HSBC just made one of the largest AI commitments in global banking. The London-headquartered lender announced a multi-year strategic partnership with Google Cloud to scale artificial intelligence across its worldwide operations, with each prioritized project expected to deliver more than $100 million in revenue or cost savings.
That’s not a typo. Over $100 million per initiative, with roughly 200 new AI-driven projects targeted over the next two years.
What the deal actually involves
The partnership, announced on June 16, builds on an existing relationship between HSBC and Google Cloud. The bank already runs approximately 600 applications on Google’s infrastructure.
Under the new agreement, HSBC will tap into Google Cloud’s full AI stack. That includes Gemini AI models, plus direct support from Google DeepMind, Alphabet’s elite AI research lab.
