Gain a global perspective on the US and go beyond with curated news and analysis from 600 , the highest point on Hong Kong island, start at around $160k (14k) a month. 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). 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. HSBC When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. personalising content and ads, providing social media features and to 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. Eventually it will unless its offensive or libelous (in which case it wont. There are 3 older and 37 younger executives at HSBC plc. HSBC His net worth has been growing significantly in 2021-2022. Premium Digital includes access to our premier business column, Lex, as well as 15 curated newsletters covering key business themes with original, in-depth reporting. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. 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). HSBC's Hong Kong relocation packages Chief executives tend to be replaced by board committees and transparent processes, after all. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. On this Wikipedia the language links are at the top of the page across from the article title. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Can Credit Suisse Really Put its House in Order? Please sign in or register to comment. Today is my first day as CEO of HSBC Australia. HSBC Asia Pacific announces retirement 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. 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. 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. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. Liked by Peter Wong. He may be stepping down from his post, but it was reported that he will not be leaving the company. One former HSBC banker said the expat package is superior and covers housing and schooling as well as shipping costs for personal belongings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Peter Wong (banker The shift has accelerated under HSBCs new chief executive, Noel Quinn, who assumed an interim role in August and got the permanent position in March. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. 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. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. 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. 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. 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. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. Perched on the citys steep slopes, they are minutes from downtown. 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 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. Peter Wong For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Formerly known as the Hong Kong and Shanghai Banking Corporation, HSBC was founded in 1865 in Hong Kong, just decades after China was forced to cede Hong Kong to the U.K. after the first Opium War. This will generate unprecedented opportunities both for the bank and for our customers. Weve entered into an agreement with Royal Bank of Canada. offers FT membership to read for free. Peter Wong 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 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. HSBC's Hong Kong relocation packages Contact:sbutcher@efinancialcareers.comin the first instance. 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. Mr Wongs endorsement of the Security Law last year was seen by many as a turning point in the democracy protests. The battle for power within HSBC technique - and why do banks like it? 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". 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. Perched on the citys steep slopes, they are minutes from downtown. 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. 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. 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, 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. 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. Peter Wong FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. 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. 2023 Fortune Media IP Limited. 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. REUTERS/Brendan McDermid/File Photo/File Photo. [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. Were pleased to announce the appointment of Wan Sze Loh as Head of Institutional Sales, Asia Pacific, with effect from 1 September 2022. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. What is the S.T.A.R. HSBC While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. They will be based in Hong Kong, reporting directly to Noel Quinn, Group Chief Executive and will join the Group Executive Committee. So, how much is Peter Wong worth at the age of 71 years old? Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. 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. The next site will open in a new browser window. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Londons Savile Row exported bespoke British suits to the one percent. HSBC promotes executive who backed Hong Kong security crackdown