HSBC appoints first Chief AI Officer to drive generative AI adoption and cut costs

HSBC appoints first chief AI officer

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. The appointment comes as part of a wider focus on deploying AI at scale across HSBC by making generative AI tools available to all staff to simplify processes, procedures and policies, and equip front-line with AI tools aimed at delivering more personalised services. Georges Elhedery, group CEO, HSBC says: "Our customers increasingly expect their bank to deliver services uniquely aligned to their specific needs, and fast. That's why we're building a bank that is designed for the future. AI plays a key role in how we get there." HSBC in December signed a multi-year deal with Mistral AI to accelerate the use of generative artificial intelligence across the bank. Says Rice: "AI is going to play an ever-increasing role in HSBC's future plans, so I am thrilled to take on this new role to help us drive forward our transformation agenda." In addition to Rice's appointment, HSBC is also expanding the remit of Mario Shamtani in his role as chief technology officer to strengthen its technology foundations to deploy AI at scale. This includes modernising core platforms, building a central AI framework that staff can use to access a range of models, and formulating strategic partnerships with third party providers.

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)