HSBC appoints David Rice as first chief AI officer

LONDON, March ​23 (Reuters) - 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. (Reporting by Lawrence White; Editing by Kirsten Donovan)

HSBC Holdings