As per the HSBC, the partnership will focus on areas such as advice for wealth management clients and financial crime risk management
British financial giant HSBC has announced a multi-year partnership with Alphabet-owned Google Cloud, with the goal of building the venture’s artificial intelligence (AI) capabilities.
The tie-up marks the latest step in HSBC CEO Georges Elhedery’s drive to embrace the AI’s revenue-generating and cost-savings-related capabilities that can process vast amounts of data, apart from automating tasks previously done by people.
The partnership, which HSBC said will focus on areas such as advice for wealth management clients and financial crime risk management, shows how banks globally are accelerating their AI adoption, as the financial sector emerges as the next tech battlefield, with companies competing in a technology arms race with each other.
“This new collaboration will further accelerate the shift towards AI-enabled ways of working across HSBC’s global operations. HSBC will work with Google Cloud and Google DeepMind engineering teams to collaborate on new AI-powered tools and programs, with access to Google’s latest agentic AI capabilities, including Gemini models and the Gemini Enterprise Agent Platform,” HSBC said while announcing the tie-up.
As per the HSBC, a partnership with Google Cloud should enable 200 more tasks using AI over the next two years. The partnership-related announcement also comes after Elhedery’s comment in May 2026, in which he urged the staff to embrace AI while issuing a warning about technology “destroying certain jobs and creating new ones.”
Google Cloud and Google DeepMind engineering teams will help HSBC in identifying priority projects that could each deliver more than USD 100 million in revenue gains or efficiency improvements.
While HSBC will get access to Google’s Gemini model, it is worth mentioning that the bank is already running 600 of its digital applications on Google Cloud.
“The project will target three main areas: personalized wealth management support, financial crime risk management, and AI-empowered decision-making for frontline staff to reduce time spent on administration and meeting preparation,” HSBC added further.
“AI is becoming one of the defining technologies of our time, allowing us to create a personalized experience for each customer, delivered in real time and at scale, while keeping human judgment, decision-making, and accountability at the core. A partnership like this one with Google Cloud helps us empower our colleagues with the tools they need to be future-ready and supports our work in building a simple, agile, faster, and more personal HSBC,” Elhedery remarked.
“Our partnership with HSBC is a blueprint for the future of the financial services industry. By accelerating AI adoption built with Gemini, our Gemini Enterprise Agent Platform, forward-deployed engineers, and Google DeepMind’s research expertise, HSBC is building a more intelligent, resilient, and responsive bank that can create meaningful value for its customers,” said Thomas Kurian, CEO of Google Cloud.
