Standard Chartered boss apologises for ‘lower-value human capital’ comments amid job cuts

Standard Chartered CEO Bill Winters has apologized for referring to some of the nearly 8,000 staff facing job cuts due to AI as "lower-value human capital." The bank plans to reduce 15% of its back-office roles by 2030, primarily in response to technological advancements. Winters initially defended his remarks, stating that lower-value roles are more vulnerable to automation and that the company has a responsibility to help employees transition. However, following significant backlash and criticism, he issued a further apology on LinkedIn for the upset caused by his choice of words, while still attempting to provide context for his statements. The affected roles are mainly in back-office centers globally.

Standard Chartered CEO Bill Winters has apologized for remarks he made earlier this week regarding job cuts. While announcing plans to reduce back-office staff by 15% by 2030, Winters described AI adoption as a replacement for "lower-value human capital." Following employee upset, Winters issued a second LinkedIn post on Friday expressing his regret for his choice of words, acknowledging they caused distress. He stated he values all colleagues and reiterated the company's commitment to assisting staff in adapting to industry changes. The apology came after an initial post attempting to explain his comments.

Singapore is grappling with the impact of AI on its workforce following recent layoffs at Meta and Standard Chartered. Meta announced global job cuts, including in Singapore, as part of a restructuring to invest in AI and improve efficiency. Standard Chartered plans to reduce 15% of its corporate function roles by 2030, driven by automation and AI adoption, with some staff undergoing reskilling. The bank's CEO stated these cuts are about replacing "lower-value human capital" with investment in AI. These developments raise urgent questions for Singapore about whether its worker training initiatives can keep pace with companies' increasing use of AI and automation for headcount reduction.