HSBC appoints David Rice as first chief AI officer

LONDON, March 23 (Reuters) - HSBC has appointed David Rice as its first ever Chief AI 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 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. 

Rice was previously the Chief Operating Officer for HSBC’s Corporate and Institutional Banking business.  

(Reporting by Lawrence White; Editing by Kirsten Donovan)