In a strategic move to strengthen its AI capabilities, HSBC has appointed its first-ever Chief AI Officer as it looks to improve performance and streamline operations.
HSBC has named David Rice to the role, marking a significant step in scaling the use of generative AI across its global businesses. The appointment comes as the bank focuses on reducing costs and enhancing operational efficiency.
HSBC CEO Georges Elhedery has positioned AI as central to the bank’s broader strategy. The goal is to increase return on tangible equity to above 17% during 2026–2028, driven by automation and streamlined processes.
Rice previously served as chief operating officer for HSBC’s Corporate and Institutional Banking division, bringing operational expertise to the new role.
Banks globally are accelerating AI adoption to improve functions such as coding, fraud detection, and credit assessments. “If you ask me where is the biggest investment going into new technology today, it is definitely going into generative AI,” Elhedery said during a conference call on February 25.
The move also reflects a shift in leadership structures. While many banks assign AI responsibilities under a chief technology officer, HSBC’s decision to create a dedicated AI role signals a stronger focus on the technology.
The bank has not disclosed potential job impacts from increased AI adoption. However, a recent report suggested that up to 20,000 roles could be affected, though the plans remain at an early stage with no final decisions made.
HSBC’s latest step highlights how financial institutions are increasingly betting on AI to drive efficiency, reduce costs, and stay competitive.
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