Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts
Summary
The chief executive of Standard Chartered, Bill Winters, apologized for calling some workers losing their jobs to artificial intelligence “lower-value human capital.” The bank plans to cut about 7,800 back-office jobs, mainly because of AI replacing some roles, and aims to help affected employees find higher-value work.Key Facts
- Standard Chartered plans to cut around 7,800 back-office jobs due to artificial intelligence.
- The cuts represent about 15% of the bank’s 52,000 back-office roles by 2030.
- The jobs mostly affected are in locations like Chennai, Bengaluru, Kuala Lumpur, and Warsaw.
- CEO Bill Winters described the affected roles as “lower-value human capital,” causing backlash.
- Winters apologized on LinkedIn for his wording and said the bank will help employees move into better roles.
- The bank seeks higher returns for shareholders amid these workforce changes.
- Standard Chartered employs nearly 82,000 people worldwide.
- The bank is finishing a long effort to become more profitable and less likely to be taken over.
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