peter wong hsbc salary peter wong hsbc salary

Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Have a confidential story, tip, or comment youd like to share? 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. 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. Heidi Ashley WebPeter Wong Net Worth. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. 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. 2023 Fortune Media IP Limited. Today is my first day as CEO of HSBC Australia. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. [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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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. 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. 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. HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. 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. Chief executives tend to be replaced by board committees and transparent processes, after all. organisation 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. 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. The updated policy will support the transition towards a net zero future by 2050 or sooner. offers FT membership to read for free. You are leaving HSBC.com. 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. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. 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. However, HSBCs Asia pivot has shown up clearly in its earnings. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Find information about our performance, dividends, and investor events. 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. WebPeter Wong Net Worth. Or would he take the job just for the love of the game and a ticket to Davos? 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. 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. 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. Eventually it will unless its offensive or libelous (in which case it wont.). His net worth has been growing significantly in 2021-2022. ), Excellent relocation packages for HSBC senior executives. His net worth has been growing significantly in 2021-2022. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. There are 3 older and 37 younger executives at HSBC plc. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Eventually it will unless its offensive or libelous (in which case it wont. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. +852 2822 4940 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. . Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. Liaos successor will be announced in due course, the bank added. 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.. Under Wongs leadership, the region has become an increasingly important part of HSBC. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. 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. 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 move was understood as politically necessary to avoid punitive action against the bank by Beijing but drew widespread international and local Hong Kong criticism.[3][5]. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. +44 (0) 20 7992 2045 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. Build your career at HSBC. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. We use For a full comparison of Standard and Premium Digital, click here. 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. [3], In 2020, in a highly symbolic act that ended the bank's previous political neutrality, Wong signed a public petition supporting the Chinese leaderships creation of a far-reaching national security law for Hong Kong. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. HSBC says Asia Pacific CEO Peter Wong to retire | Reuters Make sense of the market with highlights of the latest news and trends in global financial markets. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. Find the latest media releases, HSBC news, speeches and award wins. Last updated: 1 March 2023 at 11:00am EST. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. A five-bed, four bathroom 4000 sq ft apartment at. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. The possibility is, however, fascinating to contemplate. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. In the past decade, the firm has firmly shifted focus back to Asia again. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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. He is from British Hong Kong. technique - and why do banks like it? Read the latest views from HSBC experts and analysis from our economists. After working overseas for a number of years I have often reflected from afar that Australias. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Founded in 1865, 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. Powered and implemented by Interactive Data Managed Solutions. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. You may change or cancel your subscription or trial at any time online. 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). Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. Perched on the citys steep slopes, they are minutes from downtown. In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. Prices to rent a four-bedroom apartment on. After working overseas for a number of years I have often reflected from afar that Australias. As of 2018, according to the, 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 (, 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. So, how much is Peter Wong worth at the age of 71 years old? He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. heidi.ashley@hsbc.com, May Kek , the highest point on Hong Kong island, start at around $160k (14k) a month. We are investing in Asias dynamic markets and in our technology. His net worth has been growing significantly in 2021-2022. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. 01:36 What is the S.T.A.R. 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. The potential and pitfalls of Central Bank Digital Currencies, Investor information in Chinese - , HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific, Shanghai Administration for Industry & Commerce. 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. 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. Liked by Peter Wong. 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. Peter Wongs income source is mostly from being a successful . Simply log into Settings & Account and select "Cancel" on the right-hand side. Liked by Peter Wong. We have estimated Peter Wong's net worth , money, salary, income, and assets. And often the most intriguing power plays take place slightly below the C-suite. Perched on the citys steep slopes, they are minutes from downtown. 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. HSBC says Asia Pacific CEO Peter Wong to retire | Reuters Make sense of the market with highlights of the latest news and trends in global financial markets. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. WebPeter 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, 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. Premium access for businesses and educational institutions. journalists in 50+ countries covering politics, business, innovation, trends and more. Although hes described as at ease with officials and able to navigate Chinas opaque regulatory environment, both of which sound a little euphemistic, hes also an investment banker, having been a bond and FX trader in the 80s and worked for Deutsche before joining HSBC. 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. See here for a complete list of exchanges and delays. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. For non-personal use or to order multiple copies, please contact 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. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. Can Credit Suisse Really Put its House in Order? 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. 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. 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. 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. 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. (Bloomberg), Have a confidential story, tip, or comment youd like to share? Wong has been CEO of Asia Pacific since February 2010. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. I am very excited to have David and Rosha join the Group Executive Committee. 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. Rosha has worked in financial services for nearly 30 years. 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. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. 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. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. All rights reserved. Find thousands of job opportunities by signing up to eFinancialCareers today. 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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. David has been with HSBC for 24 years, and previously served as President and CEO of HSBC China. He is from British Hong Kong. So who are the two candidates? The possibility is, however, fascinating to contemplate. 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. This copy is for your personal, non-commercial use only. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one The fired Google engineer who thought its A.I. 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. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? 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.. university WebMore activity by Peter. 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. Terms & Conditions. Find thousands of job opportunities by signing up to eFinancialCareers today. 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. 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. 01:36 On this Wikipedia the language links are at the top of the page across from the article title. In 2019, those figures had grown to 49% and 90%, respectively. technique - and why do banks like it? We support credit card, debit card and PayPal payments. Contact:sbutcher@efinancialcareers.comin the first instance. 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. is currently advertised at HK$280k per month. We appreciate you taking the time to give us feedback. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. Contact:sbutcher@efinancialcareers.comin the first instance. He may be stepping down from his post, but it was reported that he will not be leaving the company. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. personalising content and ads, providing social media features and to 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. Can Shell close the valuation gap with US rivals? The possibility is, however, fascinating to contemplate. 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.