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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. All quotes delayed a minimum of 15 minutes. This copy is for your personal, non-commercial use only. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. Wong has been CEO of Asia Pacific since February 2010. Our Standards: The Thomson Reuters Trust Principles. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. Weve entered into an agreement with Royal Bank of Canada. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. HSBC first became embroiled in Hong Kongs pro-democracy movement last year, joining a list of companies with operations in Hong Kong, such as Starbucks and Chinese stateowned banks, that were targeted by protesters for their perceived ties to Beijing. 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. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Whatsapp/Signal/Telegram also available. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. 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. 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. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. Last updated: 1 March 2023 at 11:00am EST. 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. 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 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. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. He may be stepping down from his post, but it was reported that he will not be leaving the company. All rights reserved. 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. Peter Wongs income source is mostly from being a successful . He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 2023 Fortune Media IP Limited. personalising content and ads, providing social media features and to Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Peter Wongs income source is mostly from being a successful . His net worth has been growing significantly in 2021-2022. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. WebMore activity by Peter. REUTERS/Brendan McDermid/File Photo/File Photo. technique - and why do banks like it? WebPeter Wong Net Worth. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 01:36 HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Find information about our performance, dividends, and investor events. This will generate unprecedented opportunities both for the bank and for our customers. WebMore activity by Peter. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. 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. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. 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. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. What is the S.T.A.R. Have a confidential story, tip, or comment youd like to share? 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". 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. 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. (Bloomberg), Have a confidential story, tip, or comment youd like to share? Find thousands of job opportunities by signing up to eFinancialCareers today. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. The industry leader for online information for tax, accounting and finance professionals. 01:36 If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. Liked by Peter Wong. our Subscriber Agreement and by copyright law. Contact:sbutcher@efinancialcareers.comin the first instance. 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. Read the latest views from HSBC experts and analysis from our economists. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. David Liaos successor will be announced in due course. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Bloomberg reports thatPeter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Apartments in mid-levels Central are also popular among expats. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. 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. 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. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. 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. For a full comparison of Standard and Premium Digital, click here. Under Wongs leadership, the region has become an increasingly important part of HSBC. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. university Or would he take the job just for the love of the game and a ticket to Davos? Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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 possibility is, however, fascinating to contemplate. He may be stepping down from his post, but it was reported that he will not be leaving the company. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. Powered and implemented by Interactive Data Managed Solutions. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Build your career at HSBC. (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. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. ), Excellent relocation packages for HSBC senior executives. How standard depends on whether they agree to move on expat or local terms. 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. Standard Digital includes access to a wealth of global news, analysis and expert opinion. . Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. 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. After working overseas for a number of years I have often reflected from afar that Australias. 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. See here for a complete list of exchanges and delays. However, HSBCs Asia pivot has shown up clearly in its earnings. analyse how our Sites are used. All Rights Reserved. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. His net worth has been growing significantly in 2021-2022. 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 may be stepping down from his post, but it was reported that he will not be leaving the company. Can it survive in a socially distanced world? 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. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. 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). They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. On this Wikipedia the language links are at the top of the page across from the article title. 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). cookies Reset here, 1999 - 2023 citywire.com. 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. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. 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. Eventually it will unless its offensive or libelous (in which case it wont. 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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. Under Wongs leadership, the region has become an increasingly important part of HSBC. Londons Savile Row exported bespoke British suits to the one percent. So, how much is Peter Wong worth at the age of 71 years old? His net worth has been growing significantly in 2021-2022. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. (, 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. 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. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. A five-bed, four bathroom 4000 sq ft apartment at. (. 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.. 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. 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. He is from British Hong Kong. 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. All Rights Reserved. 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. We are investing in Asias dynamic markets and in our technology. 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. 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. Founded in 1865, HSBC is one of the worlds largest banking and financial services organisations. 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. So who are the two candidates? Find thousands of job opportunities by signing up to eFinancialCareers today. For cost savings, you can change your plan at any time online in the Settings & Account section. According to one Italian business newspaper, Andrea Orcel is in pole position for the Unicredit job, although there is no source given beyond rumours and they dont exactly help the storys credibility by referring to him as an ex Credit Suisse banker. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. 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. 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. 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. 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.. See here for a complete list of exchanges and delays. Under Wongs leadership, the region has become an increasingly important part of HSBC. 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. Prices to rent a four-bedroom apartment on. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. He is from British Hong Kong. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Peter Wong has been HSBC Asia Pacifics chief since 2010. 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. There are 3 older and 37 younger executives at HSBC plc. 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. For non-personal use or to order multiple copies, please contact FORTUNE may receive compensation for some links to products and services on this website. 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. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. 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 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. We use That plan was temporarily put on hold in March, as the company delayed laying off thousands of workers amid the pandemic and global economic depression. Eventually it will unless its offensive or libelous (in which case it wont.). Forgot your password? Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). You can still enjoy your subscription until the end of your current billing period. Offers may be subject to change without notice. Liao, who was HSBC's head of global banking for Asia Pacific, and Rosha, who was CEO of HSBC India, will continue to run the region as a single entity and be based in Hong Kong. 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. Today is my first day as CEO of HSBC Australia. 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. Check if your 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.

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