HSBC 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. WebMore activity by Peter. Liaos successor will be announced in due course, the bank added. June 7 (Reuters) - HSBC (HSBA.L) said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha who will jointly run the region. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. HSBC reiterates that under the one country, two systems principle, it respects and supports all laws that stabilize Hong Kongs social order and boost the economy to develop prosperously, the banks statement said. Eventually it will unless its offensive or libelous (in which case it wont.). Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. 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. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. (, Shorts in the office, yes or no? Liked by Peter Wong. We have estimated Peter Wong's net worth , money, salary, income, and assets. Distribution and use of this material are governed by The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Peter Wongs income source is mostly from being a successful . 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. Check if your Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. What is the S.T.A.R. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. Reset here, 1999 - 2023 citywire.com. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". HSBC plc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, Stocks and cryptocurrency portfolio tracker. The next site will open in a new browser window. [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. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. 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. 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). 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. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. 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. Today, that position may be as precarious as ever. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. 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. Prices to rent a four-bedroom apartment on. HSBC's Hong Kong relocation packages Questions like, is HSBC a global bank with a Chinese franchise or vice versa? Peter Wong has been HSBC Asia Pacifics chief since 2010. 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. Perched on the citys steep slopes, they are minutes from downtown. The possibility is, however, fascinating to contemplate. Peter Wong All Rights Reserved. HSBC Holdings plc is a British multinational universal bank and financial services holding company. There are 3 older and 37 younger executives at HSBC plc. 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 There are 3 older and 37 younger executives at HSBC plc. However, HSBCs Asia pivot has shown up clearly in its earnings. 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. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. You are leaving HSBC.com. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 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. 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. 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. 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. Peter Wong Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. HSBC 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. WebPeter Wong Net Worth. So who are the two candidates? 01:36 David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Endless possibilities, diverse outlooks. 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. In 2019, those figures had grown to 49% and 90%, respectively. 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. (. We have estimated Peter Wong's net worth , money, salary, income, and assets. Chief executives tend to be replaced by board committees and transparent processes, after all. 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 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Apartments in mid-levels Central are also popular among expats. It is free to register and only takes a minute or two. 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. 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. HSBC 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. He is from British Hong Kong. Find the latest media releases, HSBC news, speeches and award wins. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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.. The possibility is, however, fascinating to contemplate. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. I am very excited to have David and Rosha join the Group Executive Committee. We are investing in Asias dynamic markets and in our technology. 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. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. HSBC says Asia Pacific CEO Peter Wong So, how much is Peter Wong worth at the age of 71 years old? HSBC Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. Powered and implemented by Interactive Data Managed Solutions. Rosha has worked in financial services for nearly 30 years. Forgot your password? 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. HSBC says Asia Pacific CEO Peter Wong 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. (Bloomberg), Have a confidential story, tip, or comment youd like to share? He may be stepping down from his post, but it was reported that he will not be leaving the company. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Under Wongs leadership, the region has become an increasingly important part of HSBC. FORTUNE may receive compensation for some links to products and services on this website. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. 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. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. HSBC HSBC 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. WebMore activity by Peter. 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. Wong has been CEO of Asia Pacific since February 2010. HSBC Asia Pacific announces retirement 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. +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. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. HSBC 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). Peter T. S. Wong serves as Group Managing Director; Deputy Chairman and Chief Executive Officer - The Hongkong and Shanghai Banking Corporation Limited of the Company. We appreciate you taking the time to give us feedback. 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. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. 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 promotes executive who backed Hong Kong security crackdown 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. 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. Peter Wong Find thousands of job opportunities by signing up to eFinancialCareers today. Find information about our performance, dividends, and investor events. technique - and why do banks like it? 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. HSBC HSBC's Hong Kong relocation packages Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. HSBC Peter Wong (banker WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. On this Wikipedia the language links are at the top of the page across from the article title. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 2023 Fortune Media IP Limited. 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. Taipan House eludes executives succeeding Peter Wong 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? Peter Wong And often the most intriguing power plays take place slightly below the C-suite. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. Peter Wong Compare Standard and Premium Digital here. 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. Heidi Ashley Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. His net worth has been growing significantly in 2021-2022. 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. A five-bed, four bathroom 4000 sq ft apartment at. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. You may change or cancel your subscription or trial at any time online. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. 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? Liked by Peter Wong. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one HSBC Asia Pacific announces retirement There are 3 older and 37 younger executives at HSBC plc. 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. 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. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. Peter Wongs income source is mostly from being a successful . FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. HSBC promotes executive who backed Hong Kong security crackdown HSBC 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. The fired Google engineer who thought its A.I. Hongkong and Shanghai Banking Corporation Limited
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