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)
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