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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter Wong has been HSBC Asia Pacifics chief since 2010. Can Credit Suisse Really Put its House in Order? We have estimated Peter Wong's net worth , money, salary, income, and assets. All Rights Reserved. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Under Wongs leadership, the region has become an increasingly important part of HSBC. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. WebMore activity by Peter. 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. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Standard Digital includes access to a wealth of global news, analysis and expert opinion. and other data for a number of reasons, such as keeping FT Sites reliable and secure, David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 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. 01:36 Whatsapp/Signal/Telegram also available. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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, 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. 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. 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). As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. 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. , the highest point on Hong Kong island, start at around $160k (14k) a month. 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. WebMore activity by Peter. 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. 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. David Liaos successor will be announced in due course. WebMore activity by Peter. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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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. 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. Peter will stay in the house, said HSBC group CEO Noel Quinn. +44 (0) 20 7992 2045 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? . The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. His net worth has been growing significantly in 2021-2022. Im looking forward to taking up my new role as HBAP Chairman, and am proud to have David and Rosha drive the next phase of growth in the region.. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. 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. 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. 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. Prices to rent a four-bedroom apartment on. So, how much is Peter Wong worth at the age of 71 years old? All rights reserved. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Endless possibilities, diverse outlooks. may.y.m.kek@hsbc.com.hk. 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. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. 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. 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. Today is my first day as CEO of HSBC Australia. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. It is free to register and only takes a minute or two. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". His net worth has been growing significantly in 2021-2022. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter Wongs income source is mostly from being a successful . 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. 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. See here for a complete list of exchanges and delays. 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. After working overseas for a number of years I have often reflected from afar that Australias. 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. 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. The fired Google engineer who thought its A.I. HSBC did not announce where the cuts would come from, but Quinn said resources would be redistributed from underperforming areas to faster-growing markets like Asia and the Middle East. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. 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. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. 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. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. WebPeter Wong Net Worth. our Subscriber Agreement and by copyright law. Peter Wong has been HSBC Asia Pacifics chief since 2010. And often the most intriguing power plays take place slightly below the C-suite. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. Wong has been CEO of Asia Pacific since February 2010. Even as Asia increasingly bolsters the companys bottom line, the banks future still relies a great deal on pacifying authorities in the U.S., who have threatened sanctions against entities seen as involved in eroding Hong Kongs autonomy.. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. On this Wikipedia the language links are at the top of the page across from the article title. 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. Compare Standard and Premium Digital here. 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. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. Terms & Conditions. 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. 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.. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. Forgot your password? We use What is the S.T.A.R. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Check if your university Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. The possibility is, however, fascinating to contemplate. Find thousands of job opportunities by signing up to eFinancialCareers today. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. See here for a complete list of exchanges and delays. There are 3 older and 37 younger executives at HSBC plc. 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. 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. 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. FORTUNE may receive compensation for some links to products and services on this website. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Peter joined HSBC in 2005 and became a Group Managing Director in 2010. 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. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. The possibility is, however, fascinating to contemplate. His net worth has been growing significantly in 2021-2022. You may change or cancel your subscription or trial at any time online. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. Find the latest media releases, HSBC news, speeches and award wins. Reset here, 1999 - 2023 citywire.com. 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. Liked by Peter Wong. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. We appreciate you taking the time to give us feedback. Chief executives tend to be replaced by board committees and transparent processes, after all. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. personalising content and ads, providing social media features and to HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. 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. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. 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How standard depends on whether they agree to move on expat or local terms. All Rights Reserved. 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. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. 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. 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. In fact, theres early evidence that its already taking place. Can it survive in a socially distanced world? is currently advertised at HK$280k per month. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one He is from British Hong Kong. Today is my first day as CEO of HSBC Australia. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. There are 3 older and 37 younger executives at HSBC plc. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. technique - and why do banks like it? 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. 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. Peter Wongs income source is mostly from being a successful . One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. 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.. We have estimated Peter Wong's net worth , money, salary, income, and assets. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Gain a global perspective on the US and go beyond with curated news and analysis from 600 He is from British Hong Kong. (. 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. [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. 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? In Hong Kong, at least, it seems its Beijing-side up. He may be stepping down from his post, but it was reported that he will not be leaving the company. Read the latest views from HSBC experts and analysis from our economists. There are 3 older and 37 younger executives at HSBC plc. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. technique - and why do banks like it? The possibility is, however, fascinating to contemplate. For cost savings, you can change your plan at any time online in the Settings & Account section.