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 possibility is, however, fascinating to contemplate. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. Londons Savile Row exported bespoke British suits to the one percent. 01:36 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.. 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. 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. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. 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.. 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. 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. All Rights Reserved. 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 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. 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. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Can Credit Suisse Really Put its House in Order? As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. He may be stepping down from his post, but it was reported that he will not be leaving the company. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. heidi.ashley@hsbc.com, May Kek cookies Heidi Ashley 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. Indosuez Loses Senior Banker in Singapore, US Law Firms Pounce on Lehmann's Outflow Comments, Julius Baer Names Greater China Group Head, Citi Appoints APAC Head of New Banking Unit, David Liao and Surendra Rosha, APAC co-CEOs, HSBC, HSBC Investors Demand Vote on Spin-Off, Dividends, HSBC Beats Target With Additional Tier 1 Bond, HSBC Plans to Shed Private Offices in Hong Kong, Singapores Big Three Banks Deliver Profit Hat-Trick, HSBC's Asia Profit Share Up Amid Regional Pivot, Credit Suisse's Quick Fixes Won't Do the Job, Singapore Raises Threshold for Investor Program, Fidelity Launches First Retail Fund in Mainland China, Julius Baer: Full Hiring Pipeline in Asia, Sothebys Grabs Retail Space for New Hong Kong Auction House. Peter will stay in the house, said HSBC group CEO Noel Quinn. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. Whatsapp/Signal/Telegram also available. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. Eventually it will unless its offensive or libelous (in which case it wont. His net worth has been growing significantly in 2021-2022. 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. This will generate unprecedented opportunities both for the bank and for our customers. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. The industry leader for online information for tax, accounting and finance professionals. On this Wikipedia the language links are at the top of the page across from the article title. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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. 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? 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. 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. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. WebMore activity by Peter. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. Under Wongs leadership, the region has become an increasingly important part of HSBC. 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. 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. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). WebMore activity by Peter. In Hong Kong, at least, it seems its Beijing-side up. 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. What is the S.T.A.R. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. I would also like to thank Peter for his extraordinary contribution to HSBC and for agreeing to continue to share his expertise as non-executive Chairman of HBAP. 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. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. We are investing in Asias dynamic markets and in our technology. 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. 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. analyse how our Sites are used. offers FT membership to read for free. 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. In 2019, those figures had grown to 49% and 90%, respectively. Peter Wong has been HSBC Asia Pacifics chief since 2010. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Can Shell close the valuation gap with US rivals? It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. So, how much is Peter Wong worth at the age of 71 years old? After working overseas for a number of years I have often reflected from afar that Australias. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. Perched on the citys steep slopes, they are minutes from downtown. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Thank you. Peter Wongs income source is mostly from being a successful . Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. You can still enjoy your subscription until the end of your current billing period. 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. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. (Bloomberg), Have a confidential story, tip, or comment youd like to share? (, 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. HSBC later said it suspended the account because it was not being used for its stated purpose. A month later, Hong Kong police froze $10 million in the Spark account and arrested four people affiliated with the organization for money laundering. The possibility is, however, fascinating to contemplate. our Subscriber Agreement and by copyright law. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. 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. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. 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. 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.. 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. 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. Weve entered into an agreement with Royal Bank of Canada. Whatsapp/Signal/Telegram also available. 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. The possibility is, however, fascinating to contemplate. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. Contact:sbutcher@efinancialcareers.comin the first instance. 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. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. A five-bed, four bathroom 4000 sq ft apartment at. Standard Digital includes access to a wealth of global news, analysis and expert opinion. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. 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. So, how much is Peter Wong worth at the age of 71 years old? 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. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. WebMore activity by Peter. 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. He is from British Hong Kong. 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. Check if your Liked by Peter Wong. Today is my first day as CEO of HSBC Australia. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Weve announced further financed emissions targets for four carbon-intensive sectors. Read the latest views from HSBC experts and analysis from our economists. 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 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. We have estimated Peter Wong's net worth , money, salary, income, and assets. Last updated: 1 March 2023 at 11:00am EST. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. 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.