HSBC appoints David Rice as first Chief AI Officer to drive generative AI cost savings

HSBC appoints David Rice as first chief AI officer

HSBC has appointed David Rice as its first Chief AI Officer. This move signals the bank's strong focus on generative AI. The bank aims to cut costs significantly by using this technology. This will help streamline operations worldwide. HSBC's CEO sees AI as crucial for achieving higher returns. HSBC has appointed David Rice as its first ever Chief AI Officer, the British bank ⁠said on ⁠Monday, as it seeks to cut costs by increasing the use of generative AI technology across ⁠its businesses worldwide. HSBC CEO Georges Elhedery has ⁠highlighted AI as the key to the bank's wider strategic goal of increasing its return on tangible equity to above 17% for 2026-2028, via savings from automating and streamlining ⁠its processes. Rice was previously the Chief Operating Officer for HSBC's Corporate and Institutional Banking business.

HSBC appoints first chief AI officer as it seeks cost cuts

LONDON, March 23 (Reuters) - HSBC has appointed David Rice as its first chief AI officer, the British bank said on Monday, as it seeks to cut costs and improve performance by increasing the use of generative AI technology across its businesses worldwide. HSBC CEO Georges Elhedery has highlighted AI as the key to the bank's wider strategic goal of increasing its return on tangible equity to above 17% for 2026-2028, via savings from automating and streamlining its processes. (Reporting by Lawrence White; Editing by Kirsten Donovan and Barbara Lewis)