StanChart CEO Seeks to Reassure Staff Members over 'Lower Value Human Capital' Comment
Bill Winters said the bank will give advance notice and redeployment help as it plans to cut close to 8,000 support roles.
- Standard Chartered chief executive Bill Winters sent a memo to staff on Wednesday clarifying remarks about replacing "lower-value human capital" with artificial intelligence after triggering widespread backlash.
- The Bank announced on Tuesday it would cut around 7,800 jobs, targeting more than 15% of back-office roles by 2030 as it ramps up automation to improve profitability.
- Former Singaporean president Halimah Yacob criticized the "lower-value human capital" description on Facebook, with Standard Chartered employing around 82,000 people globally.
- In his memo, Winters stated that where roles fall away, it reflects changes in the work, not the value of the people, promising "good clear notice" to affected employees.
- Standard Chartered aims to boost its RoTE to more than 15% by 2028, with the efficiency drive expected to raise income per employee by around 20% during the same period.
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Boss of $52 billion bank giving 'lower-value human capital' the flick
The boss of a $52 billion investment bank has described a plan to slash 8000 jobs over the next four years as a reduction in "lower-value human capital".Standard Chartered chief executive Bill Winters told reporters this week there would be job "reductions in favour of machines, and that will accelerate as we go forward into AI (artificial intelligence)"."It's not cost-cutting," Winters said.READ MORE: Coles looks to curb violence against worker…
What they really think: CEO scrambles into damage control after...
StanChart CEO says quote was 'taken out of context' Standard Chartered CEO Bill Winters and his team spent Wednesday in damage-control mode after the head of the London-based international bank told investors on Tuesday that artificial intelligence would be used to replace "lower-value human capital," sparking a backlash online. "Many of you will have seen media coverage following the Investor Event in Hong Kong, particularly the reporting aroun…
StanChart CEO Scrambles Into Damage Control After "Lower-Value Human Capital" Comment Triggers Backlash
StanChart CEO Scrambles Into Damage Control After "Lower-Value Human Capital" Comment Triggers Backlash Standard Chartered CEO Bill Winters and his team spent Wednesday in damage-control mode after the head of the London-based international bank told investors on Tuesday that artificial intelligence would be used to replace "lower-value human capital," sparking a backlash online. "Many of you will have seen media coverage following the Investor …
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