HSBC Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). Gain a global perspective on the US and go beyond with curated news and analysis from 600 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. What is the S.T.A.R. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. 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. HSBC says Asia Pacific CEO Peter Wong Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. In recent days, Londonbased Standard Chartered bank and the citys traditional trading houses Swire Pacific and Jardine Matheson have also pledged support for Beijings controversial policy. 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. Taipan House eludes executives succeeding Peter Wong 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. So, how much is Peter Wong worth at the age of 71 years old? Or would he take the job just for the love of the game and a ticket to Davos? 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 cost savings, you can change your plan at any time online in the Settings & Account section. 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. Whatsapp/Signal/Telegram also available. 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. HSBC (Bloomberg), Shorts in the office, yes or no? 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 Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 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Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. Contact:sbutcher@efinancialcareers.comin the first instance. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. The banks iconic lion sculptures, which have sat outside HSBCs Asia headquarters in downtown Hong Kong since it moved to the building in 1935, were spray-painted and set on fire. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. 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. The possibility is, however, fascinating to contemplate. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. Have a confidential story, tip, or comment youd like to share? Last updated: 1 March 2023 at 11:00am EST. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Peter Wong [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. Liked by Peter Wong. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. This will generate unprecedented opportunities both for the bank and for our customers. technique - and why do banks like it? We have estimated Peter Wong's net worth , money, salary, income, and assets. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. However, HSBCs Asia pivot has shown up clearly in its earnings. 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. 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. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. It is free to register and only takes a minute or two. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. 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. 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. You are leaving HSBC.com. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. HSBC's Hong Kong relocation packages David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 01:36 In 2019, those figures had grown to 49% and 90%, respectively. 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. 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. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Today, that position may be as precarious as ever. 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. 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. The possibility is, however, fascinating to contemplate. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. Eventually it will unless its offensive or libelous (in which case it wont. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. 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. Peter Wong (banker Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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. 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's Hong Kong relocation packages HSBC His net worth has been growing significantly in 2021-2022. Reset here, 1999 - 2023 citywire.com. 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. HSBC says Asia Pacific CEO Peter Wong S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Can Credit Suisse Really Put its House in Order? Chief executives tend to be replaced by board committees and transparent processes, after all. HSBC Asia Pacific announces retirement At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. The possibility is, however, fascinating to contemplate. +44 (0) 20 7992 2045 .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 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. Whatsapp/Signal/Telegram also available. Apartments in mid-levels Central are also popular among expats. The region will continue to be run as a single entity, jointly managed. analyse how our Sites are used. 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. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. HSBC's Hong Kong relocation packages He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. WebPeter Wong Net Worth. 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. 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. 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. HSBC 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. HSBC promotes executive who backed Hong Kong security crackdown He may be stepping down from his post, but it was reported that he will not be leaving the company. The fired Google engineer who thought its A.I. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. HSBC Compare Standard and Premium Digital here. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Terms & Conditions. HSBC Find thousands of job opportunities by signing up to eFinancialCareers today. organisation Peter Wong According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. Prices to rent a four-bedroom apartment on. We are investing in Asias dynamic markets and in our technology. HSBC promotes executive who backed Hong Kong security crackdown Peter Wongs income source is mostly from being a successful . Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. 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. So who are the two candidates? Continue reading your article witha WSJ subscription, Already a member? Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. Build your career at HSBC. . Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. 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. The industry leader for online information for tax, accounting and finance professionals. See here for a complete list of exchanges and delays. Powered and implemented by Interactive Data Managed Solutions. Under Wongs leadership, the region has become an increasingly important part of HSBC. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. There are 3 older and 37 younger executives at HSBC plc. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-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. He may be stepping down from his post, but it was reported that he will not be leaving the company. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. 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). HSBC Endless possibilities, diverse outlooks. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. technique - and why do banks like it? 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. We are investing US$6bn in Asia in the next 5 years and David and Rosha will lead this next phase of our Asia strategy as we focus on expanding and diversifying our presence across the worlds most dynamic region, said Group CEO Noel Quinn. HSBC Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. Today is my first day as CEO of HSBC Australia. 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. See here for a complete list of exchanges and delays. Find thousands of job opportunities by signing up to eFinancialCareers today. HSBC Liaos successor will be announced in due course, the bank added. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. may.y.m.kek@hsbc.com.hk. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. WebMore activity by Peter. 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 Wong 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. Peter Wongs income source is mostly from being a successful . He is from British Hong Kong. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. For a full comparison of Standard and Premium Digital, click here. 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. 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. 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 (Financial News), 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. 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). (, 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. All Rights Reserved. His net worth has been growing significantly in 2021-2022. HSBC There are 3 older and 37 younger executives at HSBC plc. The battle for power within HSBC 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.. 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. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. How standard depends on whether they agree to move on expat or local terms. A five-bed, four bathroom 4000 sq ft apartment at. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. (. 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..