Days after report claims HSBC to use AI to cut costs and improve performance, British bank appoints first chief AI officer

HSBC has appointed David Rice as its first-ever chief AI officer. Rice, previously the chief operating officer for HSBC’s Corporate and Institutional Banking business, will take office on April 1. According to a report by the news agency Reuters, this move comes as the British bank reportedly seeks to cut costs and improve performance by increasing the use of generative AI across its businesses worldwide.

This comes after the bank’s CEO, Georges Elhedery, identified AI as a key part of the bank’s broader strategy to raise its return on tangible equity to above 17% between 2026 and 2028.