HSBC, Google AI partnership set to add over US$100 million gains
The multiyear partnership will enable more than 200 new AI use cases at the bank over the next two years
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[NEW YORK] HSBC Holdings said that it will use Alphabet’s Google Cloud to roll out artificial intelligence across its global operations, expecting each project to generate more than US$100 million either in revenue or through efficiency gains.
The multiyear partnership will enable more than 200 new AI use cases at HSBC over the next two years, according to a bank statement.
HSBC is among the first global banks to lay out how it plans to deploy AI to generate revenue and boost efficiency.
The company will work with Google Cloud and Google DeepMind engineering teams to build new AI tools and programmes, using Google’s latest agentic AI capabilities, including Gemini models and the Gemini Enterprise Agent Platform.
The bank is weighing cutting about 20,000 roles, or about 10 per cent of its workforce, in the coming years as a result of AI, a source familiar with the matter said in March.
CEO Georges Elhedery said that people will remain central to banks even as AI becomes more widely used, seeking to reassure employees after recent industry comments raised concerns about job security.
JPMorgan Chase CEO Jamie Dimon said in December that the technology “will eliminate jobs”. Jane Fraser, Citigroup’s CEO, said that some jobs “will no longer be required”, while Goldman Sachs president John Waldron referred to employees as a “human assembly line” ripe for automation. BLOOMBERG
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