RBC's new head of AI eyes opportunities across business segments [Advisor.ca (Canada)]
HSBC Holdings, plc. (HSBC)
US:NYSE Investor Relations:
hsbc.com/investor-relations
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Source: Advisor.ca
Ross, who stepped into the role in February, reports directly to CEO Dave McKay. He spent 12 years as group head of RBC technology and operations and previously worked on technology for HSBC Bank Canada. Prior to joining RBC , Ross was IBM's general manager of global technology services in North America, responsible for the then-emerging fields of cloud, mobility, social and analytics. His mandate at RBC is to speed AI adoption and the benefits that come with it. “Transformation is defined by two variables: the quality and scale of the people you commit to it, and the money you put behind it,” Ross said. “We committed to [delivering] $700 million to $1 billion of net benefit to RBC, our shareholders and investors through AI execution on a run rate basis [by the end of] 2027.” Every year, RBC spends upwards of $5 billion in technology, including AI. As part of its push to adopt AI across the board, Ross said the institution is investing in proprietary technology, productivity in
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