HSBC appoints first chief AI officer as it seeks cost cuts

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. * Rice ⁠was previously t ...