Under Wongs leadership, the region has become an increasingly important part of HSBC. 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. We appreciate you taking the time to give us feedback. 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. 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. Endless possibilities, diverse outlooks. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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 Peter Wongs income source is mostly from being a successful . Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. In Hong Kong, at least, it seems its Beijing-side up. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. His net worth has been growing significantly in 2021-2022. Prices to rent a four-bedroom apartment on. 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? All quotes delayed a minimum of 15 minutes. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. After working overseas for a number of years I have often reflected from afar that Australias. A five-bed, four bathroom 4000 sq ft apartment at. He may be stepping down from his post, but it was reported that he will not be leaving the company. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". cookies Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. Weve announced further financed emissions targets for four carbon-intensive sectors. 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. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. 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. 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. 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. 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. Given the delicacy of the choice facing CEO and Chairman Noel Quinn and Mark Tucker, they might be wondering whether the only thing more difficult to navigate than office politics is real politics. 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). Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. [Leungs] recent call for HSBC to support Chinas new national security law really had an intended audience of only one person, and [Peter Wong] quickly signaled his support, said Brock Silvers, chief investment officer at Adamas Asset Management in Hong Kong. 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. Please sign in or register to comment. See here for a complete list of exchanges and delays. Premium access for businesses and educational institutions. and other data for a number of reasons, such as keeping FT Sites reliable and secure, 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.. We have estimated Peter Wong's net worth , money, salary, income, and assets. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Can Shell close the valuation gap with US rivals? 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. Contact:sbutcher@efinancialcareers.comin the first instance. 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. 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. 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. Liked by Peter Wong. Eventually it will unless its offensive or libelous (in which case it wont. We support credit card, debit card and PayPal payments. 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. 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. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. WebMore activity by Peter. 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. Can it survive in a socially distanced world? 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. 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. +852 2822 4940 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. 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. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. His net worth has been growing significantly in 2021-2022. journalists in 50+ countries covering politics, business, innovation, trends and more. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. Although Peter Wongs successor to the top job wont necessarily inherit his position on the HK delegation to the Chinese Peoples Political Consultative Conference, he (both the two internal candidates are men) will still be an important man in town. Liked by Peter Wong. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. The region will continue to be run as a single entity, jointly managed. 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. 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.. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. 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. organisation As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. At the same time, the bank has become increasingly reliant on China and Asia more broadly in recent years, meaning political missteps in the region carry enormous risk. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Peter will stay in the house, said HSBC group CEO Noel Quinn. After working overseas for a number of years I have often reflected from afar that Australias. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. For non-personal use or to order multiple copies, please contact 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), Have a confidential story, tip, or comment youd like to share? Peter will step into the role of non-executive Chairman of HBAP, replacing Laura Cha, who has also stepped down as non-executive Director of HSBC Holdings.