HSBC appoints first chief AI officer as it seeks cost cuts
HSBC appoints David Rice as chief AI officer.
HSBC has appointed David Rice as its first chief AI officer, aiming to leverage generative AI technology to cut costs and enhance performance across its global operations. CEO Georges Elhedery identified AI as crucial to the bank's strategic goal of achieving a return on tangible equity exceeding 17% by 2028, with potential job cuts of up to 20,000 as a result of these improvements.
Key Takeaways
- 1.
HSBC aims to increase its return on tangible equity to above 17% by 2028.
- 2.
David Rice previously served as chief operating officer for HSBC’s Corporate and Institutional Banking.
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The bank may cut up to 20,000 roles due to AI improvements.
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