peter wong hsbc salary peter wong hsbc salary

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. June 7 (Reuters) - HSBC (HSBA.L) said on Monday that its Asia Pacific Chief Executive Officer (CEO) Peter Wong will retire effective immediately, and is to be replaced by David Liao and Surendra Rosha who will jointly run the region. Last updated: 1 March 2023 at 11:00am EST. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. 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. 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. 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. Reset here, 1999 - 2023 citywire.com. All Rights Reserved. university David and Rosha will share the reporting lines for the markets in Asia Pacific between them. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. 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 Wongs income source is mostly from being a successful . Find thousands of job opportunities by signing up to eFinancialCareers today. 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. A five-bed, four bathroom 4000 sq ft apartment at. (Bloomberg), Shorts in the office, yes or no? Please sign in or register to comment. 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. 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). Chief executives tend to be replaced by board committees and transparent processes, after all. The Kadoorie Estate in Kowloon is an exclusive residential community that has long been one of Hong Kongs best kept secrets. ), Excellent relocation packages for HSBC senior executives. WebMore activity by Peter. We have estimated Peter Wong's net worth , money, salary, income, and assets. 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. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. 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. 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. 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. Can it survive in a socially distanced world? (. He may be stepping down from his post, but it was reported that he will not be leaving the company. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. Last year, Quinn had called the banks performance in the U.S. and Europe unacceptable.. 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. Wong has been CEO of Asia Pacific since February 2010. 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. In 2014, 37% of HSBCs revenue and 70% of its profit came from Asia. offers FT membership to read for free. 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. 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.. 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.. 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 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. It isn't necessarily a bad thing that both HSBC candidates are men, just the same as it wouldnt necessarily be a bad thing if they were both women. See here for a complete list of exchanges and delays. In the past decade, the firm has firmly shifted focus back to Asia again. (Bloomberg), Have a confidential story, tip, or comment youd like to share? Today is my first day as CEO of HSBC Australia. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Londons Savile Row exported bespoke British suits to the one percent. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. +44 (0) 20 7992 2045 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 retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. The possibility is, however, fascinating to contemplate. Prices to rent a four-bedroom apartment on. 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. Through it all, the unwavering focus on the needs of our customers and tight teamwork and collaboration have been central to our success and will ensure HSBCs future growth. HSBC first became embroiled in Hong Kongs pro-democracy movement last year, joining a list of companies with operations in Hong Kong, such as Starbucks and Chinese stateowned banks, that were targeted by protesters for their perceived ties to Beijing. Compare Standard and Premium Digital here. 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. His net worth has been growing significantly in 2021-2022. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. 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. This will generate unprecedented opportunities both for the bank and for our customers. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 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. 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]. and other data for a number of reasons, such as keeping FT Sites reliable and secure, We appreciate you taking the time to give us feedback. Meanwhile, fees for two children at the international school start at an average of HK$432k per year bringing the total for accommodation and education to more than HK$3m a year. We use Apartments in mid-levels Central are also popular among expats. 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. analyse how our Sites are used. Thank you. 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. Find the latest media releases, HSBC news, speeches and award wins. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. He is Chairman and non-executive Director of HSBC Bank (China) Company Limited and a non-executive Director of Hang Seng Bank Limited. 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. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. Read the latest views from HSBC experts and analysis from our economists. We are investing in Asias dynamic markets and in our technology. Have a confidential story, tip, or comment youd like to share? 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. may.y.m.kek@hsbc.com.hk. 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. He is from British Hong Kong. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. Please dont call them veterans, that term refers to the former staff of less prestigious banks. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. 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. There are 3 older and 37 younger executives at HSBC plc. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. Peter Wongs income source is mostly from being a successful . The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. [2], He is one of the 124 members of Hong Kongs delegation to the Chinese People's Political Consultative Conference. HSBCs difficulties began in November 2019, when it suspended a corporate bank account for a client called Spark Alliance HK, an advocacy organization in Hong Kong that raises money for pro-democracy causes like paying bail for jailed protesters. 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. WebMore activity by Peter. The next site will open in a new browser window. . They also escape the senior managers' regime. Another expat banker said that golf or country club membership will likely be included because its seen as a sought-after perk in Hong Kong. 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. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Heidi Ashley 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. 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. 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. 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. Offers may be subject to change without notice. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. +852 2822 4940 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. His net worth has been growing significantly in 2021-2022. 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. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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. If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. It alsohas implications going well beyond HSBC as a company, foranyone who might want to make a career in the Asia financial cities. 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. 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. Under Wongs leadership, the region has become an increasingly important part of HSBC. His net worth has been growing significantly in 2021-2022. He may be stepping down from his post, but it was reported that he will not be leaving the company. , the highest point on Hong Kong island, start at around $160k (14k) a month. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". So who are the two candidates? Please be aware that the external site policies, or those of another HSBC Group website, may differ from our website terms and conditions and privacy policy. Peter Wong has been HSBC Asia Pacifics chief since 2010. Peter will stay in the house, said HSBC group CEO Noel Quinn. [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. The outcome of the process to decide who will be the next CEO of the Hong Kong and Shanghai Banking Corporation (effectively Head of Asia) is going to shine a lot of light on some of the most important questions in the global banking industry. 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.. Continue reading your article witha WSJ subscription, Already a member? And often the most intriguing power plays take place slightly below the C-suite. 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. 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. This copy is for your personal, non-commercial use only. The region will continue to be run as a single entity, jointly managed. 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. 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. Can Credit Suisse Really Put its House in Order? In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. 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. 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. Premium access for businesses and educational institutions. 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. Can Shell close the valuation gap with US rivals? On May 4, HSBC announced that it had bought out National Trust, its partner in a life insurance joint venture in China, as a means to accelerate growth in Asia, as Quinn put it. In 2019, those figures had grown to 49% and 90%, respectively. Find thousands of job opportunities by signing up to eFinancialCareers today. [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. 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. The possibility is, however, fascinating to contemplate. Liked by Peter Wong. I am very excited to have David and Rosha join the Group Executive Committee. 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. Apartments in mid-levels Central are also popular among expats. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). 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. After working overseas for a number of years I have often reflected from afar that Australias. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time.