As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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 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. Find the latest media releases, HSBC news, speeches and award wins. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. Powered and implemented by Interactive Data Managed Solutions. Liked by Peter Wong. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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On this Wikipedia the language links are at the top of the page across from the article title. [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. Weve announced further financed emissions targets for four carbon-intensive sectors. Prices to rent a four-bedroom apartment on. Distribution and use of this material are governed by +44 (0) 20 7992 2045 Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. In Hong Kong, at least, it seems its Beijing-side up. 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. In 2019, those figures had grown to 49% and 90%, respectively. This copy is for your personal, non-commercial use only. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. So who are the two candidates? Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. He is from British Hong Kong. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. His leadership over the past 11 years has seen us grow our revenues in Asia substantially and build our lead in key sectors even as the markets underwent rapid change. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Peter Wong has been HSBC Asia Pacifics chief since 2010. Please dont call them veterans, that term refers to the former staff of less prestigious banks. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. Contact:sbutcher@efinancialcareers.comin the first instance. .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. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 01:36 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. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. WebMore activity by Peter. Since a lot of the actual money made in HSBCs Asian franchise is still denominated in or linked to the U.S. dollar, Beijing isnt the only opaque regulatory environment they have to worry about. You may change or cancel your subscription or trial at any time online. And often the most intriguing power plays take place slightly below the C-suite. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Weve entered into an agreement with Royal Bank of Canada. +852 2822 4940 Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. In particular, the result of who comes out on top can often tell you more about long term strategy and priorities than a month of Investor Days. Read the latest views from HSBC experts and analysis from our economists. ), Excellent relocation packages for HSBC senior executives. (. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. All Rights Reserved. journalists in 50+ countries covering politics, business, innovation, trends and more. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. Today is my first day as CEO of HSBC Australia. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. 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. 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. university Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. HSBC later said it suspended the account because it was not being used for its stated purpose. A month later, Hong Kong police froze $10 million in the Spark account and arrested four people affiliated with the organization for money laundering. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. Eventually it will unless its offensive or libelous (in which case it wont. WebPeter Wong Net Worth. 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. The possibility is, however, fascinating to contemplate. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. 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. 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.. So, how much is Peter Wong worth at the age of 71 years old? 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. 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. We have estimated Peter Wong's net worth , money, salary, income, and assets. Wong has been CEO of Asia Pacific since February 2010. Reset here, 1999 - 2023 citywire.com. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. 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. There are 3 older and 37 younger executives at HSBC plc. What is the S.T.A.R. Londons Savile Row exported bespoke British suits to the one percent. 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. 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. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Peter Wongs income source is mostly from being a successful . 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. 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. Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. 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. and other data for a number of reasons, such as keeping FT Sites reliable and secure, The updated policy will support the transition towards a net zero future by 2050 or sooner. could be sentient says Microsofts chatbot feels like watching the Shark Tank investor Kevin OLeary says a new generation of employee has never worked in an officeand its totally I cant afford to sell because I dont want to lose that rate: 3% mortgage rates will loom large over the U.S. CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Chief executives tend to be replaced by board committees and transparent processes, after all. 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.. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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.