Finance
HSBC Appoints David Rice as First Chief AI Officer
Published by Global Banking & Finance Review®
Posted on March 23, 2026
2 min readLast updated: March 23, 2026
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HSBC on March 23, 2026, named David Rice as its first Chief AI Officer to spearhead generative AI deployment globally, supporting CEO Georges Elhedery’s plan to hit a tangible equity return (RoTE) above 17% in 2026–2028 through automation and cost-cutting.
HSBC appoints first chief AI officer as it seeks cost cuts
HSBC's Strategic Move Towards AI Integration
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.
AI as a Driver for Financial Performance
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.
Background of David Rice
- Rice was previously the chief operating officer for HSBC’s Corporate and Institutional Banking business.
AI Adoption in the Banking Sector
- Banks worldwide are trying to harness AI to improve tasks such as coding, fraud detection, and credit applications.
Industry Investment in Generative AI
- "If you ask me where is the biggest investment going into new technology today, it is definitely going into generative AI," Elhedery told investors on a conference call on February 25.
HSBC's Unique Approach to AI Leadership
- Having a formal head of AI is relatively unusual for big global banks. Many rivals make AI responsibilities part of a chief technology officer's wider remit.
Potential Impact on Jobs
- HSBC has not disclosed how many jobs it may cut as a result of AI improvements. Bloomberg News reported earlier this month the bank could ultimately shed 20,000 roles, saying the plans were at an early stage and no decisions had been taken.
(Reporting by Lawrence White; Editing by Kirsten Donovan and Barbara Lewis)
Key Takeaways
- •David Rice, previously COO of Corporate & Institutional Banking, is now HSBC’s first Chief AI Officer, signaling the bank’s deepening commitment to AI.
- •The appointment reinforces CEO Georges Elhedery’s strategy to boost RoTE above 17% over 2026–2028 by leveraging generative AI for operational efficiency.
- •HSBC’s AI push builds on prior investments—like its Mistral AI partnership—and supports broader cost-cutting and revenue targets, including 5% annual growth by 2028.
Frequently Asked Questions about HSBC appoints David Rice as first chief AI officer
1Who has HSBC appointed as its first Chief AI Officer?
HSBC has appointed David Rice as its first ever Chief AI Officer.
2What is the main goal for HSBC in appointing a Chief AI Officer?
HSBC aims to cut costs and increase its return on tangible equity by using generative AI to automate and streamline business processes.
3What was David Rice’s previous role at HSBC?
David Rice was previously Chief Operating Officer for HSBC’s Corporate and Institutional Banking business.
4Why is HSBC focusing on AI technology?
HSBC is focusing on AI to help achieve its strategic goal of boosting returns and efficiency through automation.
