HSBC has appointed David Rice as its first Chief AI Officer amid a wider review that could lead to major job cuts in the coming years. The appointment takes effect on 1 April.

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

The new role gives AI a dedicated leadership position at the bank as HSBC expands its use of the technology across the group.

The bank plans to make generative AI tools available to all staff to simplify processes, procedures and policies, while equipping customer-facing employees with tools to deliver more personalised services.

David Rice, HSBC’s new Chief AI Officer, said:

“AI is going to play an ever-increasing role in HSBC’s future plans, so I am thrilled to take on this new role to help us drive forward our transformation agenda.”

The appointment comes as HSBC reviews how AI could reshape parts of its operations.

Bloomberg previously reported that the HSBC could eventually cut around 20,000 roles over the next several years, although the review remains at an early stage and no final decisions have been made.

Some of the reductions could come from not replacing departing staff, while other changes may result from business sales or exits.

Non-client-facing roles in global service centres are seen as among the most exposed, with the reported plan expected to unfold over three to five years.

Georges Elhedery, Group CEO, HSBC, said:

“Our customers increasingly expect their bank to deliver services uniquely aligned to their specific needs, and fast. That’s why we’re building a bank that is designed for the future. AI plays a key role in how we get there.

Our ambition here is simple: we will empower our colleagues to use AI to create a personalised experience for each customer, deliver it safely, in real time and at scale, while keeping human judgement, decision-making and accountability at the core. David will be instrumental in helping us realise our ambition in this area.”

HSBC also said it is expanding the remit of Chief Technology Officer Mario Shamtani as it strengthens the technology foundations needed to deploy AI at scale.

This includes modernising core platforms, building a central AI platform colleagues can use to access a range of models, and leading key strategic partnerships.

Featured image: Edited by Fintech News Singapore, based on image by HSBC