HSBC Expects Over $100 Million in Economic Benefits from Google AI
Global bank HSBC expects to generate over 100 million dollars in economic benefits by utilizing Google's artificial intelligence (AI) tools.
According to Bloomberg on June 16 (local time), HSBC Holdings announced that it is partnering with Google Cloud, a subsidiary of Alphabet, to expand the adoption of AI across its global business divisions.
Through this multi-year partnership, HSBC plans to introduce more than 200 new AI use cases across the bank over the next two years. The company expects that some individual projects could deliver additional revenue or cost savings of more than 100 million dollars each.
Bloomberg pointed out that HSBC is among the first global banks to present ways to generate revenue and increase efficiency by leveraging AI. HSBC will collaborate with Google Cloud and Google DeepMind engineering teams to build new AI tools and programs based on Google's latest agent-based AI capabilities. This includes the Gemini model and the Gemini Enterprise Agent platform.
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In March, Bloomberg cited sources familiar with the matter and reported that HSBC is considering reducing around 20,000 roles, equivalent to about 10% of its total workforce, over the next few years as a result of AI adoption. Georges Elhedery, CEO of HSBC, recently sought to ease employees' concerns amid growing worries in the financial sector about job security due to the spread of AI. He stated, "Even as the use of AI expands, people will remain at the center of the bank."
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