Weve announced further financed emissions targets for four carbon-intensive sectors. Liaos successor will be announced in due course, the bank added. 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. Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. We have estimated Peter Wong's net worth , money, salary, income, and assets. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. REUTERS/Brendan McDermid/File Photo/File Photo. There are 3 older and 37 younger executives at HSBC plc. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. . 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. The police accused Spark of using the funds for personal gain, paying protesters, and other illegal activities., Spark denounced the accusations as a smear campaign orchestrated by Beijing. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. 01:36 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. offers FT membership to read for free. Distribution and use of this material are governed by As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Continue reading your article witha WSJ subscription, Already a member? 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.. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. [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. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. and other data for a number of reasons, such as keeping FT Sites reliable and secure, Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. Peter Wongs income source is mostly from being a successful . 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. 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. (Bloomberg), Have a confidential story, tip, or comment youd like to share? +44 (0) 20 7992 2045 How standard depends on whether they agree to move on expat or local terms. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. our Subscriber Agreement and by copyright law. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. His net worth has been growing significantly in 2021-2022. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. 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. FORTUNE may receive compensation for some links to products and services on this website. ), Excellent relocation packages for HSBC senior executives. 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. After working overseas for a number of years I have often reflected from afar that Australias. We support credit card, debit card and PayPal payments. He may be stepping down from his post, but it was reported that he will not be leaving the company. It is free to register and only takes a minute or two. 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. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 01:36 WebPeter Wong Net Worth. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. 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. His net worth has been growing significantly in 2021-2022. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. 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). 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. What is the S.T.A.R. We use 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. All Rights Reserved. technique - and why do banks like it? All rights reserved. Endless possibilities, diverse outlooks. Peter Wong has been HSBC Asia Pacifics chief since 2010. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. .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. , the highest point on Hong Kong island, start at around $160k (14k) a month. The next site will open in a new browser window. Reset here, 1999 - 2023 citywire.com. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. 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. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Find the latest media releases, HSBC news, speeches and award wins. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. The oldest executive at HSBC Holdings plc is Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, 71, who is the Advisor. 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? 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. 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. 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. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. 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. In Hong Kong, at least, it seems its Beijing-side up. 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. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. So, how much is Peter Wong worth at the age of 71 years old? (, Shorts in the office, yes or no? Weve entered into an agreement with Royal Bank of Canada. You may change or cancel your subscription or trial at any time online. 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. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. Heidi Ashley The possibility is, however, fascinating to contemplate. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. Under Wongs leadership, the region has become an increasingly important part of HSBC. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. 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.. or 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. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. personalising content and ads, providing social media features and to He may be stepping down from his post, but it was reported that he will not be leaving the company. Powered and implemented by Interactive Data Managed Solutions. 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. 01:36 He is from British Hong Kong. Can Shell close the valuation gap with US rivals? 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 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. analyse how our Sites are used. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. 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. 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. Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. (. His net worth has been growing significantly in 2021-2022. 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. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. David Liaos successor will be announced in due course. Chief executives tend to be replaced by board committees and transparent processes, after all. 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. 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. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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. heidi.ashley@hsbc.com, May Kek 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]. Apartments in mid-levels Central are also popular among expats. 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. may.y.m.kek@hsbc.com.hk. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. The fired Google engineer who thought its A.I. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. After working overseas for a number of years I have often reflected from afar that Australias. In 2019, those figures had grown to 49% and 90%, respectively. WebMore activity by Peter. 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. We appreciate you taking the time to give us feedback. Build your career at HSBC. Today is my first day as CEO of HSBC Australia. 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. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 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. Today is my first day as CEO of HSBC Australia. Perched on the citys steep slopes, they are minutes from downtown. He is from British Hong Kong. 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. 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. (Bloomberg), Shorts in the office, yes or no? WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. WebPeter Wong Net Worth. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. In the past decade, the firm has firmly shifted focus back to Asia again. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. 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. 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. Prices to rent a four-bedroom apartment on. On this Wikipedia the language links are at the top of the page across from the article title. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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Check if your They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee.
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