HSBC hikes tech spend, scales up AI projects

The bank is hoping to turn higher technology costs to its advantage, investing in its new digital trade platform and increasing its exploration of generative AI.

HSBC has increased its spend on technology initiatives by 12.8% over the past year to roughly $3.6 billion in the first six months of 2023 as it attempts to enhance its capabilities and future-proof its business lines. Tech spend accounted for 23% of the bank’s $15.46 billion operating expenses during the first half of this year.

During the bank’s Q2 earnings call on August 1, group chief executive Noel Quinn said that while the company has remained committed to cutting costs, it has reinvested

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