So, how much is Peter Wong worth at the age of 71 years old? I would also like to thank Peter for his extraordinary contribution to HSBC and for agreeing to continue to share his expertise as non-executive Chairman of HBAP. In 2019, those figures had grown to 49% and 90%, respectively. 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.
HSBC Can Credit Suisse Really Put its House in Order?
HSBC Asia Pacific announces retirement 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). 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.
HSBC 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.. Perched on the citys steep slopes, they are minutes from downtown. The announcement sparked years of speculationand even the companys own threatsthat HSBC would move its headquarters from London back to Hong Kong, but the firm remains based in the British capital. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. After working overseas for a number of years I have often reflected from afar that Australias. 01:36 You can still enjoy your subscription until the end of your current billing period. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. He is from British Hong Kong. analyse how our Sites are used. 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..
Hongkong and Shanghai Banking Corporation Limited It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. 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. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. Peter Wong has been HSBC Asia Pacifics chief since 2010. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. This copy is for your personal, non-commercial use only.
HSBC promotes executive who backed Hong Kong security crackdown HSBC His net worth has been growing significantly in 2021-2022. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter.
Please dont call them veterans, that term refers to the former staff of less prestigious banks. He may be stepping down from his post, but it was reported that he will not be leaving the company. WebMore activity by Peter. 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. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534.
Peter Wong 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. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. After working overseas for a number of years I have often reflected from afar that Australias. Thank you. So who are the two candidates? REUTERS/Brendan McDermid/File Photo/File Photo. 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. He is from British Hong Kong. Today, that position may be as precarious as ever. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. FORTUNE may receive compensation for some links to products and services on this website. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. He may be stepping down from his post, but it was reported that he will not be leaving the company.
HSBC There are 3 older and 37 younger executives at HSBC plc.
Peter Wong Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. 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 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. Under Wongs leadership, the region has become an increasingly important part of HSBC.
Peter Wong All rights reserved. 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. 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. 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. 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. 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. technique - and why do banks like it? Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). [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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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 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. Or would he take the job just for the love of the game and a ticket to Davos? On May 26, the Financial Times reported that HSBC board members were urging the company to make a tighter turn to Asian markets, which may include deeper cuts to the banks operations in the U.S. and Europe. How standard depends on whether they agree to move on expat or local terms.
HSBC Peter Wong (banker Londons Savile Row exported bespoke British suits to the one percent. Check if your 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. 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.
As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. WebPeter Wong Net Worth. 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. Compare Standard and Premium Digital here. 01:36 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. For a full comparison of Standard and Premium Digital, click here. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. Endless possibilities, diverse outlooks. 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. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. Heidi Ashley Continue reading your article witha WSJ subscription, Already a member? Apartments in mid-levels Central are also popular among expats. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 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. 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. In Hong Kong, at least, it seems its Beijing-side up. The updated policy will support the transition towards a net zero future by 2050 or sooner. 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. cookies 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. Last updated: 1 March 2023 at 11:00am EST.
HSBC 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. 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..
HSBC Peter Wong 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.
HSBC says Asia Pacific CEO Peter Wong 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Peter Wong has been HSBC Asia Pacifics chief since 2010. Gain a global perspective on the US and go beyond with curated news and analysis from 600 Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Today is my first day as CEO of HSBC Australia. university 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..
Taipan House eludes executives succeeding Peter Wong HSBC Read the latest views from HSBC experts and analysis from our economists. HSBC Holdings plc is a British multinational universal bank and financial services holding company. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. , the highest point on Hong Kong island, start at around $160k (14k) a month. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. However, HSBCs Asia pivot has shown up clearly in its earnings. (Bloomberg), Shorts in the office, yes or no? Distribution and use of this material are governed by While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. 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). David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect.
HSBC Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022.
HSBC says Asia Pacific CEO Peter Wong Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Liked by Peter Wong. 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. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. We are investing in Asias dynamic markets and in our technology.
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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. The bank was headquartered in Hong Kong for over a century, but moved its base operations to London in 1993 amid a push to expand outside Asia. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.