HSBC Appoints First Chief AI Officer to Cut Costs

HSBC appointed David Rice as its first chief AI officer on March 23, 2026, to drive global implementation of generative AI. The bank intends to use the technology to automate and streamline processes, aiming for cost reductions and performance improvements.

CEO Georges Elhedery positioned AI as a central component of the bank's strategy to increase its return on tangible equity to over 17% for the 2026-2028 period. Rice, who previously served as the chief operating officer for the bank's Corporate and Institutional Banking business, will lead these efforts.

While the bank has not officially disclosed potential job losses, Bloomberg News reported that HSBC could eventually cut 20,000 roles. These workforce reduction plans are reportedly in the early stages.