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Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. We use +44 (0) 20 7992 2045 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. WebPeter Wong Net Worth. Peter Wong has been HSBC Asia Pacifics chief since 2010. 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.. Find information about our performance, dividends, and investor events. 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. HSBC 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 HSBC (, 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. 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. WebMore activity by Peter. 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. FORTUNE may receive compensation for some links to products and services on this website. Can it survive in a socially distanced world? (Bloomberg), Have a confidential story, tip, or comment youd like to share? 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. 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. Peter Wong 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. 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. Please sign in or register to comment. Compare Standard and Premium Digital here. 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. What is the S.T.A.R. WebMore activity by Peter. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Peter Wongs income source is mostly from being a successful . Liked by Peter Wong. 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. 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. journalists in 50+ countries covering politics, business, innovation, trends and more. Check if your 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. Thank you. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. our Subscriber Agreement and by copyright law. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. For those preferring to escape the City, The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. (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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Contact:sbutcher@efinancialcareers.comin the first instance. The region will continue to be run as a single entity, jointly managed. Whatsapp/Signal/Telegram also available. 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. There are 3 older and 37 younger executives at HSBC plc. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. HSBC Mr Wang, on the other hand, grew up in Nanjing and runs HSBC Bank China. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. 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. He is from British Hong Kong. So, how much is Peter Wong worth at the age of 71 years old? 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. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. You may change or cancel your subscription or trial at any time online. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. Apartments in mid-levels Central are also popular among expats. 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. How standard depends on whether they agree to move on expat or local terms. Offers may be subject to change without notice. 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.. 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. or Read the latest views from HSBC experts and analysis from our economists. HSBC 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. Last updated: 1 March 2023 at 11:00am EST. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. 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. Peter will stay in the house, said HSBC group CEO Noel Quinn. 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. 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 industry leader for online information for tax, accounting and finance professionals. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. living 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. 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. 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. Reporting by Rachel Armstrong, Editing by Himani Sarkar, Philippines says Chinese navy ship spotted near disputed island, North Korea says US causing international arms control collapse, Exclusive: Nvidia's plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft, China's economy, government revamp in focus as parliament set to open, American Airlines, flight attendants union seek mediation in contract negotiations, France's nuclear output hit by strike at EDF, U.S. CDC issues advisory after confirmed measles case in Kentucky, As space junk threat grows, government and investors seek solutions, Media report that UAE considering leaving OPEC not true - sources, Exclusive news, data and analytics for financial market professionals. 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. HSBC HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). HSBC All Rights Reserved. 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. 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. Peter Wong 01:36 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. All Rights Reserved. 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. Today is my first day as CEO of HSBC Australia. HSBC university 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's Hong Kong relocation packages 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. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. HSBC promotes executive who backed Hong Kong security crackdown 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. Peter Wongs income source is mostly from being a successful . HSBC HSBC WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Liked by Peter Wong. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. HSBC Peter Wong 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. The next site will open in a new browser window. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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.