The possibility is, however, fascinating to contemplate. 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. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. What is the S.T.A.R. Please dont call them veterans, that term refers to the former staff of less prestigious banks. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 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. 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. So, how much is Peter Wong worth at the age of 71 years old? 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. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". .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. Eventually it will unless its offensive or libelous (in which case it wont.). 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. This copy is for your personal, non-commercial use only. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Peter Wongs income source is mostly from being a successful . Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Under Wongs leadership, the region has become an increasingly important part of HSBC. 01:36 HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. 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? Heidi Ashley 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. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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]. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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 may be stepping down from his post, but it was reported that he will not be leaving the company. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. So, how much is Peter Wong worth at the age of 71 years old? Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Compare Standard and Premium Digital here. Hitendra Dave has been appointed as Interim CEO of HSBC India, effective today, and he will be named as permanent CEO when full regulatory approval is received. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. 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 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. Perched on the citys steep slopes, they are minutes from downtown. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. , the highest point on Hong Kong island, start at around $160k (14k) a month. 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). 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Build your career at HSBC. Prices to rent a four-bedroom apartment on. 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. David Liaos successor will be announced in due course. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 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. [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. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany and Italy stall EU ban on combustion engines, Germany seeks to buy Leopard tanks from Switzerland, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Panic station at Fox News: how the Murdochs agonised over Trumps loss, UK housing market braced for make-or-break spring, Harrods chief shrugs off recession fears because rich get richer. (, 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. . 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. Chief executives tend to be replaced by board committees and transparent processes, after all. Last updated: 1 March 2023 at 11:00am EST. 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? Liked by Peter Wong. 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. 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. 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. 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. So, how much is Peter Wong worth at the age of 71 years old? Find thousands of job opportunities by signing up to eFinancialCareers today. or Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices The possibility is, however, fascinating to contemplate. 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. technique - and why do banks like it? Whatsapp/Signal/Telegram also available. Can Shell close the valuation gap with US rivals? 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). Endless possibilities, diverse outlooks. 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.. 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 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. His net worth has been growing significantly in 2021-2022. 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. 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.. 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. There are 3 older and 37 younger executives at HSBC plc. So who are the two candidates? According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. With assets of US$2,959bn at 31 March 2021, 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. Find the latest media releases, HSBC news, speeches and award wins. 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. 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. Continue reading your article witha WSJ subscription, Already a member? our Subscriber Agreement and by copyright law. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. All Rights Reserved. Gain a global perspective on the US and go beyond with curated news and analysis from 600 All Rights Reserved. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. personalising content and ads, providing social media features and to 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. 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. (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. 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. A five-bed, four bathroom 4000 sq ft apartment at. How standard depends on whether they agree to move on expat or local terms. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Even as Asia increasingly bolsters the companys bottom line, the banks future still relies a great deal on pacifying authorities in the U.S., who have threatened sanctions against entities seen as involved in eroding Hong Kongs autonomy.. journalists in 50+ countries covering politics, business, innovation, trends and more. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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..
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