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. 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. 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. Londons Savile Row exported bespoke British suits to the one percent. The possibility is, however, fascinating to contemplate. Hitendra Dave was named interim CEO of HSBC India and will permanently take over the role following regulatory approval. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. 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. 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. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the positionas co-chief executives withimmediate effect. 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. Wong will retire as APAC CEO and become a non-executive chairman, effective immediately, replacing Laura Cha. Interestingly, neither Liao nor Rosha will occupy the so-called 'Taipan House' a colonial era home bought by HSBC in 1983 for its top executives and chairmen. organisation The banking version of Game of Thrones is often quite disappointing in terms of its visual appeal, but there can still be a lot of entertainment in a good old-fashioned succession battle. For cost savings, you can change your plan at any time online in the Settings & Account section. 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. Powered and implemented by Interactive Data Managed Solutions. 2023 Fortune Media IP Limited. We are investing in Asias dynamic markets and in our technology. 01:36 On this Wikipedia the language links are at the top of the page across from the article title. 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. 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. 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David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. Offers may be subject to change without notice. +44 (0) 20 7992 2045 Peter Wong has been HSBC Asia Pacifics chief since 2010. Today, that position may be as precarious as ever. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. WebMore activity by Peter. 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. 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.. The possibility is, however, fascinating to contemplate. What is the S.T.A.R. Less obvious what happens during the next big hurricane or for that matter after twenty years of sea level rise. The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. Contact:sbutcher@efinancialcareers.comin the first instance. (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. technique - and why do banks like it? The announcement sparked years of speculationand even the companys own threatsthat HSBC would move its headquarters from London back to Hong Kong, but the firm remains based in the British capital. 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. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. 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? 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Whatsapp/Signal/Telegram also available. In the past decade, the firm has firmly shifted focus back to Asia again. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many users needs. All Rights Reserved. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. The fired Google engineer who thought its A.I. 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. 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. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. 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. We can only wonder what the cast of Industry will do with this trend if it catches on (it wont) (FT), 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 (Bloomberg), Marty Chavez has joined Sixth Street Partners, an investment manager set up by fellow Goldman alumni. Peter joined HSBC in 2005 and became a Group Managing Director in 2010. Heidi Ashley 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. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. (Bloomberg), Shorts in the office, yes or no? Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Please dont call them veterans, that term refers to the former staff of less prestigious banks. (, 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. , the highest point on Hong Kong island, start at around $160k (14k) a month. 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. cookies Premium access for businesses and educational institutions. 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. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. may.y.m.kek@hsbc.com.hk. 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. This copy is for your personal, non-commercial use only. 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. 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. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. 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. So, how much is Peter Wong worth at the age of 71 years old? 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. With assets of US$2,959bn at 31 March 2021, HSBC is one of the worlds largest banking and financial services organisations. 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. 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.. We support credit card, debit card and PayPal payments. 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. Continue reading your article witha WSJ subscription, Already a member? According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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 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. However, HSBCs Asia pivot has shown up clearly in its earnings. [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. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. Other names in the frame according to similarly sourced rumours are apparently Tidjane Thiam and Martin Blessing.
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