HSBC appoints David Rice as first chief AI officer

HSBC (0005) has appointed David Rice as its first ever chief artificial intelligence 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 chief executive 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 percent 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.

Reuters