Surendra Rosha was appointed Chief Executive Officer of HSBC India in July 2018. [1/2]HSBC logo is seen on a branch bank in the financial district in New York, U.S., August 7, 2019. 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. Read the full media release: HSBC appoints David Liao and Surendra Rosha as Co-Chief Executives for Asia Pacific (PDF 34KB). For non-personal use or to order multiple copies, please contact How standard depends on whether they agree to move on expat or local terms. 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. Mr Liao is the younger of the two and is head of APAC Global Banking, which includes the investment bank. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. In Hong Kong, at least, it seems its Beijing-side up. Taipan House eludes executives succeeding Peter Wong Deutsche Bank Mulled Buying Parts of Credit Suisse, Credit Suisse Hires Ex-UBS Taiwan Private Banker. The next site will open in a new browser window. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. cookies 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. 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. Liao, formerly head of global banking Asia Pacific, and SurendraRosha,formerly CEO of HSBC India,will share pan-regionalleadership responsibilities, HSBC said. REUTERS/Brendan McDermid/File Photo/File Photo. 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 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. Get the latest stories as they happen: Free & daily e-mail alerts from finews.asia. HSBC's Hong Kong relocation packages 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. Prices to rent a four-bedroom apartment on The Peak, the highest point on Hong Kong island, start at around $160k (14k) a month. The battle for power within HSBC organisation 4 more years of Trump may accelerate Chinas rise, How the U.S. could leverage Hong Kong to hurt Beijing. The fired Google engineer who thought its A.I. 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. or Peter Wong retires as Asia Pacific CEO and becomes non-executive Chairman of The Hongkong and Shanghai Banking Corporation (HBAP). Simply log into Settings & Account and select "Cancel" on the right-hand side. He is from British 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. Peter Wong 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. 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. Prior to that he was Head of Financial Institutions Group for Asia-Pacific. Reset here, 1999 - 2023 citywire.com. And often the most intriguing power plays take place slightly below the C-suite. 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). WebMore activity by Peter. These guys are senior, so I'd expect full rent and all school fees in HK, or US or UK depending on choice. So, how much is Peter Wong worth at the age of 71 years old? 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. FORTUNE may receive compensation for some links to products and services on this website. 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. A five-bed, four bathroom 4000 sq ft apartment at Bowens Lookout is currently advertised at HK$280k per month. technique - and why do banks like it? Peter Wong Bloomberg reports that Peter Wong, HSBC's regional chief in Asia is unhappy with the cost of the relocations. You are leaving HSBC.com. HSBCs Asia Pacific CEO Peter Wongis retiring from his position and will become anon-executive chairman of The Hongkong and Shanghai Banking Corporation (HBAP). HSBC Asia Pacific announces retirement HSBC's Hong Kong relocation packages 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. 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. Apartments in mid-levels Central are also popular among expats. 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. 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. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. 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. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. He may be stepping down from his post, but it was reported that he will not be leaving the company. 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. Business Analyst, Strategic Transformation Program, 2023 Analytics & Sales Internship San Francisco, "Andrea Orcel is an excellent banker but his pay rise is extreme". Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. David Liao and Surendra Rosha have been appointed to succeed Wong, taking over the position as co-chief executives with immediate effect. 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. 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. As HSBC moves its senior executives to Hong Kong, some of their relocation packages are reportedly causing problems. HSBC The full relocation packages could therefore easily cost HSBC HK6.5m a year for each executive transferred. The battle for power within HSBC Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. 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. 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. 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. https://www.wsj.com/articles/hsbc-replaces-top-executive-in-asia-11623044534. 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. may.y.m.kek@hsbc.com.hk. Powered and implemented by Interactive Data Managed Solutions. 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. Londons Savile Row exported bespoke British suits to the one percent. There are 3 older and 37 younger executives at HSBC plc. 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.. HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. 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. Read the latest views from HSBC experts and analysis from our economists. In the past decade, the firm has firmly shifted focus back to Asia again. 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. When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. 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. Wong is to become non-executive chairman of HSBC Asia Pacific, replacing Laura Cha. 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. The move follows public pressure from Hong Kongs former chief executive Leung Chun-ying for HSBC to support the law and aligns the bank with a growing chorus of executives from Hong Kong business institutions supporting the bill. Peter Wong See here for a complete list of exchanges and delays. David Liaos successor will be announced in due course. In his Facebook post from last Saturday, Leung said HSBC should consider which side of the bread is buttered as he advised the bank to support the national security law. Change the plan you will roll onto at any time during your trial by visiting the Settings & Account section. HSBC So, how much is Peter Wong worth at the age of 71 years old? Forgot your password? View limitations & usage restriction, Breaking news, analysis and cutting edge commentary from our award-winning team and leading industry voices, The latest news and other relevant content from selected Citywire partners. Taipan House eludes executives succeeding Peter Wong 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. The battle for power within HSBC Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. 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. 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 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. Endless possibilities, diverse outlooks. HSBC, a London-based bank with deep roots in Hong Kong, has long been a conduit between China and the West. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate.
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