peter wong hsbc salary

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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. 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. 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. 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. Peter Wong 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. HSBC promotes executive who backed Hong Kong security crackdown 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. technique - and why do banks like it? 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. Despite the recent turmoil, HSBC has long been embedded in the fabric of Hong Kong, to the point that it remains one of three banks that prints Hong Kongs currency. 01:36 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. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 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. 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. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Taipan House eludes executives succeeding Peter Wong These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. Liaos successor will be announced in due course, the bank added. Peter Wongs income source is mostly from being a successful . In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. Have a confidential story, tip, or comment youd like to share? 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. 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. HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. +44 (0) 20 7992 2045 During your trial you will have complete digital access to FT.com with everything in both of our Standard Digital and Premium Digital packages. The possibility is, however, fascinating to contemplate. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. FORTUNE may receive compensation for some links to products and services on this website. But that will mean nothing if they are shut out of the U.S. financial system. As an international bank, HSBC depends on trading in U.S. dollars, the global reserve currency, and any threat to HSBCs ability to use U.S. currency would be disastrous for the bank, he said. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. HSBC promotes executive who backed Hong Kong security crackdown Peter Wong has been HSBC Asia Pacifics chief since 2010. HSBC Contact:sbutcher@efinancialcareers.comin the first instance. There are 3 older and 37 younger executives at HSBC plc. HSBC says Asia Pacific CEO Peter Wong 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. HSBC 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). 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. .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. On this Wikipedia the language links are at the top of the page across from the article title. Peter Wong (banker Eventually it will unless its offensive or libelous (in which case it wont.). 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. 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. 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. 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.. The battle for power within HSBC Thank you. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Under Wongs leadership, the region has become an increasingly important part of HSBC. You can still enjoy your subscription until the end of your current billing period. Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. HSBC Protesters were unconvinced, and vandalized multiple retail outlets and ATM machines across the city during marches in late December and early January. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. However, HSBCs Asia pivot has shown up clearly in its earnings. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Forgot your password? He may be stepping down from his post, but it was reported that he will not be leaving the company. HSBC All rights reserved. There are 3 older and 37 younger executives at HSBC plc. Peter Wong 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 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 jobs in financial services and technology by signing up to eFinancialCareers today. Peter Wongs income source is mostly from being a successful . He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. Peter Wong has been HSBC Asia Pacifics chief since 2010. After working overseas for a number of years I have often reflected from afar that Australias. His net worth has been growing significantly in 2021-2022. 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. FCA regulator blamed for Arms decision to shun London listing, There are no domestic equity investors: why companies are fleeing Londons stock market, Argentina diary: Come armed with $100 bills, Deluge of inflation data pushes US borrowing costs to 2007 levels, The Murdaugh trial: a southern gothic tale that gripped the nation, Humanity is sleepwalking into a neurotech disaster, Who to fire? Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Taipan House eludes executives succeeding Peter Wong He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. HSBC 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. HSBC (, Shorts in the office, yes or no? That plan was temporarily put on hold in March, as the company delayed laying off thousands of workers amid the pandemic and global economic depression. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. 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. Eventually it will unless its offensive or libelous (in which case it wont. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. HSBC Offers may be subject to change without notice. REUTERS/Brendan McDermid/File Photo/File Photo. All quotes delayed a minimum of 15 minutes. 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. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. 01:36 HSBC today announces that David Liao and Surendra Rosha have been appointed Co-Chief Executives of HSBC Asia Pacific, taking over from Peter Wong with immediate effect. In this role, he was responsible for directly managing overall client relationships across sectors, overseeing regional product teams, and managing first line risk, including Credit, Reputational and Financial Crime. heidi.ashley@hsbc.com, May Kek 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. (Bloomberg), Shorts in the office, yes or no? 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. 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. He brings extensive experience growing franchises and supporting clients during a transformative period for the economy and capital markets of China and Asia. Or would he take the job just for the love of the game and a ticket to Davos? He is from British Hong Kong. Please dont call them veterans, that term refers to the former staff of less prestigious banks. 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. Contact:sbutcher@efinancialcareers.comin the first instance. 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. 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. Peter Wong (banker Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. So, how much is Peter Wong worth at the age of 71 years old? Whatsapp/Signal/Telegram also available. Liked by Peter Wong. So, how much is Peter Wong worth at the age of 71 years old? For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Can Credit Suisse Really Put its House in Order? 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. WebMore activity by Peter. 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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. 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. Throughout 2020, one of the biggest non-COVID stories worldwide has been the gradual crackdown on Hong Kong by the mainland Chinese state. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Simply log into Settings & Account and select "Cancel" on the right-hand side. You may change or cancel your subscription or trial at any time online. This copy is for your personal, non-commercial use only. In Hong Kong, at least, it seems its Beijing-side up. is currently advertised at HK$280k per month. Taipan House eludes executives succeeding Peter Wong (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. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). 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.. Londons Savile Row exported bespoke British suits to the one percent. HSBC Asia Pacific announces retirement Apartments in mid-levels Central are also popular among expats. HSBC Powered and implemented by Interactive Data Managed Solutions. The industry leader for online information for tax, accounting and finance professionals. The possibility is, however, fascinating to contemplate. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. What is the S.T.A.R. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. HSBC Asia Pacific announces retirement 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. 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. This will generate unprecedented opportunities both for the bank and for our customers. HSBC plc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, Stocks and cryptocurrency portfolio tracker. The fired Google engineer who thought its A.I. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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). (Bloomberg), Have a confidential story, tip, or comment youd like to share? 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]. cookies David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. 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 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. For cost savings, you can change your plan at any time online in the Settings & Account section. HSBC In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. 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?

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