Stanley on Hong Kong Island is also popular, with prices for four-bed houses with sea views at around $190k. In February, the bank announced a restructuring plan to cut roughly 35,000 jobs. Peter Wong 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. is currently advertised at HK$280k per month. HSBC HSBC has offices in 64 countries and territories across Africa, Asia, Oceania, Europe, North America, and South America, serving around 40 million customers. HSBC Holdings plc is a British multinational universal bank and financial services holding company. 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. His net worth has been growing significantly in 2021-2022. HSBC doesnt pay relocation bonuses but instead the bank pays standard relocation fees for anyone moving roles internationally. You may change or cancel your subscription or trial at any time online. 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. Find thousands of job opportunities by signing up to eFinancialCareers today. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Can Shell close the valuation gap with US rivals? In response, HSBC said its initial decision to suspend the account was completely unrelated to the Hong Kong Polices arrest of the four individuals.. Hes Hong Kong born and UK educated perceived well by investors and analysts, but apparently rigid with Chinese government officials. Contact:sbutcher@efinancialcareers.comin the first instance. 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. 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. Joshua Wong, a top pro-democracy activist in Hong Kong, denounced HSBCs decision Wednesday night in a statement on Twitter. American Airlines and its flight attendants union on Friday jointly applied for federal mediation in contract negotiations. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. Hedge fund Brevan Howard hired NatWest's ex-head of euro swaps trading, Big banks might have slowed hiring, but boutiques have not. The next site will open in a new browser window. Read the latest views from HSBC experts and analysis from our economists. 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. Taipan House eludes executives succeeding Peter Wong When asked to elaborate on the banks stance, a spokesperson for HSBC on Thursday said it doesnt have any further comments at this time. 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. Even before HSBCs statement Wednesday, Hong Kongs pro-democracy camp speculated that HSBC is swayed by Beijings interests, an accusation the bank denies. David Liao was appointed Regional Head of Global Banking Asia-Pacific in April 2020. .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. +44 (0) 20 7992 2045 We use Forgot your password? The oldest executive at HSBC Holdings plc is Madam May-Lung Cha C.H.A., J.D., GBS, JP, BA, LLB, 71, who is the Advisor. Other appointments include Deputy Chairman of the Hong Kong General Chamber of Commerce; Council Member of Hong Kong Trade Development Council and a member of its Belt and Road Committee; and a Member of the Chongqing Mayors International Economic Advisory Council. 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. At a time when the bank is cutting costs, it's easy to see why Wong is annoyed. WebPeter Wong Tung-shun, JP (Chinese: born November 1951, in British Hong Kong) is a Hong Kong banker associated with the HSBC and StanChart. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Our ski trip made me question my life choices, Michelle Yeoh: Finally we are being seen, Apocalypse then: lessons from history in tackling climate shocks, How Glasgows tiny, muckraking crime mag stays afloat. 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? journalists in 50+ countries covering politics, business, innovation, trends and more. It'swhen you have a key operating division and two candidates with vastly different strengths and weaknesses, thatthings get interesting. So, how much is Peter Wong worth at the age of 71 years old? Peter Wongs income source is mostly from being a successful . 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. cookies Please dont call them veterans, that term refers to the former staff of less prestigious banks. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. 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. 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. In Hong Kong, at least, it seems its Beijing-side up. According to one Italian business newspaper, The possibility is, however, fascinating to contemplate. 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). 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. Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today. 2023 eFinancialCareers - All rights reserved, 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. For every three shares in HSBC Holdings plc purchased by an employee (Investment Shares), a conditional award to acquire one 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. 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. 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. 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. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Offers may be subject to change without notice. Under Wongs leadership, the region has become an increasingly important part of HSBC. As of 2018, according to the, 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 (, 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. While HSBC ponders which man to choose, the situation is complicated by the lack of visibility on the Biden administration's China policy. Today is my first day as CEO of HSBC Australia.