HSBC Holdings PLC has announced plans to leverage Google Cloud, part of Alphabet, to deploy artificial intelligence across its worldwide operations, with each project expected to generate over $100 million in revenue or efficiency gains.

According to the bank's statement, this multi-year partnership is set to enable HSBC to implement more than 200 new AI use cases within the next two years.

HSBC is among the first global banks to detail its strategy for using AI to create revenue and enhance productivity. The company will collaborate with engineering teams from Google Cloud and Google DeepMind, utilizing Google's latest agent AI technologies—including the Gemini model and Gemini Enterprise Agent platform—to develop new AI tools and programs.

A source familiar with the matter indicated earlier this year that the bank is considering cutting approximately 20,000 positions over the coming years, representing about 10% of its workforce, partly due to AI's impact. CEO Noel Quinn has stated that people will remain central to the bank even as AI adoption grows, aiming to reassure staff after industry commentary raised concerns about job security.