Bank boss sorry after describing workers as 'lower value human capital'
Summary
The CEO of Standard Chartered, Bill Winters, apologized after calling some employees "lower value human capital" when discussing job cuts due to AI automation. He explained the bank plans to cut about 15% of back office roles over four years but aims to help affected workers find higher-value jobs within the company.Key Facts
- Bill Winters, boss of Standard Chartered, described some jobs as "lower value human capital" vulnerable to AI replacement.
- He apologized for the upsetting wording and explained it on LinkedIn.
- The bank expects to cut around 7,800 back office roles over the next four years (about 15% of those jobs).
- Standard Chartered plans to help employees retrain and move to higher-value roles within the company.
- Winters said the comments were misunderstood and shared the full transcript to clarify his intent.
- The rise of AI has caused many companies, including banks and tech firms, to announce large layoffs recently.
- Some people remain critical of Winters, questioning whether he truly values his employees.
- The bank stresses it wants to support workers through the fast changes driven by AI technology.
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