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. View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. 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. 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. 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. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. Simply log into Settings & Account and select "Cancel" on the right-hand side. His net worth has been growing significantly in 2021-2022. (, 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. We appreciate you taking the time to give us feedback. In particular, the result of who comes out on top can often tell you more about long term strategy and priorities than a month of Investor Days. 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. 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. REUTERS/Brendan McDermid/File Photo/File Photo. The next site will open in a new browser window. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. [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. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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. 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. Liked by Peter Wong. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Compare Standard and Premium Digital here. FORTUNE may receive compensation for some links to products and services on this website. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Please sign in or register to comment. Thank you. (Financial News), Saving 10% on state income taxes, much more on housing and having plentiful golfing and beaches the attractions of Wall Street South in the Brickell neighbourhood of Miami are obvious. 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. 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 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. 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. Our Standards: The Thomson Reuters Trust Principles. After working overseas for a number of years I have often reflected from afar that Australias. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. 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. Continue reading your article witha WSJ subscription, Already a member? He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 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. Contact:sbutcher@efinancialcareers.comin the first instance. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. So, how much is Peter Wong worth at the age of 71 years old? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. David Liaos successor will be announced in due course. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. 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.. technique - and why do banks like it? Perched on the citys steep slopes, they are minutes from downtown. 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. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. So, how much is Peter Wong worth at the age of 71 years old? 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 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. In fact, theres early evidence that its already taking place. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. You may change or cancel your subscription or trial at any time online. A five-bed, four bathroom 4000 sq ft apartment at. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Any changes made can be done at any time and will become effective at the end of the trial period, allowing you to retain full access for 4 weeks, even if you downgrade or cancel. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Some of that might have vested in the meantime; if it was linked to the UBS share price then he will have lost about 10% on the stock but made back slightly more on the Swiss franc exchange rate. After working overseas for a number of years I have often reflected from afar that Australias. (, Shorts in the office, yes or no? Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. 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? Peter will stay in the house, said HSBC group CEO Noel Quinn. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. Build your career at HSBC. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. So who are the two candidates? Please dont call them veterans, that term refers to the former staff of less prestigious banks. +852 2822 4940 Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Perched on the citys steep slopes, they are minutes from downtown. 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. What is the S.T.A.R. 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. 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. 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. Apartments in mid-levels Central are also popular among expats. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. What is the S.T.A.R. 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. Chief executives tend to be replaced by board committees and transparent processes, after all. 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. He is from British Hong Kong. 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). could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. 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. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? The pandemics social-distancing measures that quelled protests in early 2020 provided a temporary reprieve for HSBCs Hong Kong locations, but the demonstrations have resurged in the wake of Beijings national security law. Under Wongs leadership, the region has become an increasingly important part of HSBC. technique - and why do banks like it? 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. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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. WebPeter Wong Net Worth. We have estimated Peter Wong's net worth , money, salary, income, and assets. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one All rights reserved. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. 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). The region will continue to be run as a single entity, jointly managed. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. For non-personal use or to order multiple copies, please contact 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. ), Excellent relocation packages for HSBC senior executives. Liked by Peter Wong. He may be stepping down from his post, but it was reported that he will not be leaving the company. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. 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. Londons Savile Row exported bespoke British suits to the one percent. Wong has been CEO of Asia Pacific since February 2010. However, HSBCs Asia pivot has shown up clearly in its earnings. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. See here for a complete list of exchanges and delays. WebMore activity by Peter. The possibility is, however, fascinating to contemplate. 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. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise.