PRESS: HSBC enters AI partnership with Alphabet - Bloomberg

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HSBC Holdings PLC has entered into a multi-year partnership with Alphabet Inc to deploy artificial intelligence across the bank, Bloomberg reported Wednesday.

According to the Bloomberg report, HSBC will utilise Mountain View, California-based Alphabet’s Google Cloud to roll out AI across its global operations.

HSBC expects projects related to the collaboration to generate more than $100 million in extra revenue or savings.

Citing a statement from HSBC, Bloomberg reported that the partnership will support over 200 new AI use cases at the London-based bank during the next two years.

HSBC shares closed up 1.9% at 1,410.20 pence in London on Tuesday, while Alphabet class C shares ended 1.1% higher at $371.10 in New York.

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