HSBC Holdings Plc CEO Doubles Down on AI Overhaul as Cost-Cut Drive Sharpens
HSBC named David Rice as its first chief AI officer, effective April 1, as CEO Georges Elhedery pushes an AI-led overhaul. The bank may cut up to 20,000 jobs, mostly in non-client roles, according to Bloomberg. HSBC reported a 7% drop in 2025 pretax profit to $29.9 billion but raised its profitability target. The lender also issued $130 million in senior unsecured notes due 2036.