{"slug": "hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up", "title": "HSBC targets $100m in savings with Google Cloud AI tie-up", "summary": "HSBC announced a partnership with Google Cloud to deploy AI across its operations, targeting over $100 million in cost savings or revenue generation. The bank plans to use AI for personalized wealth management, financial crime risk management, and client services, while CEO Georges Elhedery acknowledged that AI will both destroy and create jobs.", "body_md": "# HSBC targets $100m in savings with Google Cloud AI tie-up\n\nEurope’s biggest lender HSBC is planning to save more than $100m as part of a [tech](https://www.cityam.com/google-hit-with-uk-first-ai-crackdown-over-publisher-content/) tie-up with Google.\n\nThe FTSE 100 giant is planning to roll out Google Cloud across its operations in a deal that the bank says will allow 200 more tasks to be completed by AI.\n\nThe bank said the initial roll-out would focus on “hyper-personalised” wealth management, stronger financial crime risk management and AI tools to “enhance” client services.\n\nThe new tech will also be leveraged to filter through ideas and prioritise the “highest value initiatives” for the firm – an endeavour HSBC claims will make or save [at least $100m.](https://www.hsbc.com/news-and-views/news/media-releases/2026/hsbc-and-google-cloud-announce-transformative-ai-banking-partnership)\n\n** City AM **revealed in April that Lloyds\n\n[had entered a deal](https://www.cityam.com/exclusive-lloyds-in-tie-up-with-google-to-build-ai-agents/)with Google to build AI agents.\n\nBritain’s biggest mortgage lender was using the tech giant’s suite of computing services to create a new internal platform for agents that will allow teams across its group to build their own tools and publish them to a central marketplace where other divisions can find and deploy them.\n\n## HSBC boss: AI will destroy and create jobs\n\nGeorges Elhedery, HSBC’s top boss, has told bankers to openly embrace AI. In May he said the bank’s staff must avoid “[fighting us](https://www.cityam.com/ai-will-destroy-and-create-jobs-says-hsbc-boss/)” as he unveiled AI adoption plans at an investor day.\n\nStaff must not be “disenfranchised, not anxious, overwhelmed, and resisting the change,” he told those in attendance.\n\nHe added: “We all know generative AI will destroy certain jobs and will create new jobs.”\n\n“But my initial mission is: I need 200,000 colleagues with us on this journey – however many will be left at the end of the journey isn’t the problem.”\n\nElhedery, like [his banking chief peers](https://www.cityam.com/is-the-banking-sector-facing-an-ai-jobs-reckoning), has looked to leverage the capabilities of AI in a bid to cut costs across operations.\n\nBill Winters, the chief executive of Standard Chartered, laid out plans to slash some 8,000 roles last month, but stoked controversy after saying the decision was not about cost-cutting and instead replacing [“lower-value human capital”.](https://www.cityam.com/standard-chartered-ai-cuts-deepen-uk-jobs-gloom/) Winters later apologised for the comments in a [LinkedIn post.](https://www.linkedin.com/in/billthomaswinters)\n\n## Banks wield the axe on jobs\n\nEarlier this year, reports from Bloomberg suggested HSBC was weighing up to [20,000 job cuts](https://www.cityam.com/hsbc-job-cut-plans-add-to-mounting-ai-warnings-for-banks/) as part of a longer-term push towards automation and AI.\n\nAcross the global banking sphere, banking bigwigs have been vocal about expecting a jobs reckoning.\n\nJP Morgan chief Jamie Dimon – often described as the world’s most influential banker – has said AI “will reduce jobs down the road”.\n\nIn March, Japanese firm Mizuho announced plans to axe up to 5,000 jobs over a decade as it pumps ¥100bn (£466m) into its AI action plan. The firm employs a 65,000 strong workforce across more than 35 countries.\n\nWall Street lender Citigroup has axed fifth of staff from its wealth business since 2023 as part of a sweeping overhaul of the division following the introduction of an AI-powered wealth management assistant capable of providing clients with personalised financial guidance.", "url": "https://wpnews.pro/news/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up", "canonical_source": "https://www.cityam.com/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up/", "published_at": "2026-06-17 09:33:24+00:00", "updated_at": "2026-06-17 09:58:31.473625+00:00", "lang": "en", "topics": ["artificial-intelligence", "ai-products", "ai-agents", "ai-policy"], "entities": ["HSBC", "Google Cloud", "Georges Elhedery", "Lloyds", "Standard Chartered", "Bill Winters", "JP Morgan", "Jamie Dimon"], "alternates": {"html": "https://wpnews.pro/news/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up", "markdown": "https://wpnews.pro/news/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up.md", "text": "https://wpnews.pro/news/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up.txt", "jsonld": "https://wpnews.pro/news/hsbc-targets-100m-in-savings-with-google-cloud-ai-tie-up.jsonld"}}