The next site will open in a new browser window. 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 Fortune Media IP Limited. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. For a full comparison of Standard and Premium Digital, click here. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Their collective experience of our markets across Asia Pacific, together with their combined knowledge of the bank and our customers mean they are ideally placed to grow the business. Contact:sbutcher@efinancialcareers.comin the first instance. Under Wongs leadership, the region has become an increasingly important part of HSBC. For non-personal use or to order multiple copies, please contact (. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. 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. All Rights Reserved. (Bloomberg), Have a confidential story, tip, or comment youd like to share? During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. At the same time, the bank has become increasingly reliant on China and Asia more broadly in recent years, meaning political missteps in the region carry enormous risk. Today is my first day as CEO of HSBC Australia. 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. We use There are 3 older and 37 younger executives at HSBC plc. Today, that position may be as precarious as ever. Check if your 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. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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. 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 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. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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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. 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). He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. 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. Weve entered into an agreement with Royal Bank of Canada. His net worth has been growing significantly in 2021-2022. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. All rights reserved. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. We appreciate you taking the time to give us feedback. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. In the past decade, the firm has firmly shifted focus back to Asia again. 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. Terms & Conditions. heidi.ashley@hsbc.com, May Kek Liked by Peter Wong. On May 4, HSBC announced that it had bought out National Trust, its partner in a life insurance joint venture in China, as a means to accelerate growth in Asia, as Quinn put it. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. The industry leader for online information for tax, accounting and finance professionals. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. The possibility is, however, fascinating to contemplate. So, how much is Peter Wong worth at the age of 71 years old? Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". After working overseas for a number of years I have often reflected from afar that Australias. 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 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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 Wongs income source is mostly from being a successful . 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. 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. 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. 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. This will generate unprecedented opportunities both for the bank and for our customers. 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 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. 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. Endless possibilities, diverse outlooks. 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. After working overseas for a number of years I have often reflected from afar that Australias. 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. 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]. 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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. or 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. 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. Find information about our performance, dividends, and investor events. 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. university 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. +852 2822 4940 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. His net worth has been growing significantly in 2021-2022. For cost savings, you can change your plan at any time online in the Settings & Account section. You can still enjoy your subscription until the end of your current billing period. All Rights Reserved. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. 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. 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. The move follows public pressure from Hong Kongs former chief executive Leung Chun-ying for HSBC to support the law and aligns the bank with a growing chorus of executives from Hong Kong business institutions supporting the bill. 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. This copy is for your personal, non-commercial use only. 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. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. He may be stepping down from his post, but it was reported that he will not be leaving the company. So, how much is Peter Wong worth at the age of 71 years old? Our Standards: The Thomson Reuters Trust Principles. The possibility is, however, fascinating to contemplate. 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). 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.. Please dont call them veterans, that term refers to the former staff of less prestigious banks. Powered and implemented by Interactive Data Managed Solutions. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. Premium access for businesses and educational institutions. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. Perched on the citys steep slopes, they are minutes from downtown. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. See here for a complete list of exchanges and delays. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. Prices to rent a four-bedroom apartment on. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. 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. 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. 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. 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. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. 01:36 And often the most intriguing power plays take place slightly below the C-suite. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. He joined HSBC in 1991 in India, where he worked in a variety of roles including in FX trading, Corporate Treasury Sales and as Head of Sales, Treasury and Capital Markets for India. 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. So, how much is Peter Wong worth at the age of 71 years old? FORTUNE may receive compensation for some links to products and services on this website. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. 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. 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. 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. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter Wong has been HSBC Asia Pacifics chief since 2010. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. Under Wongs leadership, the region has become an increasingly important part of HSBC. Liked by Peter Wong. What is the S.T.A.R. REUTERS/Brendan McDermid/File Photo/File Photo. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. He is from British Hong Kong. He may be stepping down from his post, but it was reported that he will not be leaving the company. Find thousands of job opportunities by signing up to eFinancialCareers today. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. There are 3 older and 37 younger executives at HSBC plc. analyse how our Sites are used. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. It is free to register and only takes a minute or two.
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