{-webkit-text-decoration:none;text-decoration:none;}biggest profit generator. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. 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. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. For those preferring to escape the City, The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. Peter Wongs income source is mostly from being a successful . Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Offers may be subject to change without notice. We can only wonder what the cast of Industry will do with this trend if it catches on (it wont) (, Crypto investment banker Mike Novogratz got a tattoo of the Bitcoin logo a few weeks ago and promises hell get another one when the price reaches $500,000 (, Marty Chavez has joined Sixth Street Partners, an investment manager set up by fellow Goldman alumni. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. We support credit card, debit card and PayPal payments. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. REUTERS/Brendan McDermid/File Photo/File Photo. His net worth has been growing significantly in 2021-2022. 01:36 WebMore activity by Peter. 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. This copy is for your personal, non-commercial use only. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. There are 3 older and 37 younger executives at HSBC plc. 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]. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. 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. WebPeter 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 also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. 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. Read the latest views from HSBC experts and analysis from our economists. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Reset here, 1999 - 2023 citywire.com. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Premium access for businesses and educational institutions. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". How standard depends on whether they agree to move on expat or local terms. It is free to register and only takes a minute or two. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. Whatsapp/Signal/Telegram also available. is currently advertised at HK$280k per month. university FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Liked by Peter Wong. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Peter Wong has been HSBC Asia Pacifics chief since 2010. Contact:sbutcher@efinancialcareers.comin the first instance. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. (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. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. 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 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. Wong, who spent 16 years at HSBC, including 11 as Asia-Pacific CEO, said in an email sent to staff on Monday that focus on the needs of customers and teamwork would be key to success. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. 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. [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. 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, 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. 2023 Fortune Media IP Limited. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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 joined HSBC in 2005 and became a Group Managing Director in 2010. So, how much is Peter Wong worth at the age of 71 years old? 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. [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. 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. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. 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. (Bloomberg), Shorts in the office, yes or no? 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. .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. David Liaos successor will be announced in due course. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. 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. analyse how our Sites are used. And often the most intriguing power plays take place slightly below the C-suite. 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.. Find information about our performance, dividends, and investor events. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. 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. 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. Powered and implemented by Interactive Data Managed Solutions. All rights reserved. living 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. 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 Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. Peter Wongs income source is mostly from being a successful . Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 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.. 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. FORTUNE may receive compensation for some links to products and services on this website. 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. He is from British Hong Kong. Check if your 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. We appreciate you taking the time to give us feedback. 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. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. 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. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. offers FT membership to read for free. Today is my first day as CEO of HSBC Australia. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. Weve entered into an agreement with Royal Bank of Canada. Find thousands of job opportunities by signing up to eFinancialCareers today. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? In response, HSBC moved the lions off the street for only the third time in its historythe first was during World War II, and the second was during a construction project in the 1980s. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Can Credit Suisse Really Put its House in Order? In 2019, those figures had grown to 49% and 90%, respectively. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. The possibility is, however, fascinating to contemplate. 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. 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. Find the latest media releases, HSBC news, speeches and award wins. Londons Savile Row exported bespoke British suits to the one percent. 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. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". 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. 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 current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Please be aware that the external site policies, or those of another HSBC Group website, may differ from our website terms and conditions and privacy policy. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. After working overseas for a number of years I have often reflected from afar that Australias. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Today is my first day as CEO of HSBC Australia. technique - and why do banks like it? He may be stepping down from his post, but it was reported that he will not be leaving the company. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. journalists in 50+ countries covering politics, business, innovation, trends and more. The fired Google engineer who thought its A.I. +44 (0) 20 7992 2045 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. Compare Standard and Premium Digital here. may.y.m.kek@hsbc.com.hk. What is the S.T.A.R. All Rights Reserved. cookies +852 2822 4940 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. His net worth has been growing significantly in 2021-2022. 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. There are 3 older and 37 younger executives at HSBC plc. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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.