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. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. 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. 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 Holdings plc is a British multinational universal bank and financial services holding company. HSBC says Asia Pacific CEO Peter Wong Please sign in or register to comment. 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.. HSBC In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. All Rights Reserved. Peter Wong 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. 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. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. or We are investing in Asias dynamic markets and in our technology. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. His net worth has been growing significantly in 2021-2022. 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. Distribution and use of this material are governed by After working overseas for a number of years I have often reflected from afar that Australias. 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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. In the past decade, the firm has firmly shifted focus back to Asia again. Last year he sparked a backlash from the British and U.S. governments when he signed a petition backing China's imposition of a national security law on Hong Kong, breaking years of neutrality for the UK-based, Asia-focused lender. During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. Whatsapp/Signal/Telegram also available. Today is my first day as CEO of HSBC Australia. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. His net worth has been growing significantly in 2021-2022. 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. WebMore activity by Peter. WebMore activity by Peter. David and Rosha will share the reporting lines for the markets in Asia Pacific between them. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. HSBC I am very excited to have David and Rosha join the Group Executive Committee. 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. 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. Can Credit Suisse Really Put its House in Order? He is from British Hong Kong. Contact:sbutcher@efinancialcareers.comin the first instance. 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. Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. After working overseas for a number of years I have often reflected from afar that Australias. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Questions like, is HSBC a global bank with a Chinese franchise or vice versa? Peter Wong has been HSBC Asia Pacifics chief since 2010. Terms & Conditions. +852 2822 4940 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. Today is my first day as CEO of HSBC Australia. According to one Italian business newspaper, 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. HSBC We support credit card, debit card and PayPal payments. HSBC Have a confidential story, tip, or comment youd like to share? [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Weve entered into an agreement with Royal Bank of Canada. 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. cookies Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. HSBC promotes executive who backed Hong Kong security crackdown Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. 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. Peter Wong It is free to register and only takes a minute or two. Peter Wong On this Wikipedia the language links are at the top of the page across from the article title. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. HSBC Please dont call them veterans, that term refers to the former staff of less prestigious banks. (. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Heidi Ashley We have estimated Peter Wong's net worth , money, salary, income, and assets. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Peter Wong (banker For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany and Italy stall EU ban on combustion engines, Germany seeks to buy Leopard tanks from Switzerland, Something is boiling: Turkish football fans tackle Erdoan, Three-day weekends and more time for love: Chinas elite dream up policies for Xi, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Panic station at Fox News: how the Murdochs agonised over Trumps loss, UK housing market braced for make-or-break spring, Harrods chief shrugs off recession fears because rich get richer. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. 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). . 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. 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.. 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. Taipan House eludes executives succeeding Peter Wong You may change or cancel your subscription or trial at any time online. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. HSBC Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. 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. He may be stepping down from his post, but it was reported that he will not be leaving the company. (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. All Rights Reserved. His net worth has been growing significantly in 2021-2022. 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.