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HSBC opens London and Toronto data and innovation labs

HSBC opens London and Toronto data and innovation labs

HSBC has opened two data and innovation labs - in London and Toronto - that will house specialists in areas such as analytics and robotics working on products and services for the bank's global banking and markets (GBM) unit.

The labs are expected to house a total of 150 people, just under 100 in London and over 50 in Canada. HSBC is also stressing that they will be used build partnerships and co-development opportunities with firms working in areas such as AI.

The mixed-discipline teams will collaborate with HSBC’s GBM businesses to create, among other initiatives, an AI ecosystem designed to help develop advanced machine learning techniques to analyse clients’ data.

The opening of the new sites is also designed to coincide with the launch of the bank’s internship and graduate programmes, in which students and young professionals are introduced to careers in data science and engineering.

“Creating a high-performing and innovative culture starts with the right people and the right environment. The labs give us the environment, and our internship and graduate programme will give us the people”, says Chuck Teixeira, chief administration officer and head of transformation in GBM.

HSBC says it may open more labs, including in Hong Kong and India.

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