HSBC The Hongkong and Shanghai Banking Corporation, Chinese People's Political Consultative Conference, "HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific", China has HSBCs taipan in a vice with few options but to fall in line with the security law for Hong Kong in the banks biggest market, HSBCs Asia chief backs China security law for Hong Kong, https://en.wikipedia.org/w/index.php?title=Peter_Wong_(banker)&oldid=1142634491, Members of the Election Committee of Hong Kong, 20072012, Members of the Election Committee of Hong Kong, 20122017, Members of the Election Committee of Hong Kong, 20172021, Members of the Election Committee of Hong Kong, 20212026, Members of the Chinese People's Political Consultative Conference, Articles containing traditional Chinese-language text, Creative Commons Attribution-ShareAlike License 3.0, 1996: Appointed as the Director of Operating, Services, and Sales for, 2000: Appointed as Chief Executive for Hong Kong of Standard Chartered Bank, 2010: Appointed as the first Chinese Asia Pacific CEO of The Hongkong and Shanghai Banking Corporation, This page was last edited on 3 March 2023, at 14:50. 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. How standard depends on whether they agree to move on expat or local terms. So, how much is Peter Wong worth at the age of 71 years old? You may change or cancel your subscription or trial at any time online. 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. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Perched on the citys steep slopes, they are minutes from downtown. cookies 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. 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. 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. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. 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. HSBC Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter Wong 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. , the highest point on Hong Kong island, start at around $160k (14k) a month. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. 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. 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. Today is my first day as CEO of HSBC Australia. This will generate unprecedented opportunities both for the bank and for our customers. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. Greg Guyett, who runs global banking, Barry OByrne, the head of commercial banking and Nuno Matos who runs wealth management for HSBC,are all relocating from London as part of Noel Quinns pivot to Asia.. HSBC promotes executive who backed Hong Kong security crackdown David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. WebMore activity by Peter. Peter Wongs income source is mostly from being a successful . 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. Last updated: 1 March 2023 at 11:00am EST. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. 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. Powered and implemented by Interactive Data Managed Solutions. [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. Liaos successor will be announced in due course, the bank added. WebMore activity by Peter. Taipan House eludes executives succeeding Peter Wong 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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. 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. . HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. Compare Standard and Premium Digital here. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. 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. Can Shell close the valuation gap with US rivals? The possibility is, however, fascinating to contemplate. The possibility is, however, fascinating to contemplate. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one The fired Google engineer who thought its A.I. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. In the past decade, the firm has firmly shifted focus back to Asia again. Peter Wong has been HSBC Asia Pacifics chief since 2010. Beijings new national security law was ratified last week by Chinas National Peoples Congress and aims to shore up Chinas national security by preventing and punishing acts of secession, terrorism, and foreign interference in Hong Kong. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific, Shanghai Administration for Industry & Commerce. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. HSBC All quotes delayed a minimum of 15 minutes. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Distribution and use of this material are governed by HSBC's Hong Kong relocation packages Please dont call them veterans, that term refers to the former staff of less prestigious banks. Londons Savile Row exported bespoke British suits to the one percent. Whatsapp/Signal/Telegram also available. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. HSBC He may be stepping down from his post, but it was reported that he will not be leaving the company. Find the latest media releases, HSBC news, speeches and award wins. Please sign in or register to comment. HSBC organisation technique - and why do banks like it? Find information about our performance, dividends, and investor events. +852 2822 4940 Hongkong and Shanghai Banking Corporation Limited Peter Wong HSBC analyse how our Sites are used. I am very excited to have David and Rosha join the Group Executive Committee. .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. 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 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. HSBC's Hong Kong relocation packages 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. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. 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. HSBC Prices to rent a four-bedroom apartment on. 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. 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. 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.. HSBC 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. The possibility is, however, fascinating to contemplate. 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. There are 3 older and 37 younger executives at HSBC plc. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. All Rights Reserved. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. The battle for power within HSBC 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. Peter Wong 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.. 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. So, how much is Peter Wong worth at the age of 71 years old? HSBC [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. 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. (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. He is from British Hong Kong. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. 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. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. We are investing in Asias dynamic markets and in our technology. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one There are 3 older and 37 younger executives at HSBC plc. WebPeter Wong Net Worth. 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). 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. or HSBC Can it survive in a socially distanced world? Peter Wong HSBC Asia Pacific announces retirement +44 (0) 20 7992 2045 Peter Wong Please dont call them veterans, that term refers to the former staff of less prestigious banks. Peter Wong Eventually it will unless its offensive or libelous (in which case it wont.). There are 3 older and 37 younger executives at HSBC plc. Liked by Peter Wong. 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. David Liaos successor will be announced in due course. 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, 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. our Subscriber Agreement and by copyright law. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Today, that position may be as precarious as ever. HSBC says Asia Pacific CEO Peter Wong