Anxiety as StanChart Bank plans to cut 7,800 jobs, raise employees' salary

Former Singapore president blasts StanChart CEO for calling workers 'lower-value human capital'

SINGAPORE: Former Singapore President Halimah Yacob has joined the growing backlash against Standard Chartered chief executive Bill Winters after he referred to employees affected by the bank’s restructuring plans as “lower-value human capital.” The remarks, which some online have described as “unbelievably cruel language,” came after the London-headquartered lender announced plans to cut nearly 8,000 jobs over the next four years as it accelera…

Lower-value human capital - Josh Bernoff

Bill Winters, the CEO of global bank Standard Chartered, explained that his organization was cutting 7,000 jobs. “It’s not cost-cutting,” he said. “It’s replacing in some cases lower-value human capital with the financial capital and ​the investment capital we’re putting in.” Winters suggested AI was driving some of the efficiencies he was seeking. Saying the... The post Lower-value human capital appeared first on Josh Bernoff.

Anxiety as StanChart Bank plans to cut 7,800 jobs, raise employees' salary

Standard Chartered announced plans for diversified, durable growth with clear milestones to 2028, enhancing productivity and quality of earnings.