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. FORTUNE may receive compensation for some links to products and services on this website. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. The possibility is, however, fascinating to contemplate. 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. On this Wikipedia the language links are at the top of the page across from the article title. , the highest point on Hong Kong island, start at around $160k (14k) a 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. So, how much is Peter Wong worth at the age of 71 years old? One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. 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. 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. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Terms & Conditions. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. 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 full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Today, that position may be as precarious as ever. 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. Thank you. 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). 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. Build your career at HSBC. 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. 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. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. heidi.ashley@hsbc.com, May Kek 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. 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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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. 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. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. Hitendra Dave has been appointed as Interim CEO of HSBC India, effective today, and he will be named as permanent CEO when full regulatory approval is received. 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. +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. 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.. 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. personalising content and ads, providing social media features and to journalists in 50+ countries covering politics, business, innovation, trends and more. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Powered and implemented by Interactive Data Managed Solutions. 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. technique - and why do banks like it? Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. cookies 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 every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Heidi Ashley He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. What is the S.T.A.R. 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. 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. 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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. HSBC Holdings plc is a British multinational universal bank and financial services holding company. Distribution and use of this material are governed by (. 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. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. We have estimated Peter Wong's net worth , money, salary, income, and assets. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. Peter will stay in the house, said HSBC group CEO Noel Quinn. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Check if your Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Perched on the citys steep slopes, they are minutes from downtown. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. 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.. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. Last updated: 1 March 2023 at 11:00am EST. The fired Google engineer who thought its A.I. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. 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). 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. +852 2822 4940 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. A five-bed, four bathroom 4000 sq ft apartment at. 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. Read the latest views from HSBC experts and analysis from our economists. 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. 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. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". All Rights Reserved. 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. What is the S.T.A.R. See here for a complete list of exchanges and delays. Whatsapp/Signal/Telegram also available. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. 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. Compare Standard and Premium Digital here. After working overseas for a number of years I have often reflected from afar that Australias. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Today is my first day as CEO of HSBC Australia. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. The industry leader for online information for tax, accounting and finance professionals. WebPeter Wong Net Worth. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. 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. After working overseas for a number of years I have often reflected from afar that Australias. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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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? (Bloomberg), Have a confidential story, tip, or comment youd like to share? offers FT membership to read for free. 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. Can Credit Suisse Really Put its House in Order? Liaos successor will be announced in due course, the bank added. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Peter Wongs income source is mostly from being a successful . 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. [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. may.y.m.kek@hsbc.com.hk. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Peter Wongs income source is mostly from being a successful . 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. Offers may be subject to change without notice. Find the latest media releases, HSBC news, speeches and award wins. Contact:sbutcher@efinancialcareers.comin the first instance. Find thousands of job opportunities by signing up to eFinancialCareers today. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. 01:36 Under Wongs leadership, the region has become an increasingly important part of HSBC. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. (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. Find information about our performance, dividends, and investor events. You are leaving HSBC.com. 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. 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]. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Rosha has worked in financial services for nearly 30 years. 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. This copy is for your personal, non-commercial use only. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. 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. WebPeter Wong Net Worth. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. Liked by Peter Wong. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. analyse how our Sites are used. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Apartments in mid-levels Central are also popular among expats. Today is my first day as CEO of HSBC Australia. All Rights Reserved. The region will continue to be run as a single entity, jointly managed. The next site will open in a new browser window. 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 REUTERS/Brendan McDermid/File Photo/File Photo. In 2019, those figures had grown to 49% and 90%, respectively. It is free to register and only takes a minute or two. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. [Leungs] recent call for HSBC to support Chinas new national security law really had an intended audience of only one person, and [Peter Wong] quickly signaled his support, said Brock Silvers, chief investment officer at Adamas Asset Management in Hong Kong. For a full comparison of Standard and Premium Digital, click here. He is from British Hong Kong.