HSBC Holdings announced on Wednesday a multi-year cooperation agreement with Google Cloud, a subsidiary of Alphabet, aimed at enhancing its artificial intelligence capabilities. This collaboration, driven by HSBC CEO Georges Elhedery, represents the latest initiative to leverage AI to generate revenue and reduce costs. AI can process vast amounts of data and automate manual tasks. The partnership will focus on areas such as wealth management client advisory and financial crime risk management, with expectations to enable HSBC to complete over 200 new tasks using AI within the next two years. Google Cloud and Google DeepMind engineering teams will assist in identifying priority projects, each potentially yielding over $100 million in revenue growth or efficiency improvements. HSBC will adopt Google's Gemini model and is already running 600 applications on Google Cloud. The project will focus on personalized wealth management support, financial crime risk management, and providing AI-assisted decision-making for frontline employees.