HSBC Holdings Plc said it will use Alphabet Inc’s Google Cloud to roll out artificial intelligence across its global operations, including through projects that can each generate more than $100 million in extra revenue or savings.
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 programs, using Google’s latest agentic AI capabilities, including Gemini models and the Gemini Enterprise Agent Platform.
The bank is weighing to cut about 20,000 roles, or about 10 percent of its workforce, in the coming years as a result of AI, a person familiar with the matter said in March.
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Chief Executive Officer Georges Elhedery said 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.
In December, JPMorgan Chase & Co Chief Executive Officer Jamie Dimon said that the technology “will eliminate jobs.”
Jane Fraser, Citigroup Inc’s CEO, said some jobs “will no longer be required,” while Goldman Sachs Group Inc President John Waldron referred to employees as a “human assembly line” ripe for automation.
