When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. The police accused Spark of using the funds for personal gain, paying protesters, and other illegal activities., Spark denounced the accusations as a smear campaign orchestrated by Beijing. 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. For cost savings, you can change your plan at any time online in the Settings & Account section. HSBC's current top executive in Asia is Peter Wong, aged 60, who'd quite like to retire. Today is my first day as CEO of HSBC Australia. Peter Wongs income source is mostly from being a successful . WebMore activity by Peter. 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]. Last updated: 1 March 2023 at 11:00am EST. HSBC says Asia Pacific CEO Peter Wong 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. 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.. The possibility is, however, fascinating to contemplate. heidi.ashley@hsbc.com, May Kek 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. 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. 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. 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, 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 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. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. Prices to rent a four-bedroom apartment on. 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. 01:36 For non-personal use or to order multiple copies, please contact The possibility is, however, fascinating to contemplate. HSBC Taipan House eludes executives succeeding Peter Wong He will also serve as an adviser to Group Chairman Mark Tucker and Group CEO Noel Quinn. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. Asia [is] expected to show high growth and become the center of global trade over the next decade, Gulliver said at the time. Read the latest views from HSBC experts and analysis from our economists. 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. That was largely a ruse to dodge the cap on bankers bonuses that was imposed at the time by the UK financial regulator. Note: HSBC is not responsible for any content on third party sites, nor does a link suggest endorsement of those sites and/or their content. 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. Compare Standard and Premium Digital here. 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. 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. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. As chair of Hong Kongs original bank, Wong will maintain his status among Hong Kongs taipans the citys most revered businessmen. 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. 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. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). He is from British Hong Kong. Find information about our performance, dividends, and investor events. The fired Google engineer who thought its A.I. 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. 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. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. 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. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. 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). 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. Given the delicacy of the choice facing CEO and Chairman Noel Quinn and Mark Tucker, they might be wondering whether the only thing more difficult to navigate than office politics is real politics. 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. 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. Please dont call them veterans, that term refers to the former staff of less prestigious banks. . .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. Can Credit Suisse Really Put its House in Order? Peter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. David and Rosha will be promoted to Group Managing Director and will join the HBAP Board as Executive Directors. Peter Wong David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. He retired as CEO of HSBC Asia Pacific and became non-executive chairman of The Hongkong and Shanghai Banking Corporation, effective 7 June 2021. WebMore activity by Peter. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. 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.