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)